How taxes are calculated on salary above ₹7 lakh in new regime? A quick view
1 year, 10 months ago

How taxes are calculated on salary above ₹7 lakh in new regime? A quick view

Live Mint  

One of the biggest limelight of the Budget 2023 is none other than personal income tax slabs which have been modified further and are likely to boost consumption demand. - The income Tax rebate limit is increased to ₹7 lakh from ₹5 lakh - The surcharge rate is slashed to 25% from 37% under the new tax regime. The income Tax rebate limit is now increased to ₹7 lakh under the new tax regime. 15.5 lakh then:- FM announced that the new income tax regime will be the default tax regime From the calculation for income salary of ₹15.5 lakh, it can be seen that the total savings on tax amount are ₹52,500 from the revised new tax regime than the previous one. Other tax rates were: - Income ₹2.5 lakh to ₹5 lakh: 5% rate - Income ₹5 lakh to ₹7.5 lakh: 10% rate - Income ₹7.5 lakh to ₹10 lakh: 15% rate - Income ₹10 lakh to ₹12.5 lakh: 20% rate - Income of ₹12.5 lakh to ₹15 lakh: 25% rate - Above ₹15 lakh income: 30% rate Post-budget, Ashish Kumar Chauhan, MD& CEO, NSE said, "this is a growth-oriented budget, one of the best in years, with a focus on both infrastructure and job creation, while reducing income tax for pretty much everyone, and lots of money to states.

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