CORRECTION ** Standard Deduction of 50000 Rs has now been introduced in New Tax Regime Also for any income amount **

Budget 2023 Income Tax Calculation | Slab 2023-24 | Old Vs New Tax Regime | Personal Tax 2023
#Budget2023 #unionbudget2023 #incometaxslab #newtaxslab #incometaxcalculation #newtaxregime

So for 10 L Income as per New Tax Regime Budget 2023 :

std deduction = 50000
taxable income = 950000
0-3L slab = nil
3-6L slab = 15000 tax
6-9L slab = 30000 tax
9-12 slab = 7500 tax
total tax = 52500 + cess

PLEASE NOTE:
Standard Deduction is Rs 50,000/- in #NewTaxRegime applicable for all Income Amount from 1.4.2023.

Nirmala Sitharaman said, “I propose to extend the benefit of standard deduction to the new tax regime. Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500.”

She meant that people who chose new regime in FY22-23 vs people who will chose new regime in FY 23-24 will benefit Rs52,500 total if their salary is Rs 15.5 Lakhs.

But the sentence was confusing so initially I and even some media houses mistook it for 52500 deduction over 15.5L . So kindly note the correction and pardon for the mistake.

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