New Tax Slabs 2023-24 & Deductions Allowed in New Tax Regime | Income Tax Calculation
In this video by FinCalC TV we will see New Tax Slabs 2023-24 & Deductions Allowed in New Tax Regime in hindi. We will also see the income tax calculation examples using the income tax calculator and how you can save income tax on salary.
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CHAPTERS:
00:00 New Tax Slabs 2023-24 Intro
00:49 Budget 2023 Changes
01:36 New Tax Slabs for FY 2023-24
02:23 Old Tax Slabs for FY 2023-24
03:11 Deductions allowed in New Tax Regime
05:28 Income Tax Calculation using Calculator
10:22 New Tax Slabs 2023-24 Conclusion
10:39 JOIN my Telegram Group
Section 80C Deductions List
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NPS video:
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Budget 2023 introduced New Tax Slabs 2023-24 for new tax regime which is reduced tax slab rates. Now we have 6 slab rates in new tax regime in FY 2023-24 instead of 7 in FY 2022-23.
Below are some key points about new tax slabs 2023-24.
- New Tax Regime will be default tax regime from FY 2023-24. You also have to option to choose old tax regime
- Standard Deduction of Rs. 50,000 will be available with new tax regime
- Tax rebate with new tax slabs 2023-24 will be Rs. 7 lakh instead of Rs. 5 lakh
- Tax exemption limit with new tax regime is Rs. 3 lakh instead of Rs. 2.5 Lakh
Below are the new tax slabs for 2023-24 for all age groups:
Rs. 0 – Rs. 3,00,000 0%
Rs. 3,00,000 – Rs. 6,00,000 5%
Rs. 6,00,000 – Rs. 9,00,000 10%
Rs. 9,00,000 – Rs. 12,00,000 15%
Rs. 12,00,000 – Rs. 15,00,000 20%
More than Rs. 15,00,000 30%
DEDUCTIONS AND EXEMPTIONS AVAILABLE IN NEW TAX REGIME
- Standard Deduction of Rs. 50,000 is available under New Tax Regime from FY 2023-24
- Transport allowance can be claimed in case of specially-abled person
- Conveyance allowance for employees received to meet conveyance expenditures
- Compensation received for cost of travel or tour
- Daily Allowance received as compensation for cost of living in some other place compared to regular place of working
- Deduction for employer’s contribution in NPS Account under Section 80CCD(2)
- Home Loan Interest amount under Section 24 in case of let-out property
- Deduction of amount paid or deposited in Agniveer Corpus Fund under Section 80CCH(2)
- Gifts up to Rs. 5000
- Exemption on voluntary retirement 10(10C), gratuity u/s 10(10) and Leave encashment u/s 10(10AA)
NEW VS OLD TAX REGIME WHICH IS BETTER?
It depends on your income and investments you are planning to make.
- If you don’t want to make any investments and claim deductions than new tax regime is better since you’ll pay less income tax with reduced tax slab rates
- Where as if you can make investments up to Rs. 6 lakh, than even when income is Rs. 11 Lakh, you pay zero income tax with old tax regime, in which case, old regime is better for you
- Not only 11 lakh but income beyond this level with old tax regime will help you to save income tax
#incometax #newtaxregime #taxslab #fincalc
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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown. It is advised to seek professional help before taking any financial decisions. The owner of this channel shall not be liable in any way.
