By Justin | Published | No Comments
A tax schedule essentially determines the amount of tax a person or business needs to pay based on their income. In the Union Budget 2023-24, Finance Minister Nirmala Sitharaman implemented the revised tax structure, which includes revised taxes.
The main highlights of the new system include raising the basic tax exemption threshold and increasing tax refunds. Taxpayers can choose between the previous tax regime and the updated tax regime.
These modifications are for the new tax regime and the old tax regime remains unchanged. Although the new tax regime will become the default option from 2023-24, taxpayers will still have the flexibility to choose the old tax regime if they wish.
Choosing between the old and new tax regimes can be tricky, especially given the differences in tax regimes. Let’s break down the key points to help you understand:
old tax system
Board structure:
Under the new income tax regime, the number of slabs has been reduced.
Board structure:
Additional fee: Applies to certain income brackets:
New tax system vs. old tax system: Which tax system is better?
The best system for you depends on your income, investments and deductions. If you have a simple income structure with limited deductions, the new system may be more advantageous. However, if you have large investments or claim many deductions, the old system may save you more tax.
It is recommended to consult a tax advisor to determine the best regime for your circumstances.
Disclaimer: The views and investment advice expressed by experts in News18.com reports are their own and do not represent those of the website or its management. Readers are advised to consult a certified expert before making any investment decisions.
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Justin, a prolific blog writer and tech aficionado, holds a Bachelor's degree in Computer Science. Armed with a deep understanding of the digital realm, Justin's journey unfolds through the lens of technology and creative expression.With a B.Tech in Computer Science, Justin navigates the ever-evolving landscape of coding languages and emerging technologies. His blogs seamlessly blend the technical intricacies of the digital world with a touch of creativity, offering readers a unique and insightful perspective.