In this video we discuss about Which tax regime become more tax beneficial for you as per your income and deductions. Government introduced new tax regime in last regime and give freedom to taxpayer to select it or not. So as a taxpayer we have to calculate out tax liability as per our income & deductions.
#taxregime #incometax #taxation
Old Tax Regime:
Offers numerous deductions and exemptions (e.g., HRA, 80C, 80D).
Suitable for taxpayers with significant investments and savings.
More complex with detailed documentation and planning required.
Lower tax slabs but potential for substantial tax savings with proper planning.
New Tax Regime:
Provides lower tax rates with no deductions or exemptions.
Simpler and easier for taxpayers with fewer investments.
Beneficial for those without significant investments or tax-saving expenses.
Encourages straightforward tax filing with fewer documents needed.
NEW TAX REGIME:
- No Income Tax on Income between Rs. 0 to Rs. 3 lacs
- 5% Tax on Income between Rs. 3 lacs to Rs. 6 lacs
- 10% Tax on Income between Rs. 6 lacs to Rs. 9 lacs
- 15% Tax on Income between Rs. 9 lacs to Rs. 12 lacs
- 20% Tax on Income between Rs. 11 lacs to Rs. 15 lacs
- 30% Tax on Income above Rs. 15 lacs
OLD TAX REGIME:
- No Income Tax on Income between Rs. 0 to Rs. 2.5 lacs
- 5% Tax on Income between Rs. 2.5 lacs to Rs. 5 lacs
- 20% Tax on Income between Rs. 5 lacs to Rs. 10 lacs
- 30% Tax on Income above Rs. 10 lacs
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New Vs Old Tax Regime: Which One becomes more beneficial?
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