How to Save Income Tax | 17,500/- Income Tax Save | Income Tax Saving Tools | New Tax Regime

How to Save Income Tax | 17,500/- Income Tax Save | Income Tax Saving Tools | New Tax Regime
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Benefit of new tax regime :-

The new regime provides a simplified structure with fewer deductions but includes several key features for taxpayers who adhere to it: Five income tax slabs: There are five different tax slabs, with the highest tax rate of 30% for income exceeding Rs. 15 lakh.
Question 1. Is the new tax regime beneficial?

Income level- Under the new tax regime, the tax rates are lower than the old tax regime. The new tax regime may be more beneficial if you have a higher income. As per budget 2023, an individual with INR 9 lakh annual income will have to pay INR 45,000 as tax, which is 5% of the taxable income.
Question 2. What benefits can be claimed in new tax regime?
What Are the Key Deductions Allowed Under the New Tax Regime?
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Question 3. What is the disadvantage of the new tax regime?
Fewer exemptions and deductions: The new tax regime does not offer as many exemptions or deductions. Only a few are offered, like the standard deduction, leave travel concession, and tax-free withdrawals from Provident Fund.

Question 4. क्या नई कर व्यवस्था फायदेमंद है?
आय स्तर- नई कर व्यवस्था के तहत, कर की दरें पुरानी कर व्यवस्था से कम हैं। यदि आपकी आय अधिक है तो नई कर व्यवस्था अधिक लाभकारी हो सकती है । बजट 2023 के अनुसार, 9 लाख रुपये की वार्षिक आय वाले व्यक्ति को 45,000 रुपये कर के रूप में चुकाना होगा, जो कर योग्य आय का 5% है।
Question 5. Can we save money in new tax regime?
Standard Deduction benefit: Salaried taxpayers can now avail of a standard deduction under the new tax regime of Rs 75,000. Also, family pensioners can now get a standard deduction of Rs. 25,000 under the new tax regime. Previously, this benefit was only available to old tax regime taxpayers.
Question 6. What is not allowed in new regime?
In the new tax regime, “Interest on borrowed capital for Self-occupied property” is not allowed as a deduction from Income from House property as per the provision of Section 115BAC of the Act, 1961.

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