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Answered by Shristi:
Hi Naveen, we have made a calculator for salaried individuals to calculate their tax payable in the old vs new tax regime. You can try it now on our calculator.

We have not included all the deductions applicable and kept it simple for everyone to understand and get an idea of their tax liability. For calculating all exemptions and deductions, you would have to consult your financial advisor. 

You can also download it and add adjustments to suit your needs.

Answered by: Rishabh

Hello, drrupjyoti

Yes, this is because the new tax regime extends the rebate limit for people earning up to 7 lakhs and offers comparatively lower marginal tax. The whole point of the new regime is to simplify tax filing.   

Answered by Shristi:
Hi Rohit, we have covered the same in our article here

Also, if you wish to calculate it on your own income level, we have made a calculator for salaried individuals. You can try it now on our calculator. 

We have not included all the deductions applicable and kept it simple for everyone to understand and get an idea of their tax liability. For calculating all exemptions and deductions, you would have to consult your financial advisor. 

You can also download it and add adjustments to suit your needs. 
 

Answered by Shristi:
Hi Ajay,

There has been an extended benefit in the investment limit for the Senior citizen savings scheme in the Budget 2023. 
The maximum deposit limit for Senior Citizen Savings Scheme will now be enhanced from Rs 15 lakh to Rs 30 lakh. 

There has been no change in Sukanya Samriddhi Yojana. One new scheme addition exclusive for females is ‘Mahila Samman Bachat Patra'. 
It is a one-time new small savings scheme that will be made available for a two-year period up to March 2025. It offers a deposit facility of up to Rs 2 lakh in the name of women or girls for a tenure of 2 years at a fixed interest rate of 7.5 percent with a partial withdrawal option.
 

Answered by Deb:
Hi Debashish,
First of all, switching to the new regime is not compulsory. Ram can choose the tax regime that works best for him based on some calculations around his income.

As far as the applicability of various tax regimes and slabs goes, read this article to understand Ram’s tax liability.

Also, you can use this calculator to find your tax liability. 
 

Answered by Abhishek
Hello Vaibhav,

Yes, if you have invested in tax-saving investments, you will enjoy the benefit of paying lesser taxes under the old regime than the new regime. But it entirely depends on your income and financial/investment profile.
 

Answered by Abhishek
Hello Abhishek,

Here’s the breakdown of the tax on your income:
Tax under Old Regime = ₹1,32,600
Tax under New Regime (before Budget’23) = ₹1,43,000
Tax under New Regime (after Budget’23) = ₹1,14,400
 

Answered by Varsha
Hello Maithille,

Whatever tax liability will arrive up to 7lacs will be adjusted. 

Answered by Abhishek
Hello Krishna,

On the surface level, the new tax regime would be better. For instance,

A salaried individual earns ₹20 LPA with ₹1.5L 80C investments.
Tax under the Old Regime = ₹3,66,600
Tax under the New Regime (after budget) = ₹2,95,620

If you have more tax-saving instruments like 80D, 80CCD, etc., tax under the old regime will be lesser. So, it entirely depends on your financial and investment profile.

Answered by Varsha
Hello Dishank & Sanjay,

Firstly, the new rates are for the new regime wherein the standard deduction of Rs. 52,500 has been introduced for people with an annual income of 15.5 lakhs or more. HRA, 80C remain within the old tax regime, and the rest remains untouched.
 

Answered by Varsha
Hello Varun,

If your income is ₹7 Lakh, the rebate will automatically be refunded once your tax liability is calculated. 
 

Answered by Varsha
Hello Dimpy,

The benefits for women and youth under the Union Budget 2023-24 are:
Women - The Mahila Samman Savings Certificate has been introduced to commemorate the Azadi Ka Amrit Mahotsav one-time small savings scheme. This will facilitate deposits of up to ₹2 Lakh for women and young girls. The tenure is for 2 years at a 7.5% interest rate with a partial withdrawal option. 

Youth - The union budget has introduced several policies and projects for the youth, especially for upskilling and employment. These include 30 Skill Digital India Centres, 3 Centres of Excellence for Artificial Intelligence, and the National Apprenticeship Promotion Scheme to offer stipend support to 47 lakh youth in the next 3 years through Direct Benefit Transfer. 
 

Answered by Kirti
Hello Dilpreet,

Firstly, the new rates are for the new regime wherein the standard deduction of Rs. 52,500 has been introduced for people with an annual income of 15.5 lakhs or more. HRA, and 80C remain within the old tax regime, and the rest remains untouched. 
 

Answered by Abhishek
Hello Gaurav,

While the new tax regime would be the default, tax payers could opt for the old one.

For a total income of ₹15LPA, under the new regime,  you’ll now pay ₹1,56,000 as taxes (including cess). 

So, if you earned ₹15LPA and choose the old regime because you have no 80C investments, you’ll pay ₹2,57,400 as taxes (including cess). And in case you have made any tax-saving investments, the taxes under the old regime will reduce accordingly.
 

Answered by Varsha
Hello Sourabh!

As per the Union Budget 2023-24, the Government would be laying much emphasis on the Defence sector with ₹5.94 Lakh Crore.

Answered by Abhishek
Hello Abinash

We broke down the new tax regime’s tax slab figures for your understanding:
Upto ₹3L = Nil
₹3-6L (5%) = ₹15,000
₹6-9L (10%) =  ₹30,000
Additional ₹1L (15%) = ₹15,000

Total tax = ₹60,000 + 4% cess = ₹62,400
 

Answered by Rishabh
Hello Adv. Ankit, Prakhar, Mayank, & Shubham

Yes, you can only take advantage of the 80C deductions up to 1.5 lakhs along with the standard deduction of Rs. 50,000 if you’re going with the old regime. Nothing has changed in the old regime.

The rebate of 7 lakhs is for the New regime and is exclusively for people earning up to 7 lakhs. If your annual income is more than 7 lakhs, even by Rs. 1, you have to pay taxes as per the slabs with a standard deduction of Rs. 50,000.
Here are the slabs- 

Answered by Abhishek

Hello ValuePicker Bot, 
As per the new tax regime of Union Budget 2023-24, your tax outgo would be ₹3,89,220 if you are a salaried individual.

Answered by Abhishek,
Hello Aizem,

According to the Union Budget 2023-24, the target for Agriculture Credit will be increased to ₹20 Lakh Cr with a 6000 Cr outlay for Animal husbandry, dairy, and fisheries. 

Answered by Varsha
Hello Anupam, Mandar & Sarthak,

We’re all set to shoo away your confusion! 
The tax slabs are:

This is to ensure that the rebate stays exclusive for people earning up to ₹7L annually. So, if your annual income crosses ₹7L even by ₹1, then the mentioned brackets do apply and you will have to pay 5% tax on the income between ₹3-6L and 10% on income above ₹6-9L.