In the next few days in the coming days, the Union Budget 2023 will be revealed. On February 1 2023 Finance Minister Nirmala S. Sitharaman will present this budget to the people of the country. The public is also hoping the Finance Minister will make announcements specific to the budget regarding the tax on income.
Tax on income
Any person whose earnings are tax-deductible within the nation is required to file income tax. The country currently has two tax regimes. One is called the Old Tax Regime, and the other one is called the New Tax Regime. Different taxes are imposed for different incomes in each tax system. Both income tax slabs are also able to conceal a distinctive characteristic.
A Slab Of Income Tax
Numerous slabs are now included in the nation’s New Tax Regime for the fiscal year 2022-2023. On the basis of income, There are slabs of 5 percent 10 percent 15, 15 percent 20 percent 25, 25 percent along with 30 percent. Based on the various income slabs, tax returns for income are made. There is no exemption available to file taxes in this category.
However, If it is the Old Tax Regime
is seen in relation to the tax slabs for the period 2022-2023, the distinction will be obvious. Taxes are collected at rates of 15%, 20%, and 30% in the old tax regime. It is important to note that the old tax system does not have an income tax rate of 10% in this case. After 5 percent, the tax is collected directly in 20 percent.
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