Income tax limit exemption for new tax regime is made 7 Lakhs. What happens to old tax regime who are paying housing loan instalments and health insurance etc etc.
7 Replies
Sreevidhya V
(405 Points)
Replied 01 February 2023
There is no slab rate change under old tax regime
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 01 February 2023
Basic exemption limit increased to 3lacs
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 01 February 2023
ALL THE CHANGES MADE IN TAX SLAB ARE ONLY FOR NEW TAX REGIME.
OLD TAX REGIME REMAINS UNTOUCHED.
SHIRISH S S
(Proprietor)
(1030 Points)
Replied 01 February 2023
Thanks all. If I make donation PMNRF. Is it deductible (80G) under new regime?. Also whether standard deduction of 50k is deductible in new regime?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 01 February 2023
No, deduction under section 80G is not allowed to persons opting for new tax regime.
Standard deduction of Rs. 50,000/- will be eligible in new tax regime from FY 2023-24. i.e. AY 2024-25.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 02 February 2023
New Tax regime has 3Lacs basic exemption, rebate is available upto 7lacs and by default tax payer is under new tax regime
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