Budget 2023: New Tax Regime vs Old Tax Regime – Tax Computation for Salaried in Excel
Current Budget 2023 proposed certain amendments in New tax regime for Individuals by amending the tax Slab and extending certain deductions to New tax regime to make it more attractive and successful.
Also as mentioned by Hon’ble Finance Minister in Budget speech that the individual having income unto INR 7 lakhs have to pay NIL taxes would promote the individual having the income upto same to adopt the new tax regime which would not only reduce the tax liability but also would lead to lesser compliance.
But the question remains about the individual having investment in eligible schemes available for deduction and also in case he/she are paying interest on Home Loan would they benefit from the new regime or old regime would be more beneficial. The answer to same can’t be straight forward yes or no.
To help the individual chose between new regime vs old regime attached is the excel file which shows the basic computation of tax liability and can help in evaluating both the regime.
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Disclaimer::This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice.
You should consult your own tax, legal and accounting advisors before making any decisions.
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