Agro Haryana

Income Tax: New regime selected by mistake, now tax exemption will be available in this also

Income Tax: If you have also selected the new tax regime by mistake  and now you are worried about how you will save tax? So you do not need to take any tension at all. 
 Income Tax: New regime selected by mistake, now tax exemption will be available in this also
Agro Haryana, New Delhi Today we will tell you about those methods through which you can avail the benefit of tax deduction in the new tax regime. 

Deduction of Rs 50,000

Earlier in the new tax regime there was no provision for standard deduction. At the same time, after Budget 2023, the benefit of discount up to Rs 50,000 is available. 

Everyone will get the benefit of deduction

The special advantage of this deduction is that no matter which tax slab the taxpayer falls under, he will get the benefit of this exemption. 

Employed people are getting discounts

In the new tax regime, employed people get all kinds of perks or allowances for travel, transport, conveyance and office work. You get the benefit of tax exemption on them. 

discount on gifts

Apart from this, you will also get the benefit of discount on gifts up to Rs 50,000. If you are paying home loan for a house given on rent, then you will also get rebate on its interest. 

There will be discount in NPS

Those investing in NPS can claim their tax deduction. Along with Voluntary Retirement Scheme, there will also be exemption on gratuity and leave encashment. 

How much is the tax on which slab?

In the new tax regime, there is no tax on annual salary of Rs 0-3 lakh. Apart from this, 5% tax is levied on salary between Rs 3 to 6 lakh.

10% tax is applicable on income from 6 to 9 lakhs, 15% on 9 to 12 lakhs, 20% on income from 12 to 15 lakhs and 30% tax on income above 15 lakhs. Apart from this, 4% is charged as Health and Education Cess.

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