How taxes are calculated on salary above ₹7 lakh in new regime? A quick view
Among the key highlights of new tax regime would be, the exemption limit to the salary of ₹7 lakh. This means, a taxpayer whose income is ₹7 lakh will not be required to pay any tax. But this is not the case with the old regime, where the exemption limit is ₹5 lakh.
One of the biggest limelight of the Budget 2023 is none other than personal income tax slabs which have been modified further and are likely to boost consumption demand. Experts welcomed the revised new income tax slab with open arms. However, the government has not done away with the old tax regime. But now, taxpayers have the option to pay their taxes in either of the two regimes. For a layperson, it is firstly important to understand how your taxes are calculated in the new regime.