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Budget 2023-24: Finance Minister Nirmala Sitharaman has made income up to Rs 7 lakh tax free in the new tax regime as part of efforts to provide relief to the general public. Now in the new tax regime or new tax system, the government has given such a relief that your salary will increase every month without any appraisal. Know what is that math…
Those earning up to Rs 7 lakh will get more salary like this
If people with salary up to Rs 7 lakh have adopted the new tax system, then such a system has been made for them in the tax system, which will save their tax every month. If you look at its simple maths, the annual tax for those getting salary up to Rs 7 lakh is Rs 32,500. If it is divided into 12 parts, then its calculation becomes Rs 2708 per month.
Salary will increase every month
According to this, you will save Rs 2708 every month and if you look at it in another way, then this is the part of your income which is more. Earlier, those coming under the income tax exemption limit of up to Rs. 5 lakhs used to get this tax, but now after increasing the tax exemption limit of Rs. 7 lakhs, you will get an increase of more than Rs. 2700 in salary every month without appraisal.
How much tax on income of Rs 10 lakh!
If a person’s income is Rs 10 lakh, then according to the old tax slab of the new tax regime, he 75,000 had to be paid as income tax. But due to the change in the tax slab in the new tax regime, those earning up to Rs 10 lakh will have to pay Rs 60,000 as income tax, which means an annual savings of Rs 15,000.
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