Taxpayers were expecting for a long time that the government will bring a new tax slab in this budget, which will reduce the tax burden, but it does not seem to be happening. Let's know the whole news in detail
Union Budget 2023 is going to be presented in a few days. Finance Minister Nirmala Sitharaman will present the budget in front of the country on 1 February 2023. At the same time, people are hopeful that in this budget, some special announcements can be made by the Finance Minister regarding income tax. However, before this, Aham is going to tell you a special thing about the budget.
Income Tax
Whoever has taxable income has to file income tax in the country. There are currently two tax systems in the country. The name of one is Old Tax Regime, while the name of the other is New Tax Regime. In both tax systems, different taxes are paid on different incomes. At the same time, a special thing is also hidden in both these income tax slabs.
Income tax slab
Under the financial year 2022-23, many slabs have been given in the New Tax Regime in the country. There are 5 percent, 10 percent, 15 percent, 20 percent, 25 percent, and 30 percent slabs based on income. Income tax is filed on different incomes according to different slabs. If tax is filed under this slab, then no exemption is also available.
Tax slab
On the other hand, if the Old Tax Regime is seen based on the financial year 2022-23, then there will be a difference in it. In Old Tax Regime, tax is collected at the rate of 5%, 20%, and 30%. In such a situation, it is to be noted that there is no slab of 10% in the Old Tax Regime. In this, after 5%, income tax is collected directly at the rate of 20%.
