Introduction:
In the bustling city of Mumbai, India, resides Priya, a middle-class working professional. She finds herself grappling with a challenging decision: whether to opt for the New Tax Regime introduced by the Government or stick with the familiar Old Regime. This decision holds immense significance for Priya and millions of other Indian taxpayers, impacting their financial stability...
The Hon’ble Finance Minister in her speech mentioned five major announcements impacting personal income tax rates and once of major announcement is tax rebate for income upto ₹ 7 lacs in new tax regime. Thus, comparing it with old tax regime individual having income (taxable income) up to ₹ 5 lacs will not have to pay any tax the new tax regime looks favourable for the taxpayers....
Revised Slab from April 1, 2023
(I)
In the case of men, whose monthly salaries, or wages,
A)
Less than ₹ 7500.
No professional tax.
B)
₹7500 – ₹ 10,000.
₹ 175/- Per Month.
C)
₹ 10,000 and above.
₹ 200/- Per Month (In February, ₹ 300).
(II)
in the case of women, whose monthly salaries, or wages,
A)
Less than ₹ 25,000.
No Profession...