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On February 1, the Finance Minister is all set to present India’s eightieth and her consecutive ninth Union Budget. As the Central government unveils its major policy announcement on that day, it will try to reaffirm its ambition to elevate India to the third-largest economy by 2031 and a developed economy by 2047.
Finance Minister Nirmala Sitharaman has confirmed that there will be no tax rate reductions under the old tax regime, despite increasing demands from taxpayers for equal rate cuts across both the old and new systems.
More than 63% of tax-paying Indians are still on the old tax regime, compared to the 37% who have moved…
Income tax portal has published a income tax calculator to show tax saving in new regime. https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx
A taxpayer whose deductions and exemption claims are less than Rs 3.75 lakh annually would be advised to opt for…