Navigating the New Income Tax Regime: Key Insights You Can’t Miss even 1

Before getting started there are two ways of Income tax returns can be filed i.e., old tax regime and new tax regime.

New Income Tax Regime, the new tax regime introduced in the Budget 2020 in India offers lower tax rates but without the benefit of most exemptions and deductions. Here are the tax rates under the new regime for the financial year 2023-24 (assessment year 2022-23) for individuals:

Slab	New Tax Regime
Up to ₹3,00,000	Nil
₹3,00,001-₹6,00,000	5%
₹600,000-₹9,00,000	10%
₹9,00,001 – ₹12,00,000	15%
₹12,00,001 – ₹15,00,000	20%
Above ₹15,00,000	30%

Please note that the above tax rates are subject to change and there may be additional taxes, surcharges or cesses applicable depending on various factors such as income sources, investments, etc. It is always recommended to consult a tax professional or refer to the official income tax website for the latest updates and details.

New income tax regime :

The major con of new tax regime is that there are no tax deductions to be claimed and it’s a straight forward way of paying the taxes according to the income earned.

May refer to the table above to know the taxable income according to the slab.Earlier there used to be tax refunds based on the savings made.

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