Just 48 hrs left to choose your Income Tax regime! โ
New vs Old Regime, which one should you opt?
A thread for Salaried Employees ๐
#incometax #April30
New vs Old Regime, which one should you opt?
A thread for Salaried Employees ๐
#incometax #April30
Budget 2023 made the New Income Tax Regime as default for FY 2023-24.
This means if you don't opt for any particular regime by 30th April, your employer will start deducting TDS as per the New Regime.
#TDS #Budget2023
This means if you don't opt for any particular regime by 30th April, your employer will start deducting TDS as per the New Regime.
#TDS #Budget2023
In case you end up paying higher TDS due to the default option, you will have to wait till the ITR is processed to get a refund! ๐ฒ
So, hurry up! Read this thread to know which one to choose ๐ฝ
So, hurry up! Read this thread to know which one to choose ๐ฝ
Old vs New Tax Regime ๐ฝ
#taxregime
#taxregime
Comparison of Income Tax Rates ๐ฝ
#taxrate
#taxrate
Deductions become an important differentiating factor when choosing the regime.
Here's a comparison ๐ฝ
#deduction
Here's a comparison ๐ฝ
#deduction
This means:
โ Old Regime has better Deduction
โ New Regime has better Tax Slabs
Coming to the point, which one is better for you? ๐ค
โ Old Regime has better Deduction
โ New Regime has better Tax Slabs
Coming to the point, which one is better for you? ๐ค
Choose New Tax Regime if any of the following conditions are satisfied:
โช๏ธ Your income is less than 7.5 LPA
โช๏ธ Only 1.5 lakh or less can be claimed as a deduction u/s 80C
โช๏ธ You don't have any tax-saving investments
#newregime
โช๏ธ Your income is less than 7.5 LPA
โช๏ธ Only 1.5 lakh or less can be claimed as a deduction u/s 80C
โช๏ธ You don't have any tax-saving investments
#newregime
CASE 1:
If you can claim only Deductions upto 1.5 Lakh, the tax liability is lower in New Tax Regime โคต๏ธ
If you can claim only Deductions upto 1.5 Lakh, the tax liability is lower in New Tax Regime โคต๏ธ
CASE 2:
If you can claim Deductions of more than 1.5 Lakh, the tax liability is lower in the Old Tax Regime โคต๏ธ
If you can claim Deductions of more than 1.5 Lakh, the tax liability is lower in the Old Tax Regime โคต๏ธ
If this thread helped you, please retweet (๐๏ธ) the first tweet to educate fellow employees.
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