Budget 2023: How much tax savings on your salary..?
Budget 2023: How much tax savings on your salary..?
Union Finance minister Nirmala Sitharaman has made 5 important announcements in the Personal Income Tax section in the Budget 2023 report presented in the Parliament. Now let's see how your income tax will change based on this budget statement announcement. This method of calculation assumes that you do not make investments or claim tax deductions. Based on the new tax slabs and other changes made in the budget, one can save around 20 percent of their total income tax bill. Until then, let's see how much we can save every time we buy. That means we are going to see how much you can save on income tax based on your salary.
Union Finance minister Nirmala Sitharaman has made 5 important announcements in the Personal Income Tax section in the Budget 2023 report presented in the Parliament. Now let's see how your income tax will change based on this budget statement announcement. This method of calculation assumes that you do not make investments or claim tax deductions. Based on the new tax slabs and other changes made in the budget, one can save around 20 percent of their total income tax bill. Until then, let's see how much we can save every time we buy. That means we are going to see how much you can save on income tax based on your salary.
Annual income tax amount as per new budget: 0
Annual income 6 lakhs Annual income tax amount as per the previous budget: Rs 22,500
Annual income tax amount as per new budget: 0
Annual Income Tax Amount as per Previous Budget: Rs 32,500
Annual Income Tax Amount as per New Budget : 0
Annual income tax amount as per the previous budget: Rs 45,000
Annual income tax amount as per new budget: Rs 35,000
Savings: Rs 10000
Annual income 6 lakhs Annual income tax amount as per the previous budget: Rs 22,500
Annual income tax amount as per new budget: 0
Annual Income Tax Amount as per Previous Budget: Rs 32,500
Annual Income Tax Amount as per New Budget : 0
Annual income tax amount as per the previous budget: Rs 45,000
Annual income tax amount as per new budget: Rs 35,000
Savings: Rs 10000
Annual Income Tax Amount As per Previous Budget: Rs 60,000
Annual Income Tax Amount As per New Budget: Rs 45,000
Savings: Rs 15000
Annual Income Tax Amount As per New Budget: Rs 45,000
Savings: Rs 15000
Annual income tax amount as per the previous budget: Rs 75000
Annual income tax amount as per new budget: Rs 60,000
Savings: Rs 15000
Annual income tax amount as per new budget: Rs 60,000
Savings: Rs 15000
Annual income tax amount as per the previous budget: Rs 95000
Annual income tax amount as per new budget: Rs 75,000
Savings: Rs 20000
Annual income 12 lakhs
Annual income tax amount as per the previous budget: Rs 1,15,000
Annual income tax amount as per new budget: Rs 90,000
Savings: Rs 25000
Annual Income 13 Lakhs
Annual Income Tax Amount as per Previous Budget: Rs 1,37,500
Annual Income Tax Amount as per New Budget: Rs 1,10,000
Savings: Rs 27000
Annual income 14 lakhs
Annual income tax amount as per the previous budget: Rs 1,62,500
Annual income tax amount as per new budget: Rs 1,30,000
Savings: Rs 32000
Annual Income Rs 15 Lakh
Annual Income Tax Amount As per Previous Budget: Rs 1,87,500
Annual Income Tax Amount As per New Budget: Rs 1,50,000
Savings: Rs 37000
Above 15 Lakhs – The tax slab slabs have not changed. So, you will keep saving this 25-30k difference. There will be nothing extra.
Annual income tax amount as per new budget: Rs 75,000
Savings: Rs 20000
Annual income 12 lakhs
Annual income tax amount as per the previous budget: Rs 1,15,000
Annual income tax amount as per new budget: Rs 90,000
Savings: Rs 25000
Annual Income 13 Lakhs
Annual Income Tax Amount as per Previous Budget: Rs 1,37,500
Annual Income Tax Amount as per New Budget: Rs 1,10,000
Savings: Rs 27000
Annual income 14 lakhs
Annual income tax amount as per the previous budget: Rs 1,62,500
Annual income tax amount as per new budget: Rs 1,30,000
Savings: Rs 32000
Annual Income Rs 15 Lakh
Annual Income Tax Amount As per Previous Budget: Rs 1,87,500
Annual Income Tax Amount As per New Budget: Rs 1,50,000
Savings: Rs 37000
Above 15 Lakhs – The tax slab slabs have not changed. So, you will keep saving this 25-30k difference. There will be nothing extra.