EPF, Section 80 CCD(2): How Salaried Employee Can Save Income Tax Under New Tax Regime?
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Meanwhile, the government has brought in amendments to the Finance Bill 2023, which has given ‘marginal relief’ to those taxpayers with annual income a little over Rs 7 lakh. Under the revamped new tax regime, no tax would be levied for income up to Rs 3 lakh. Income Tax Regime: Finance Minister Nirmala Sitharaman proposed a significant change to the new tax structure in the Union Budget 2023 to promote more adoption. These modifications will take effect from the financial year 2023–2024. The budget 2023-24 had announced the tax rebate whereby no tax would be levied on those with annual income of up to Rs 7 lakh under the new tax regime. The move which experts felt was a push for salaried class taxpayers to switch to a new tax regime where no exemptions on investments is provided. Under the revamped new tax regime, no tax would be levied for income up to Rs 3 lakh. Income between Rs 3-6 lakh would be taxed at 5 per cent; Rs 6-9 lakh at 10 per cent, Rs 9-12 lakh at 15 per