As the ITR filing time is nearing, every taxpayer is preparing themselves. Most of the individuals get confused between choosing the old tax regime and new tax regime. However, since the government has announced changes in the income tax slabs of the new tax regime, it has become easier for the taxpayers under the annual income of Rs 12,00,000 as they don’t need to pay any taxes for that income. Moreover, this limit has been increased to Rs 12.75 lakh for salaried taxpayers, due to the standard deduction of Rs 75,000. In this article, we will calculate the tax on Rs 18,80,000 annual income under the old tax regime, and see an expert’s calculations on paying 0 tax in the old regime. Take a look:
Images: Pixabay
Calculation courtesy: Fincart