New Tax Regime: In these ways you can also avail tax exemption in the new tax regime, see details here

Income Tax: If you have also chosen the new tax regime by mistake and now you are nervous about how you will save tax? So you don’t must take any pressure in any respect. Today we are going to inform you about these strategies via which you can avail the good thing about tax deduction in the new tax regime.

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Earlier in the new tax regime there was no provision for traditional deduction. At the identical time, after Budget 2023, the good thing about low cost as much as Rs 50,000 is on the market.

Everyone will get the good thing about deduction
The particular benefit of this deduction is that irrespective of which tax slab the taxpayer falls underneath, he’ll get the good thing about this exemption.

Employed individuals are getting reductions
In the new tax regime, employed individuals get all types of perks or allowances for journey, transport, conveyance and workplace work. You get the good thing about tax exemption on them.

Discount on presents
Apart from this, you will also get the good thing about low cost on presents as much as Rs 50,000. If you are paying house mortgage for a home given on hire, then you will also get rebate on its curiosity.

There shall be low cost in NPS
Those investing in NPS can declare their tax deduction. Along with Voluntary Retirement Scheme, there’ll also be exemption on gratuity and go away encashment.

How a lot is the tax on which slab?
In the new tax regime, there isn’t any tax on annual wage of Rs 0-3 lakh. Apart from this, 5% tax is levied on wage between Rs 3 to six lakh. 10% tax is relevant on earnings from 6 to 9 lakhs, 15% on 9 to 12 lakhs, 20% on earnings from 12 to fifteen lakhs and 30% tax on earnings above 15 lakhs. Apart from this, 4% is charged as Health and Education Cess.

Property Tax : 30% rebate on property tax curiosity, large aid to the individuals of Haryana together with Gurugram, Faridabad.

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