New Income Tax regime vs old regime: Which is more beneficial? | Union Budget 2023

Finance Minister Nirmala Sitharaman announced new Income Tax slabs under the 2023 Union Budget. While this will be the default when you file your taxes this year, you can opt-out and choose the old regime. What is the difference between the two, and which is more beneficial? TNM’s Aditi Kumar explains in this video.

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[c.a.muthiahlakshmanan]

Since marginal relief is not provided, in both the Schemes, old as well as new, the tax payable exceeds the income that exceeds Rs. 5 Lacs in Old Regime and Rs. 7 Lacs in New Regime, wherein the income exceeds marginally, because rates are applicable from lower income itself.

[chandumojjada]

Is NPS under 2 sections applicable in new tax regime?

[harshacg]

The philosophy is that suppose u r young to mititagate high inflation the govt is putting more money into pockets of those earning less than 7lacs since tax investments coupled with high inflation would have been disastorous