scorecardresearchBudget 2023: Old vs new income tax regime; which is better for 20 lakh income?

Budget 2023: Old vs new income tax regime; which is better for 20 lakh income?

Updated: 02 Feb 2023, 11:27 AM IST
TL;DR.
In the old tax regime, total deductions will amount to 4.70 lakh. Net taxable income will come in at 15.30 lakh. Net tax payable after factoring in the education and health cess will be at 2.82 lakh. It will be 2.96 lakh under the new tax regime. However, old regime is better in which you will save 14,040.
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Scenario two - Old vs new tax regime
First Published: 02 Feb 2023, 11:27 AM IST