Scenario two - Old vs new tax regime
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.
First Published: 02 Feb 2023, 11:27 AM IST