scorecardresearchBudget 2023: Old vs new income tax regime; which is better for 5 crore income?

Budget 2023: Old vs new income tax regime; which is better for 5 crore income?

Updated: 02 Feb 2023, 11:28 AM IST
TL;DR.
In the old tax regime, total deductions will amount to 4.85 lakh. Net taxable income will come in at 5.95 crore. Net tax payable after factoring in the education and health cess and surcharge will be at 2.51 crore. It will come in at 2.30 crore under the new tax regime. However, new regime is better in which you will save 21.81 lakh.
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Scenario four: Old vs new tax regime
First Published: 02 Feb 2023, 11:28 AM IST