Tax under proposed New & Old regime for salaried person - Comparision with Various options

Comparing Tax Implications for Salaried Individuals: Old vs. New Regime in Budget 2023 Shows Significant Savings at High Incomes. The article compares the tax implications for salaried individuals under the old and new tax regimes proposed in Budget 2023. It presents a detailed table illustrating the differences in tax liabilities at various income levels, highlighting that the new regime generally results in lower taxes, particularly at higher income brackets. For instance, at an income of 6 crore, the new regime offers a significant tax saving of 2,303,260. The article also provides scenarios where individuals opt for various deductions under the old regime, showing that the new regime results in higher taxable income but potentially lower tax due to fewer deductions. (AI Summary)