CAN YOU PLEASE GIVE CLARITY OIN NEW TAX SLABS PLEASE. IF A PERSON IS DRAWING A SALARY OF RS.48.00 LACS HOW MUCH TAX WILL BE DEDUCTED
Ans: Selection of tax regime will decide tax liability and depending on eligibility of amount of deduction/exemption, tax liability will be calculated.
Considering income of 48 lacs, under old tax regime gross tax liability will be Rs.13,02,600 and under new tax regime it will be Rs.10,60,800.
You can calculate tax liability, using advance income tax calculator available at following link:
https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator