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Mahesh Padmanabhan  |120 Answers  |Ask -

Tax Expert - Answered on Feb 04, 2023

Mahesh Padmanabhan has specialised in payroll, personal and corporate taxation for more than two and a half decades, enabling him to provide practical, realistic and correct advice to his clients.
He is a member of The Institute of Chartered Accountants of India and has a degree in cost accounting from the Institute of Cost Accountants of India.
He is also a qualified information systems auditor. ... more
Srinivasa Question by Srinivasa on Feb 02, 2023Hindi
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As per new Tax regime, no tax upto 7 lakhs, but the slab is 0 - 3 lacs no Tax, 3 - 6 lacs 5â„… , etc., how this need to be distinguished

Ans: Hi Srinivasa
The slab rate of tax is applicable to all individuals opting for the new tax regime. However, individuals having income of upto Rs. 7 Lakhs could get a rebate of upto Rs. 25,000 and therefore pay Nil tax if they opt for the new regime. So essentially, the tax liability is always there but if the income is upto Rs. 7 Lakhs then you get the rebate and if the income exceeds Rs. 7 Lakhs then you get no rebate whatsoever and the tax based on the slab rate applies.
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