how can we calculate the tax as per today's announcement, if someone salary have 15Lacs, how much TDS deducted.
Ans: A person earning income from salary is required to pay tax of Rs.2,47,500 under old tax regime after taking benefit of Standard deduction of Rs.50,000. Before proposal of Budget 2023, if person opt for new tax regime, tax liability was Rs.1,87,500 which is now reduced to Rs.1,40,000 with new slab rate and standard deduction under new tax regime.