Is there any change in the investment limit to save taxes ..?
What will be the impact on taxe if your earning comes under 20L+ category..?
Ans: No change in investment limit to save tax in Budget proposals for FY 23-24.
New tax regime is beneficial if all the tax benefits are not taken. For e.g. if income is 30 lacs and deductions u/s 80C is 150000 taken, tax liability will be Rs.600000 under new tax regime and under old it will be 667500.
However, if person take PPF benefit of 1.5 lac, 25k in mediclaim, housing loan interest deduction 2 lacs, 50k standard deduction from salary; tax liability under old regime will reduce to 585000.