In case my annual income is 30 lakh and I have investment -1.5 lakh for 80c , what would be difference between old and new tax regime … any benefit or not ??
Ans: If taxable income of person is Rs.28,50,000 after claiming deduction of Rs.1,50,000 under 80C; tax liability will be Rs.6,67,500 plus cess under old regime. However, under new regime after proposal of Budget 2023 as per new slab rate tax liability will be Rs.6,00,000 so new regime is more beneficial.