Tax saving guide: Ultimate tax saving tools in the old tax regime
In the Union Budget 2023, Finance Minister Nirmala Sitharaman announced significant adjustments to the new income tax regime, including a reduction in tax rates and a reduction in taxes on annual income up to $7 thousand. Increased discounts for individuals subject to the new income tax regime from $5 thousand to $7 lakh is the most important of the major announcements made by the finance minister. In addition, FM announced to amend the tax structure under the new tax regime by reducing the number of tax tables to five and raising the tax exemption threshold to $3 thousand. In contrast to the new income tax regime, the tax tables of the old tax structure are not changed by the 2023 budget. “We are also making the new income tax regime the default tax regime. However, citizens will continue to have the option to take advantage of the benefits of the old tax regime,” FM Nirmala Sitharaman said in her budget speech.