New budget 2023 tax slab

New Income Tax Regime vs Old Income Tax Regime : Finance Minister Nirmala Sitharaman has revamped the new Also See: So which income tax regime should you opt for? The table below analyses the income tax outgo in the existing regular income tax regime, the current concessional income tax regime, and the new income tax regime announced by FM Sitharaman in Salary income before any deductions / exemptions Existing regime Current new regime Proposed new regime 5,00,000 - - - 5,50,000 - 18,200 - 6,00,000 - 23,400 - 7,00,000 - 33,800 - 7,50,000 23,400 39,000 - 10,00,000 75,400 78,000 54,600 15,00,000 2,10,660 1,95,000 1,45,600 30,00,000 6,78,600 6,63,000 6,08,400 70,00,000 21,19,260 21,02,100 20,42,040 1,50,00,000 50,85,990 50,68,050 50,05,260 5,00,00,000 1,91,78,250 1,91,58,750 1,90,90,500 5,50,00,000 2,31,56,562 2,31,35,190 2,10,40,500 6,00,00,000 2,52,93,762 2,52,72,390 2,29,90,500 Assumptions: EY has considered a total of Rs 2,00,000 worth of deductions and exemptions (including standard deduction) for the purpose of above table under the existing tax regime. The above table caters to resident individual below 60 years of age. Now, standard deduction of Rs 50,000 is available by default under the proposed new regime (similar to the existing tax regime). 06:03 New Income Tax 2023 Explained: How much tax will you pay for different slabs As is evident from the table above, if you avail tax exemptions of up to Rs 2 lakh including standard deduction, the new income tax slabs under...

Finance Minister Nirmala Sitharaman presented the Union Budget for 2023 in the Parliament on Wednesday, the last full-year budget before the national elections in 2024 and key state elections later this year. In a relief to taxpayers, the FM proposed to change the tax structure in the new personal income tax regime by reducing the number of slabs to 5 and increasing the tax exemption limit to ₹3 lakh. 01 Feb 2023, 11:14:02 PM IST Happy that govt didn't give into pressures: Co-founder, MIRA Money "Happy that the Government didn’t give in to the pressure from the middle class. Though there has been a revision in the income tax slabs for the salaried class, the income Tax regime needs a massive change. We need a clear rollout plan toward a simpler, more effective, and inclusive income tax regime," said Anand K Rathi, Co-founder, MIRA Money 01 Feb 2023, 09:52:15 PM IST Government's objective is to simplify income tax for people: CEO Tax2win "As expected, this year after a long wait, the budget finally focused on the middle-class/ salaried class/ small business category taxpayers of India. The introduction of new slabs with lesser tax rates under the new tax regime as well as the announcement of introducing a single simplified common ITR form in the future, clearly shows the government's objective to simplify the income tax for the common people. For small businesses and professionals also, the threshold limit for presumptive business income has been increased, which will not j...

ISLAMABAD – In the budget for the fiscal year 2023-24, the federal government has proposed exempting those earning up to Rs50,000 per month from paying income tax. The finance division has made some tweaks in revised tax rates for people earning considerable salaries amid the ongoing crisis. Following are tax rates for the salaried class: People earning less than Rs50,000 per month No Tax People earning Rs50,000 to Rs100,000 per month – 2.5percent of the amount exceeding Rs600,000 People earning between Rs100,000 to Rs200,000 per month Rs15,000 (per annum) plus 12.5 percent of the amount over Rs12 lac People earning Rs2-3lacs per month Rs165,000 (per annum) plus 20 percent of the amount over Rs24lac People earning Rs3-5lacs per month Rs405,000 (per annum) plus 25 percent of the amount over Rs36lac People earning Rs0.5 million to Rs1 million per month Rs1.005 million (per annum) 32.5pc of the amount People earning over a million per month Rs2.955 million (per annum) plus 35pc of the amount over Rs12 million KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on June 16, 2023 (Friday). Source: Forex Association of Pakistan. (last update 09:00 AM) Currency Symbol Buying Selling US Dollar ‎USD 294 297 Euro EUR 316 319 UK Pound Sterling GBP 371 375 U.A.E Dirham AED 81.3 82 Saudi Riyal SAR 77.7 78.5 Australian Dollar AUD 202 204 Bahrain Dinar ...

ISLAMABAD – In the budget for the fiscal year 2023-24, the federal government has proposed exempting those earning up to Rs50,000 per month from paying income tax. The finance division has made some tweaks in revised tax rates for people earning considerable salaries amid the ongoing crisis. Following are tax rates for the salaried class: People earning less than Rs50,000 per month No Tax People earning Rs50,000 to Rs100,000 per month – 2.5percent of the amount exceeding Rs600,000 People earning between Rs100,000 to Rs200,000 per month Rs15,000 (per annum) plus 12.5 percent of the amount over Rs12 lac People earning Rs2-3lacs per month Rs165,000 (per annum) plus 20 percent of the amount over Rs24lac People earning Rs3-5lacs per month Rs405,000 (per annum) plus 25 percent of the amount over Rs36lac People earning Rs0.5 million to Rs1 million per month Rs1.005 million (per annum) 32.5pc of the amount People earning over a million per month Rs2.955 million (per annum) plus 35pc of the amount over Rs12 million KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on June 16, 2023 (Friday). Source: Forex Association of Pakistan. (last update 09:00 AM) Currency Symbol Buying Selling US Dollar ‎USD 294 297 Euro EUR 316 319 UK Pound Sterling GBP 371 375 U.A.E Dirham AED 81.3 82 Saudi Riyal SAR 77.7 78.5 Australian Dollar AUD 202 204 Bahrain Dinar ...

New Income Tax Regime vs Old Income Tax Regime : Finance Minister Nirmala Sitharaman has revamped the new Also See: So which income tax regime should you opt for? The table below analyses the income tax outgo in the existing regular income tax regime, the current concessional income tax regime, and the new income tax regime announced by FM Sitharaman in Salary income before any deductions / exemptions Existing regime Current new regime Proposed new regime 5,00,000 - - - 5,50,000 - 18,200 - 6,00,000 - 23,400 - 7,00,000 - 33,800 - 7,50,000 23,400 39,000 - 10,00,000 75,400 78,000 54,600 15,00,000 2,10,660 1,95,000 1,45,600 30,00,000 6,78,600 6,63,000 6,08,400 70,00,000 21,19,260 21,02,100 20,42,040 1,50,00,000 50,85,990 50,68,050 50,05,260 5,00,00,000 1,91,78,250 1,91,58,750 1,90,90,500 5,50,00,000 2,31,56,562 2,31,35,190 2,10,40,500 6,00,00,000 2,52,93,762 2,52,72,390 2,29,90,500 Assumptions: EY has considered a total of Rs 2,00,000 worth of deductions and exemptions (including standard deduction) for the purpose of above table under the existing tax regime. The above table caters to resident individual below 60 years of age. Now, standard deduction of Rs 50,000 is available by default under the proposed new regime (similar to the existing tax regime). 06:03 New Income Tax 2023 Explained: How much tax will you pay for different slabs As is evident from the table above, if you avail tax exemptions of up to Rs 2 lakh including standard deduction, the new income tax slabs under...

Finance Minister Nirmala Sitharaman presented the Union Budget for 2023 in the Parliament on Wednesday, the last full-year budget before the national elections in 2024 and key state elections later this year. In a relief to taxpayers, the FM proposed to change the tax structure in the new personal income tax regime by reducing the number of slabs to 5 and increasing the tax exemption limit to ₹3 lakh. 01 Feb 2023, 11:14:02 PM IST Happy that govt didn't give into pressures: Co-founder, MIRA Money "Happy that the Government didn’t give in to the pressure from the middle class. Though there has been a revision in the income tax slabs for the salaried class, the income Tax regime needs a massive change. We need a clear rollout plan toward a simpler, more effective, and inclusive income tax regime," said Anand K Rathi, Co-founder, MIRA Money 01 Feb 2023, 09:52:15 PM IST Government's objective is to simplify income tax for people: CEO Tax2win "As expected, this year after a long wait, the budget finally focused on the middle-class/ salaried class/ small business category taxpayers of India. The introduction of new slabs with lesser tax rates under the new tax regime as well as the announcement of introducing a single simplified common ITR form in the future, clearly shows the government's objective to simplify the income tax for the common people. For small businesses and professionals also, the threshold limit for presumptive business income has been increased, which will not j...

New Income Tax Regime vs Old Income Tax Regime : Finance Minister Nirmala Sitharaman has revamped the new Also See: So which income tax regime should you opt for? The table below analyses the income tax outgo in the existing regular income tax regime, the current concessional income tax regime, and the new income tax regime announced by FM Sitharaman in Salary income before any deductions / exemptions Existing regime Current new regime Proposed new regime 5,00,000 - - - 5,50,000 - 18,200 - 6,00,000 - 23,400 - 7,00,000 - 33,800 - 7,50,000 23,400 39,000 - 10,00,000 75,400 78,000 54,600 15,00,000 2,10,660 1,95,000 1,45,600 30,00,000 6,78,600 6,63,000 6,08,400 70,00,000 21,19,260 21,02,100 20,42,040 1,50,00,000 50,85,990 50,68,050 50,05,260 5,00,00,000 1,91,78,250 1,91,58,750 1,90,90,500 5,50,00,000 2,31,56,562 2,31,35,190 2,10,40,500 6,00,00,000 2,52,93,762 2,52,72,390 2,29,90,500 Assumptions: EY has considered a total of Rs 2,00,000 worth of deductions and exemptions (including standard deduction) for the purpose of above table under the existing tax regime. The above table caters to resident individual below 60 years of age. Now, standard deduction of Rs 50,000 is available by default under the proposed new regime (similar to the existing tax regime). 06:03 New Income Tax 2023 Explained: How much tax will you pay for different slabs As is evident from the table above, if you avail tax exemptions of up to Rs 2 lakh including standard deduction, the new income tax slabs under...

Finance Minister Nirmala Sitharaman presented the Union Budget for 2023 in the Parliament on Wednesday, the last full-year budget before the national elections in 2024 and key state elections later this year. In a relief to taxpayers, the FM proposed to change the tax structure in the new personal income tax regime by reducing the number of slabs to 5 and increasing the tax exemption limit to ₹3 lakh. 01 Feb 2023, 11:14:02 PM IST Happy that govt didn't give into pressures: Co-founder, MIRA Money "Happy that the Government didn’t give in to the pressure from the middle class. Though there has been a revision in the income tax slabs for the salaried class, the income Tax regime needs a massive change. We need a clear rollout plan toward a simpler, more effective, and inclusive income tax regime," said Anand K Rathi, Co-founder, MIRA Money 01 Feb 2023, 09:52:15 PM IST Government's objective is to simplify income tax for people: CEO Tax2win "As expected, this year after a long wait, the budget finally focused on the middle-class/ salaried class/ small business category taxpayers of India. The introduction of new slabs with lesser tax rates under the new tax regime as well as the announcement of introducing a single simplified common ITR form in the future, clearly shows the government's objective to simplify the income tax for the common people. For small businesses and professionals also, the threshold limit for presumptive business income has been increased, which will not j...

ISLAMABAD – In the budget for the fiscal year 2023-24, the federal government has proposed exempting those earning up to Rs50,000 per month from paying income tax. The finance division has made some tweaks in revised tax rates for people earning considerable salaries amid the ongoing crisis. Following are tax rates for the salaried class: People earning less than Rs50,000 per month No Tax People earning Rs50,000 to Rs100,000 per month – 2.5percent of the amount exceeding Rs600,000 People earning between Rs100,000 to Rs200,000 per month Rs15,000 (per annum) plus 12.5 percent of the amount over Rs12 lac People earning Rs2-3lacs per month Rs165,000 (per annum) plus 20 percent of the amount over Rs24lac People earning Rs3-5lacs per month Rs405,000 (per annum) plus 25 percent of the amount over Rs36lac People earning Rs0.5 million to Rs1 million per month Rs1.005 million (per annum) 32.5pc of the amount People earning over a million per month Rs2.955 million (per annum) plus 35pc of the amount over Rs12 million KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on June 16, 2023 (Friday). Source: Forex Association of Pakistan. (last update 09:00 AM) Currency Symbol Buying Selling US Dollar ‎USD 294 297 Euro EUR 316 319 UK Pound Sterling GBP 371 375 U.A.E Dirham AED 81.3 82 Saudi Riyal SAR 77.7 78.5 Australian Dollar AUD 202 204 Bahrain Dinar ...