(1) What is basic exemption limit for old tax regime as per Union Budget 2023?
Well, this is the common question for almost all tax payers. But, there is no change in old tax regime in union budget 2023. So, old tax regime is as it is as it was.
(2) Is standard deduction available to New tax regime as per Union Budget 2023?
Yes, there is major change in Union Budget 2023 that you can avail benefit of standard deduction in New tax Regime. Standard deduction is available for New tax regime as well Old Tax Regime for AY 2024-25 (FY 2023-24). There was no benefit of standard deduction until AY 2023-24 in New tax regime.
(3) My Income for FY 2023-24 (AY 2024-25) is Rupees 748000/- from salary, which regime is better for me?
Well, you should choose new tax regime, because there will be benefit of Rupees 50000/- of standard deduction and after standard deduction, there will no tax as per New Tax regime (You will get rebate up to Rupees 25000/- in new tax regime if you income will below Rupees 7 Lakhs)
(4) What is the income tax slab for AY 2024-25?
There are two types of income tax slab for AY 2024-25
| Income | Old Tax Regime | Income | New Tax Regime |
| 0 to 2.5 Lakhs | 0% | 0 to 3 Lakhs | 0% |
| 2.5 Lakhs to 5 Lakhs | 5% | 3 Lakhs to 6 Lakhs | 5% |
| 5 Lakhs to 10 Lakhs | 20% | 6 Lakhs to 9 Lakhs | 10% |
| 10 Lakhs and above | 30% | 9 Lakhs to 12 Lakhs | 15% |
| 12 Lakhs to 15 Lakhs | 20% | ||
| 15 Lakhs and above | 30% |