Finance Minister Nirmala Sitharaman will present the Union Budget 2023 on February 1, 2023. This will be the fifth Budget presentation by Sitharaman, and it will mark the Modi government s last before the Lok Sabha Elections 2024. New Income Tax Regime: Ahead of Budget 2023, Know Tax Slabs, Exemptions, Benefits and Disadvantages of Optional Tax Mechanism Introduced in 2020.
To know which tax regime is better, the taxpayer should calculate the income tax liability for both the regimes and compare and choose what s best suitable for them
Choosing an old or new income tax regime is completely your own decision and it will depend on your income structure, available deductions, and circumstances