One is the old income tax regime and the other is the new income tax regime. Whereas from this time the new income tax regime is the default regime. In such a situation, some things should be kept in mind while filing tax under the new income tax regime.

tax regime

Several announcements were made by Finance Minister Nirmala Sitharaman in the budget for the financial year 2023-24. Through these announcements, changes in the income tax regime were also announced by the Finance Minister and along with this many changes have been made in the new income tax regime. In such a situation, if you file tax under the new income tax regime, then you may also have to pay 30% tax.

Income tax

Actually, income tax slabs have been changed under the new tax regime. Under this, no tax will have to be filed on an annual income of Rs 3 lakh. After this, 5% tax will have to be paid on the annual income of Rs 3-6 lakh. At the same time, 10 percent tax will have to be paid on the annual income of Rs 6-9 lakh. After this, 15% tax will have to be paid on the annual income of Rs 9-12 lakh.

No exemption on investment,after this if someone’s annual income is 12-15 lakh rupees, then such people will have to pay 20 percent tax. On the other hand, if someone’s annual income is more than Rs 15 lakh, then such people will have to pay 30 percent tax. At the same time, while filing tax from the new tax regime, taxpayers should keep in mind that no investment will be exempted in this regime.

Will get exemption in this

If a taxpayer wants to get exemption on his investment, then he will have to file income tax return according to the old tax regime, only then he will be able to get exemption while paying tax on his investment.

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Will the age limit change?

According to media reports, the Railway Board is planning to change the age limit for senior citizens. Apart from this, the discount on tickets will be limited to only a few categories. On the other hand, if we talk about earlier, earlier people of all categories used to get concession.

Rules will be made soon

According to the Railway Board, it is planning to give concessions to senior citizens, in which the idea is to reduce the cost of these concessions while maintaining the subsidy for senior citizens. As of now, no terms and conditions have been decided yet.

53 percent discount is available

According to the information, all the citizens traveling in the train get an average discount of 53 percent on the fare. Along with this, Divyang, students and patients get many types of concessions apart from this exemption.

In which class will the discount be given?

In the Lok Sabha, the Railway Minister was asked about the Railway Concession, whether the Railways will again give the facility of discount on train tickets. On this, Railway Minister Ashwini Vaishnav has said that in 2019-20, Railways has given a subsidy of Rs 59,837 crore on passenger tickets. Apart from this, the Standing Committee attached to the Parliament has suggested giving concession in train tickets to senior citizens traveling in slipper and third AC.

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