Best Tax Regime for Rs 7 lakhs
Best Tax Regime for Rs 7 lakhs
Apr 17, 2023
Rajeev Kumar
For individuals having salary/income of Rs 7 lakh, read on to find which tax regime is better.
For individuals having salary/income of Rs 7 lakh, read on to find which tax regime is better.
If your salary/income is Rs 7 lakh/year, then New Tax Regime is better for you for several reasons.
If your salary/income is Rs 7 lakh/year, then New Tax Regime is better for you for several reasons.
First, under the New Tax Regime, income up to Rs 7 lakh is tax-free.
First, under the New Tax Regime, income up to Rs 7 lakh is tax-free.
Second, there is also a standard deduction of Rs 50,000 which makes total income up to Rs 7.5 lakh tax-free for salaried individuals.
Second, there is also a standard deduction of Rs 50,000 which makes total income up to Rs 7.5 lakh tax-free for salaried individuals.
Third, New Tax Regime is simple without any worries of complex tax savings and deductions under the Old Regime.
Third, New Tax Regime is simple without any worries of complex tax savings and deductions under the Old Regime.
So if you are earning up to Rs 7 lakh, you should opt for the New Tax Regime.
So if you are earning up to Rs 7 lakh, you should opt for the New Tax Regime.
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