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New Tax Regime vs Old Tax Regime: Which is Better? [With Calculator]

New Tax Regime vs Old Tax Regime: Which is Better? [With Calculator] In this video by FinCalC TV we will see New Tax Regime vs Old Tax Regime which is better (Old vs New Tax Regime) with income tax slab rates FY 2023-24 in hindi. We will also see the income tax calculation process with the help of examples and calculator Income Tax Calculator Online: https://fincalc-blog.in/income-tax-ca... New vs Old Tax Regime Blog: https://fincalc-blog.in/new-vs-old-ta... Income Tax Calculation Examples:    • Income Tax Calculation Examples betwe...   JOIN Telegram Group: https://t.me/fincalc_tv_channel CHAPTERS: 00:00 New vs Old Tax Regime Intro 01:34 Income Tax Slab Rates 2023-24 03:17 Deductions Allowed to Save Income Tax 06:57 Old vs New Tax Regime Calculation 08:35 Income Tax on Rs. 10 Lakh Income 10:26 Summary of Old & New Tax Regime Calculations 11:34 Using Tax Rebate 87A for ZERO Tax 13:34 New vs Old Tax Regime Conclusion Tax Rebate 87A Video:    • Standard Deduction & Tax Rebate EXPLA...   How to Invest in NPS Online:    • What is NPS How it Works? How to Inve...   Home Loan EMI Calculation:    • Home Loan Calculation Method [EXPLAIN...   New Tax Regime Slab Rates for FY 2023-24 are as follows: Rs. 0 to Rs. 3 Lakh Income = 0% Tax Rs. 3 Lakh to Rs. 6 Lakh Income = 5% Tax Rs. 6 Lakh to Rs. 9 Lakh Income = 10% Tax Rs. 9 Lakh to Rs. 12 Lakh Income = 15% Tax Rs. 12 Lakh to Rs. 15 Lakh Income = 20% Tax Rs. 15 Lakh and above Income = 30% Tax Difference between New vs Old Tax Regime comes down to your income and investments you make. If you don’t make any investments, then new tax regime is better for you due to low tax slab rates. And if you make investments and claim deductions on those investments than old tax regime is better for you. NEW VS OLD TAX REGIME: WHICH IS BETTER As seen in above video, old tax regime is better for you when you make multiple investments and claim deductions that can help you to save income tax. Even if your income is Rs. 11 Lakh in financial year, still you don’t have to pay any tax with old tax regime by effectively using all deduction options available, which is not possible with new tax regime. Where as, if you do not make any investments, than new tax regime is better since the tax slab rates are reduced in new regime compared to old regime, and there are not many deductions available in new tax regime. Tax rebate 87A limit for taxable income in old tax regime is Rs. 5 lakh and with new tax regime the limit is Rs. 7 lakh up to which no income tax need to be paid. BENEFITS OF OLD TAX REGIME: Standard Deduction of Rs. 50,000 is available to salaried employees and pensioners, which means this flat deduction should be subtracted from your gross income for tax calculation purpose You get more deductions under Section 80C, Section 80D, Section 80CCD and many more deductions in this list No tax to be paid if your taxable income is below Rs. 5 Lakh in FY 2023-24 with the help of Tax rebate under Section 87A Also, you get the benefit of HRA (House Rent Allowance) if you stay in rented accommodation BENEFITS OF NEW TAX REGIME: Standard Deduction of Rs. 50,000 is available to salaried employees and pensioners in new tax regime The tax slab rates in new regime are low compared to old tax regime, which reduces your income tax, provided that you have to forgo majority of the deductions available in old tax regime There are few deductions available in new tax regime, such as NPS contribution from employer, Home loan interest component under Section 24(b) if property is let out (rented) and few more CONCLUSION So to summarize, you should select new tax regime only when you will not make investments or claim deductions such as Insurance premiums, PPF (Public Provident Fund), Home Loan EMI payments, ELSS mutual funds, provident fund, etc. This will help you to pay less income tax due to reduced tax slab rates in new tax regime. And if you are going to make multiple investments and claim deductions under various sections, than old tax regime will be better for you to pay less income tax and also save for your future by investing in multiple tax deductible schemes in India #NewTaxRegime #OldTaxRegime #IncomeTax #FinCalC ============================ LIKE | SHARE | COMMENT | SUBSCRIBE Mujhe Social Media par FOLLOW kare: Facebook :   / fincalctv   Twitter :   / fincalctv   BLOG: https://fincalc-blog.in Telegram: https://t.me/fincalc_tv_channel Instagram:   / fincalc_tv   ============================ MORE VIDEOS: SIP Returns Calculation:    • SIP Returns Calculation Examples - ₹2...   Income Tax Calculator:    • Income Tax Calculation Examples betwe...   Loan EMI Calculator:    • Home Loan EMI Calculator Excel with P...   Loan EMI Prepayment Calculator:    • Home Loan EMI Prepayment | How to Sav...   ============================ DISCLAIMER: Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.