The Union budget is out for Financial Year 2023-2024 and there are some changes in Personal Income Tax.
Our finance minister has declared 2 Tax regimes one is old with all the deductions and new one with no deductions. Now, everyone is thinking which is beneficial to me? The answer is not easy and simple.
It depends on everyone’s saving habits and life style expenses. Current deductions and future plans need to accessed on yearly basis and choose the regime. In new regime, more money in hand without saving so as naturally expenses will be more which will help economy and government has no liability to pay you off in future. However, we have no social security in India so medical and living expenses will be on higher side post retirement. So planning is utmost necessary and you can switch between old and new every year if you are salaried person with no business income. Those who are having business income can switch ones. Looking for more details. Do not wait. Call me for financial plan now…