By- Srushti sharma
Under the old tax system there are 4 tax slabs, with the highest tax rate being 30% for incomes exceeding RS. 10 lakh.
Old Tax Regime
Seven tax slabs with discounted rates are part of the new tax system, which came into effect from 2022. During the fiscal year 2023-2024, It was the default regime.
New Tax Regime
Consider tax deductions as a way to lower your overall tax burden. A standard deduction of Rs.50,000, for instance lowers your taxable income.
Tax Deductions
This lowers the overall income tax burden on taxpayers, which in turn boosts economic activity.
Rebate
This is the method of obtaining tax at the point of income generation, like when banks transfer income after deducting tax.
TDS
This is an additional sum that a seller collects from the buyers at the time of sale as tax. The tax authority receives it.
TCS
This is an extra tax imposed on income in order to pay for specific areas such as education and health. This is deducted from the overall tax liability.
Cess on Tax