Budget 2023 | Old Vs New Tax Regime Comparison Calculator | Income Tax Highlights

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Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitaraman made five major announcements with respect to personal income tax while presenting the Union Budget 2023-24 in Parliament today. These announcements pertaining to rebate, change in tax structure, extension of benefit of standard deduction to the new tax regime, reduction of highest surcharge rate and extension of limit of tax exemption on leave encashment on retirement of nongovernment salaried employees will provide substantial benefits to the working middle class.
In her first announcement regarding rebate, she proposed to increase the rebate limit to Rs.7 lakh in the new tax regime, which would mean that the persons in the new tax regime, with income up to Rs. 7 lakh will not have to pay any tax. Currently, those with income up to Rs. 5 lakh do not pay any income tax in both old and new tax regimes.
Hope this will be helpful to you. If you have any queries, please write in comment section, they will be promptly replied.
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** PLAY LISTS **
(1) Retirement
Retirement Benefits Calculation • Retirement benefits | ...
Family Pension Calculation • Family Pension Rules |...
Family Pension Eligibility Rules • Eligibility criteria f...
Commutation of Pension Calculation • Commutation of Pension...
Commutation of Pension - Part 1 • पेंशन की बिक्री में फा...
Commutation of Pension - Part 2 • पेंशन की बिक्री पर इन्...
Gratuity Calculation • What is Gratuity | Dea...
Gratuity Rules • What is Gratuity | How...
Gratuity Nomination and Eligibility • What is Gratuity | Gra...
Leave Encashment Calculation • Leave encashment formu...
CGEGIS Calculation • CGEGIS 1980 | सरकारी क...
Voluntary Retirement (VRS) Rules • Voluntary Retirement |...
Invalid Pension Rules • Who is eligible for In...
(2) NPS
NPS Partial Withdrawal • NPS Tier 1 Withdrawal ...
Old Family Pension for NPS Employees • Family Pension in NPS ...
CCS NPS Rules 2021 • NPS | National Pension...
NPS Pension Option • NPS Scheme | NPS Rule ...
NPS Pension Calculation • 1 करोड़ Lumpsum | 50000...
NPS Death Claim • NPS Death claim proces...
NPS Voluntary Retirement VRS • NPS कर्मचारियों की स्व...
(3) Leave Rules
CCS Leave Rules 1972 • CCS Leave Rules | Lea...
Half Pay Leave (HPL) Rules • Half Pay Leave | Leave...
Child Care Leave Rules • Child Care Leave | शिश...
Special Maternity Leave • Special Maternity Leav...
Extraordinary Leave (EOL) Rules • Extra Ordinary Leave (...
Effects of Extraordinary Leave (EOL) • असाधारण अवकाश लेने पर ...
Casual Leave Rules • Casual Leave Rules | L...
Special Casual Leave Rules • Special Casual Leave |...
(4) LTC
CCS LTC Rules • LTC Rules | Leave Trav...
LTC Rules for Fresh Recruits • LTC for fresh recruits...
LTC Advance and Withdrawal • LTC Advance कैसे लें...
EL Encashment with LTC • LTC के साथ Leave Encas...
LTC Rules - Air Ticket Booking • LTC के लिए टिकिट बुक क...
LTC - Special Dispensation Scheme 2022 • LTC Extension Order 20...
(5) Pay and Allowances
Medical Bills Reimbursement • Medical bills reimburs...
Children Education Allowance & Hostel Subsidy • Children Education All...
Recovery of Excess Payment • कर्मचारियों से नहीं हो...
Incentive for Higher Education • Incentive for higher e...
(6) Pay Fixation
7 CPC Pay Fixation on MACP and Promotion • सातवें वेतन आयोग में व...
(7) GPF
GPF Advance and Withdrawal • GPF Advance and Withdr...
Income Tax on GPF - Part 1 • Income Tax on GPF | GP...
Income Tax on GPF - Part 2 • GPF Advance Withdrawal...
(8) Income Tax
Income Tax HRA Rebate • HRA exemption | House ...
Income Tax Form 10E Online • Form 10E | फॉर्म 10E क...
ITR Income from Other Sources • Income from Other Sour...
ITR for Pensioners • पेंशनर्स अपनी ITR कैसे...
Income Tax Notice 143(1) • Income Tax Notice 143(...
#Budget2023
#newtaxregime
#OldTaxRegime
#gurujikipathshala
#guru_ji_ki_pathshala

[@kalpanasamant7575]

Guruji, Excellent video.
But there are many other deductions such as 80d for medical insurance and expenditure 80e for educational loan interest and 80tta/80ttb for interest on investment which makes old regime more beneficial.
Basically, new regime is good for those who have income upto 7.5 lakhs

[@sureshprasad7133]

गुरु जी प्रणाम
कृप्या पहले के नये टैक्स रिजिम और 2023-24 के नये टैक्स रिजिम का विडियो बना कर फायदा समझाइये।

[@VijayKumar-uj9py]

Separate video for pensioners in both regimes may please be prepared 🙏

[@mukeshchouhan1269]

Presentation, Explanation & Comparison with example is very nice sir

[@karma4606]

Thanks Sir, your videos are crystal clear and informative.

[@GuruJikiPathshala1]

Glad you like them!

[@chanderprabhat7120]

Itna sab batane ke liye dhanyawad.

[@GuruJikiPathshala1]

Welcome

[@iamproudindian6529]

गुरु जी नमस्ते और सादर प्रणाम आपके सार्थक प्रयास के लिए🙏

[@GuruJikiPathshala1]

Thanks a lot

[@hariyadav7031]

Very good explanation

[@mankoti]

Sir, Please help, Whether DDO will calculate the Income tax of employees by default in the new regime or ask them first for their options.

[@KrishanKumar-zw4kz]

Thank you sir ji namskar

[@ANDAMANICO]

Very informative video. I was waiting for your video from February,1 .

[@GuruJikiPathshala1]

Thank you so much

[@purnachandrasahu8335]

Namaste sir for your valuable tips for us

[@GuruJikiPathshala1]

Thanks

[@suhaansri4971]

Keep making videos sir ...very good explanation 💐

[@GuruJikiPathshala1]

Thanks

[@mrinmaydas4682]

Thanku, sir ji

[@rajivaggarwal8984]

Guruji excellent video

[@PawanVerma-rd5kf]

Thanks sir for sharing here 🙏

[@GuruJikiPathshala1]

Most welcome

[@bindunair9716]

Video on alll information of gst including role of ddo in govt office

[@bharatsharma574]

50000 rs ki NPS ki additional deduction bhi count karte sir.

[@somveerbhatia6207]

Sir namaskar....kya new regime mein deductions claim kar sakt to
Kl

[@GuruJikiPathshala1]

Only Standard deduction and 80 CCD(2)

[@babitabandhu8256]

Thank you Guru ji

[@GuruJikiPathshala1]

Welcome

[@jagdishchandermonga8240]

Guru ji Pranam
What is the status of sec 80TTB rebate on depoists for senior citizens in old and new regime for Income Tax. May kindly reply 🙏

[@s.n.patnaik8337]

Guruji yadi koi sarkaari aour gair sarkari karmchari yadi 31st March'23 men retired ho rha ho to budget 23-24 ke liye prastavit kiya gaya hai ka bhugtan April 23 men kiya jata hai to Income tax ki gadna 22-23 ke anusar hoga ya prastavit hai ke anusar.

[@ajayagrawal6525]

I am a government teacher but I win Led smart T.V 11017 jisme 3305 tds 194 b jama huya h ab iska itr return me kaise show karen

[@anilsinghbelwal9352]

Sar ji 80c mai 1.5 lakh ke alava.. 50000 NPS mein bhi chhut milati hai. Yani total 200000

[@amitpaswan8814]

Sir Kindly explain any Income tax benefit for disabled person in new tax regime

[@sarfarazlone3580]

Sir.
Please make video on step up rules.

[@GuruJikiPathshala1]

Please watch
th-cam.com/video/ipcRGxqyOc8/w-d-xo.html

[@AmitKumar-fg2um]

Thnk yu sir🙏🏻

[@seemamadan7988]

Sir ji ,Meri friend ki retirement 29 feb ko hue hai as a govt teacher.usko gratuity mai kitne milne chaiye.job period 35 yrs hai.pl bataye

[@satishbadoni5674]

A lot of thanx Sir..

[@GuruJikiPathshala1]

Welcome

[@kiranchawla9158]

Sir ji HRA exemption kaise calculate kaise karte hai

[@GuruJikiPathshala1]

Please watch
th-cam.com/video/nPaL3hZkKME/w-d-xo.html

[@binayjaiswal5748]

यदि एरियर मिला है तो नए tax regime में 89 का बेनिफिट मिलेगा कि नहीं,कृपया बताने का कष्ट करेंगे।

[@govindnarayanmathuria7852]

वित्तीय वर्ष 2023 - 2024 में न्यू रिजीम में महिला को महिला सम्मान बचत पत्र पर कर छूट का लाभ मिलेगा।

[@sangeetayadav3479]

Thank you sir

[@GuruJikiPathshala1]

Welcome

[@brajeshsingh4751]

Sir, namaste
Comparative calculator send kre plz

[@poonamgoyal8243]

Will travelling alowance and daily allowance on tour be exempted under new tax regime?

[@asgaralichuru]

Sir reduce house rent allowance par income tax lgta h ya nhi

[@akesh_07]

Good effort sir..

[@GuruJikiPathshala1]

Thanks and welcome

[@rajnikantsharma4054]

Professional tax new tax regime me deduct hoga ya nahi?
Please reply Sir.

[@vithalrane8195]

Thank you for Very informative videos.
Sir any changes done in section 80U in this budget?
Or Transport allowance + standard deduction is allowed in new tax regime for handicapped persons ?

[@GuruJikiPathshala1]

Only SD is allowed in NTR

[@rajeshchoudhary4449]

Standard deduction is now benefit only salaried person with income of Rs. 15.5 lacs benefit by 52500
Plz make updated video sir

[@mohanlalgill5731]

Guru ji, Good Morning
My question is
What about the Employer's contribution to NPS up to 14 percent?
Is it exempted in full without any uper limit? Under new tax regime

[@GuruJikiPathshala1]

Yes
14% in case of central or state employer
10% in case of other employers

[@akesh_07]

Quite helping

[@GuruJikiPathshala1]

Thanks and welcome

[@jyotidwivedi9455]

Sir please clear if LTC amount is taxable in New tax regime or not?

[@subirkumardas5428]

Can Bank and Insurance employees will get upto 25 lacs exemption on leave encashment at the time of retirement?

[@srikant999]

🙏 ♥️🙏Guruji is the new regime applicable for the financial year 2022-23 ?🙏

[@GuruJikiPathshala1]

Yes

[@vikramsaini9986]

​@@GuruJikiPathshala1 sir how it will be applicable for old current financial year2022-23,sir it will be applicable from 01/04/23 means for the financial year2023-24 not in current financial year2022-23.please guide

[@subratabhowal963]

Please check your Tax Calculator. It's not properly workings.

[@Rahulgoswami42291]

Unwilling hokar jana chahte 6 years k bad knee ligaments ka double opration hone k karan
Kyoki medical Board out me bahut time lgta he

[@shwetabatra1550]

Very nice..m

[@gopalpoonia5633]

Super

[@GuruJikiPathshala1]

Thanks

[@GAUTAMKUMAR-uo5pd]

Sir whether employer contribution in NPS would be considered in gross income for calculation of income tax

[@GuruJikiPathshala1]

Yes

[@svojha9594]

Sar my salary is 10 lakh per annum and I have deduction under section 80C of 1.5 lakh and seventy five thousand rupees under section 80dd which tax regime I will choose while filing return To minimise tax please help?

[@RizwanKhan-qp7sp]

Sir private family trust को कोन कोन सी इनकम tax deduction मिलती है

[@nazirkhan9481]

In the new regime of 2023-24 is there any provision of section under sec 800ccd(ii)???

[@GuruJikiPathshala1]

Yes, it is

[@somveerbhatia6207]

Sir namaskar...New Tax Regime mein except standard deduction ke ITR file mein 80D , 80DDB ,80C ,80CCC,80CCD (1) or such other deductions claim kar sakte hain kya please... thanks

[@rajendrachopra3000]

No

[@pankajkumarsinha7175]

Guru ji saadar pranam
CBSE jo remuneration deta hai wo taxable hoga ya nahi
Guru ji Navodaya vidyalaya 10% special allowance ke rup me residential allowance deta hai Kiya us allowance ko 10(14) i me itr ke samay claim kar sakte hai.please margdarshan kare

[@asifkhan-gw7ol]

80CCD2 salary mai add karte hai keya
In New tax regime

[@GuruJikiPathshala1]

Yes

[@RajendraSingh-nw1tg]

Siniorcitizen, se, sabhi, rebate, vapas, le, lie, gaye, hain, ntr, me

[@GautamDeshRaj]

Section 89,10E ko clear krne ki kripa karain

[@vanshtoor7156]

क्या 8वा वेतन आएगा गुरु जी, बताना जरूर गुरु जी!

[@jalandhargouda9728]

Please let me know if a taxpayer opting for new tax regime can claim deduction of internet upto Rs 10000 from Savings account ?

[@newblogger2877]

No

[@pradeepyogi6039]

Where is the calculator Link

[@jaishriradhekrishna4599]

Sir mera pan card 5 years ago already bna hua hai
Aaj mere gmail per pan number alloted ka epan ka msg aaya h
Or mere dob se pdf open nhi ho rha
KYA KOI FRAUD HO SKTA HAI ?

[@INDIA-tl7nt]

Old Regime me HRA me bhi deduction milta h, kya New me bhi HRA ke liye koi deduction hai?

[@GuruJikiPathshala1]

No HRA deduction in NTR

[@sureshprasad7133]

गुरु जी
कृप्या पहले से नये टैक्स रिजीम से टैक्स दे रहे लोगों को इस बजट में घोषित टैक्स स्लैब में क्या फायदा होगा यह भी बताने का कष्ट करें।

[@GuruJikiPathshala1]

In this video, it is discussed in details. Please watch till the end

[@sureshprasad7133]

धन्यवाद गुरु जी

[@rameshmane7465]

आर्थिक वर्ष 2022-23 करीता new tax regime 7 लाख चा उपयोग करता येईल का

[@bheemdarshandhuppe]

या वर्षी करता येणार नाही, ते पुढच्या वर्षा साठी आहे

[@irfanahmed8145]

पेंशन 23000/- महीना + सीनियर सिटीजन सेविंग स्कीम का इंटरेस्ट 18500/-क्वार्टरली मिलता कोई टैक्स देना पड़ेगा या नहीं ? और इतना बता दीजिए सालाना 5 से 7 लाख से कम की इनकम पर सीनियर सिटीजन को इनकम टैक्स में छूट मिलेगी या नहीं ?

[@anandballabhdurgapal]

No

[@PrabhatKumar-ko8pp]

Can we avail rebate u/s 89 in new tax regime system. Kindly respond. 🙏

[@GuruJikiPathshala1]

Yes

[@rajnikantsharma4054]

क्या सरकारी कर्मचारी new tax regime से old tax regime में बाद के वर्षों में वापस आ सकेंगे?

[@RakeshVerma-bq4my]

नही

[@Mohit12783]

Sir Central government me panishment kon kon si hai

[@RakeshVerma-bq4my]

का कांड कर डरे हस।

[@kambaledk848]

Agar 1bar new me jane ke bad old me asakta hai ky

[@GuruJikiPathshala1]

Yes

[@rajendrachopra3000]

No need to save anything for future, , Govt want to promote such thing in new tax regime. 😊

[@vasudevanmradhakanthan1521]

When 5/lakhs increased to 7 lakhs the Govt has withdrawn 1.5 LC deductible under Sn 80C andAlso 50000 under 80 TTB. OFCOURSE by restructuring tax slab slight reduction in tax liability is given. A very clever move

[@basantsingh1463]

sir अगर कोई कर्मचारी फ़रवरी 2023 का वेतन अप्रैल 2023 में पाता है तो क्या उसका tax 2022-23 में लगेगा

[@GuruJikiPathshala1]

No, 2023-24 me

[@vibhapaswan9866]

Ek bar new tax regime apnane ke bad purane regime me aaya ja sakta hai ki nahi

[@GuruJikiPathshala1]

Yes

[@vinodbinssvinodbinss2362]

Sir ji pension 9 years 9 months service per pensions lagage ki nhi kyuki 9months roundoff 1 years hai

[@sangeetayadav3479]

🙏

[@GuruJikiPathshala1]

Namaskar 🙏

[@awesomebhakti-apv]

❤👌

[@ashokkumar-lt7ye]

Tax per tax 😭