Significant taxation reforms were proposed in the Union Budget 2023–2024, particularly for the new tax regime. Investors should pick a regime that suits them, make a list of investments they want to make, figure out the tax repercussions, and make their investments by March 31st. The new income tax slabs will go into effect on April 1, 2023, and taxpayers should decide whether to use the old income tax regime or the new income tax regime in the fiscal year 2023–24. The AY 2024–2025 will see the implementation of the new tax slabs under the New Tax Regime as suggested in Finance Bill 2023. From Assessment Year 2024–2025, the tax liability under the old and new regimes will be applied. So how senior citizens with an income of ₹10 lakh can save tax in FY 2022-23 (AY 2023-24), let’s ask our different tax experts.
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