Budget 2023 – A new hope for Taxpayers?

Budget 2023 – A new hope for Taxpayers?
Image Credit- Business Recorder

Every year on Feb 1, a year-long wait gets over and every middle-class citizen of India focuses on only one thing i.e. The Nation’s Budget, hoping to get some relief in their taxes. This year is no different from others and not only the billion people of India but many others around the world had stuck themselves to the television and waited to hear something soothing for their pocket.

Income Taxes, whether we like it or not but being a citizen we all have to bear them in some way or another as this is the major source of the government’s revenue the reality is that we all find ways to avoid them and somewhat succeed in doing it. The simple words to explain Tax is to pay a portion of our income to the government in expectation of better services and that’s the biggest reason for being so concerned about this is “We” as humans feel and demand more than what we would like to shed out.

A few years back, the GOI introduced a New Tax Regime for the taxpayer’s benefit, but it turns out to be quite confusing for many of them as to what to opt for and what not. This time, there is a big blow in that the finance ministry has pushed the non-taxable limit from initial 5 Lakhs PA to 7 Lakhs PA with a big change in the tax rates as well but everything comes with a pinch of salt as this benefit is only for the citizen opting the new one rather than the old meaning less scope of deductions and investment.

Updated Tax rates from April 1, 2023….

Credit: India Today – Budget 2023

Now the biggest question arises is that which one is still better Old or New? Well, it depends upon what is your taxable income and currently in which tax bracket are you falling. Many tax calculators are available over the web which can guide you on the taxes of each penny that you have earned and still if you are not satisfied with this then highly advisable to knock on the door of a good tax planner who can help you in this because prima-facie the new rule looks promising for the individuals between 7 to 8 LPA income and having almost equivalent expense but there are many pages to unfold which would be quite difficult to do as a noob in the space.

Taxes are like the hard truth of our lives from which we can run but can’t hide and avoid so it would be recommended to think twice and thrice before you opt for any because, in the end, you have to shed from your hard-earned pocket and not from anywhere else. Be wise and contribute to the nation’s development.

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