Think about Shifting your staff to New Tax Regime….
This Change can be from 1-4-2023 ( with next increment )
Strong Suggestion : Shift all staff and workers to New Scheme, and make your Salary Package, very very simple
no need to assemble so many papers from the staff
reduction of paperwork by 80%
reduce risk of TDS audits
reduce risk of wrong paperwork by staff
New Tax Regime – what is that ?
The government in Budget 2023 introduced 5 key changes to encourage taxpayers to adopt the new regime. They are:
- Higher Tax Rebate Limit: Full tax rebate on an income up to ₹7 lakhs has been introduced. Whereas, this threshold is ₹5 lakhs under the old tax regime. This means that taxpayers with an income of up to ₹7 lakhs will not have to pay any tax at all under the new tax regime!
- Streamlined Tax Slabs: The tax exemption limit has been increased to ₹3 lakhs and the new tax slabs are:
Total IncomeRate of Tax