Explaining Budget 2023 in 10 Minutes

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Taxes

Well, the government gave us all the option of picking between two tax systems?—?an old regime and a new regime.

In the old one, you could claim tax exemptions and deductions — you got a standard deduction of ?50,000 just like that, You could deduct a part of your house rent under House Rent Allowance and then pay tax on what’s left of your income. You could deduct ?1.5 lakhs under 80C for specific mutual fund investments. And ?25,000 under 80D for medical insurance, etc.

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