- Date : 30/03/2023
- Read: 6 mins
The income tax department expects the tax to be paid on a quarterly basis (technically known as ‘advance tax’) and not at the end of the year. If the tax is not paid on a quarterly basis, an interest of 1% per month will be levied. So, it is advisable to pay advance tax every quarter.
It is always a good habit to start planning your finances at the beginning of the year and make the most of the tax benefits you are eligible for. This way, you end up paying less tax. You will also be left with more money in hand. This surplus fund can be used to fulfil a need or to make investments.
When starting to do financial planning for the financial year (FY) 2023-24, the first thing to consider is income tax slabs. For the upcoming financial year, you have two options of income tax slabs - one without any tax deductions and the other with tax deductions.
Income tax slabs without deductions (also called as ‘New Regime’)
The updated income tax slabs under the new regime for FY 2023-24 are as follows:
*Cess and surcharge would also be applicable depending o...
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