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What are the aspects we must consider in tax planning?

A taxpayer must have the ability to understand the tax laws and regulations, at least at a basic level, to fulfil their financial obligations. As per our current budget for 2023, numerous changes were made that will reduce the tax burden for middle-class, salaried taxpayers. The new tax regime will raise the rebate ceiling from 5 lakhs to 7 lakhs, indicating that a taxpayer with earnings up to 7 lakhs will not have to pay any income tax. A standard deduction of Rs 50000 is introduced to salaried individuals. Also, an individual whose income is around Rs 15 lakh will only have to pay Rs 1.5 lakh as tax. Even the processing time of return was reduced from 93 days to 16 days.

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