{"id":5718,"date":"2022-01-07T13:39:29","date_gmt":"2022-01-07T13:39:29","guid":{"rendered":"http:\/\/43.204.200.242\/hr-glossary\/tax-regime\/"},"modified":"2024-06-03T15:48:12","modified_gmt":"2024-06-03T10:18:12","slug":"tax-regime","status":"publish","type":"hr-glossary","link":"https:\/\/akriviahcm.com\/resources\/hr-glossary\/tax-regime","title":{"rendered":"Tax Regime"},"content":{"rendered":"<h1>What is tax regime?<\/h1>\n<p>A tax regime is a set of laws governing the imposition and computation of taxation. Tax regimes vary widely based on the types of taxes covered, the tax bases covered, exemptions from tax allowed, and the tax calculation method employed for a particular taxpayer.<\/p>\n<h2>What is tax compliance?<\/h2>\n<p>Tax compliance is defined as the taxpayers\u2019 decision to comply with tax laws and regulations. It usually involves paying the right taxes on time, keeping in mind the state, federal and international tax laws. A taxpayer\u2019s inability to pay the taxes on time may result in penalization.<\/p>\n<h2>What are the types of employment taxes?<\/h2>\n<p>There are two major types of taxes in India \u2013 Direct taxes and Indirect taxes.<\/p>\n<h3 class=\"h5\">Direct Taxes:<\/h3>\n<p>Direct tax is the tax you directly pay to the authority that imposes tax like income tax. Income tax is imposed by the government, so you must pay it to them. It is the same with corporation tax, wealth tax, capital gains tax, securities transaction tax.<\/p>\n<h3 class=\"h5\">Indirect Taxes:<\/h3>\n<p>Indirect taxes are levied on goods and services. Indirect taxes include GST on products or services, sales tax, excise duty and VAT, service tax, custom duty. In the case of indirect tax, there is an intermediary who collects the tax on behalf of the government.<\/p>\n<h2>How to ensure tax compliance?<\/h2>\n<p>It is crucial for every working professional to comply with the tax laws imposed by the government and other regulatory authorities. To ensure tax compliance, there are several ways that one can follow.<\/p>\n<ul>\n<li>Firstly, it is essential to monitor the requirements regularly. Keeping up with the latest updates and changes in tax laws can help you avoid any legal complications.<\/li>\n<li>Secondly, interpreting and choosing the best tax options can help you optimize your tax payments and save money.<\/li>\n<li>Thirdly, updating your systems and processes can help you streamline your tax payment procedures. You can also check if the updates work efficiently and deploy them to your production system accordingly.<\/li>\n<li>Lastly, conducting auditing and assurance can help you identify any discrepancies in your tax payment process, rectify them, and ensure compliance with the law.<\/li>\n<\/ul>\n<p>Failing to ensure tax compliance can lead to legal action. Therefore, it is crucial to ensure that you comply with the tax laws and regulations to avoid any legal complications.<\/p>\n<h3 class=\"h4\">Current tax regime table<\/h3>\n<table style=\"font-weight: 400;\" data-tablestyle=\"Custom\" data-tablelook=\"0\" aria-rowcount=\"10\">\n<tbody>\n<tr aria-rowindex=\"1\">\n<td data-celllook=\"4369\"><b><span data-contrast=\"none\">Income Tax Slabs<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td colspan=\"3\" data-celllook=\"4369\"><b><span data-contrast=\"none\">Old Tax Regime<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><b><span data-contrast=\"none\">New Regime<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"2\">\n<td data-celllook=\"69905\"><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><b><span data-contrast=\"none\">Citizens below 60 years<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><b><span data-contrast=\"none\">Senior citizens above 60 years<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><b><span data-contrast=\"none\">Super senior citizens above 80 years<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><b><span data-contrast=\"none\">All categories<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"3\">\n<td data-celllook=\"69905\"><span data-contrast=\"none\">Rs 0\u20132.5 lakhs<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">No Tax<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">No Tax<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">No Tax<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">No Tax<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"4\">\n<td data-celllook=\"69905\"><span data-contrast=\"none\">Rs 2.5\u20133 lakhs<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td colspan=\"1\" rowspan=\"2\" data-celllook=\"69905\"><span data-contrast=\"none\">5% rebate under Section 87 a<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">No Tax<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">No Tax<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td colspan=\"1\" rowspan=\"2\" data-celllook=\"69905\"><span data-contrast=\"none\">5% rebate under Section 87 a<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"5\">\n<td data-celllook=\"69905\"><span data-contrast=\"none\">Rs 3\u20135 lakhs<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">5% rebate under Section 87 a<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">No Tax<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"6\">\n<td data-celllook=\"69905\"><span data-contrast=\"none\">Rs 5\u20137.5 lakhs<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">20%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">20%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">20%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">10%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"7\">\n<td data-celllook=\"69905\"><span data-contrast=\"none\">Rs 7.5\u201310 lakhs<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">20%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">20%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">20%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">15%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"8\">\n<td data-celllook=\"69905\"><span data-contrast=\"none\">Rs 10\u201312.5 lakhs<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">30%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">30%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">30%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">20%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"9\">\n<td data-celllook=\"69905\"><span data-contrast=\"none\">Rs 12.5\u201315 lakhs<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">30%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">30%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">30%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">25%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"10\">\n<td data-celllook=\"69905\"><span data-contrast=\"none\">Rs 15 lakhs and above<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">30%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">30%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">30%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<td data-celllook=\"69905\"><span data-contrast=\"none\">30%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Major Changes to note regarding Income Tax under the Union Budget 2023<\/h2>\n<p>The Indian government introduced some significant changes to the income tax regime in 2023, aimed at providing relief to taxpayers and simplifying the tax filing process.<\/p>\n<ul>\n<li>\n<h3 class=\"h5\">Tax Rebate:<\/h3>\n<p>One of the most notable changes is the increase in income tax rebate limit from Rs 5 Lakh to Rs 7 Lakh under the new regime.<\/li>\n<li>\n<h3 class=\"h5\">Revised tax slabs:<\/h3>\n<p>Additionally, the tax slab has been increased to Rs 3 Lakhs, providing tax relief to a larger section of the population.<\/li>\n<li>\n<h3 class=\"h5\">Processing time:<\/h3>\n<p>Moreover, the average processing period for income tax returns has been reduced from 93 days to 16 days, making the filing process more efficient and less time-consuming for taxpayers.<\/li>\n<li>\n<h3 class=\"h5\">Surcharge rate:<\/h3>\n<p>Furthermore, the highest surcharge rate has been reduced from 37% to 25% under the new regime, providing significant relief to taxpayers in the highest income bracket.<\/li>\n<li>\n<h3 class=\"h5\">Standard deduction:<\/h3>\n<p>Additionally, salaried employees earning 15.5 Lakh or more shall get standard deduction benefit of 52,500, which is a considerable relief for those earning higher salaries.<\/li>\n<li>\n<h3 class=\"h5\">Tax exemption:<\/h3>\n<p>The tax exemption on leave encashment has been increased to 25 Lakhs from 3 Lakhs for non-government salaried employees, providing significant relief to those who receive this benefit.<\/li>\n<li>\n<h3 class=\"h5\">Default Tax Regime:<\/h3>\n<p>It is important to note that while taxpayers can choose to use the benefit of the old regime, the new regime will be the default regime going forward.<\/li>\n<\/ul>\n<p>Overall, these changes are expected to simplify the tax filing process and provide relief to taxpayers, especially those in the higher income bracket.<\/p>\n<h2>Tax Regime &#8211; FAQs<\/h2>\n<h3 class=\"h4\">What is the tax regime in India?<\/h3>\n<p>In 2023 India introduced a new tax regime that offers reduced tax rates. The rates are structured as follows: No tax on income up to Rs 3 lakh. 5% tax on income between Rs 3 lakh and Rs 5 lakh. 20% tax on income between Rs 5 lakh and Rs 10 lakh, and 30% tax on yearly income of 10 lakhs and above.<\/p>\n<h3 class=\"h4\">What is better tax regime 1 or 2?<\/h3>\n<p>The new regime is more beneficial unless you utilize deductions exceeding Rs 3.75 lakhs. So, it is better for workers with low income. But the old regime offers more room for tax planning and higher deductions.<\/p>\n<h3 class=\"h4\">Can we choose which tax regime?<\/h3>\n<p>Yes, you as a salaried individual can choose the tax regime which suits them the best. An employee can choose a different regime while filing their ITR than the regime opted by the employer while filing TDS.<\/p>\n<h3 class=\"h4\">How to opt for a new tax regime?<\/h3>\n<p>If you want to opt for the new tax regime rather than the default (old) tax regime you can fill out Form 10IE.<\/p>\n","protected":false},"featured_media":0,"template":"","class_list":["post-5718","hr-glossary","type-hr-glossary","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is Tax Regime? | Meaning &amp; Definition | Akrivia HCM<\/title>\n<meta name=\"description\" content=\"The tax regime determines the tax slabs and rates. 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