If you are going to file ITR, then first know the whole thing, up to 30% tax can be saved

The last date for filing Income Tax Returns (ITR) for all honest taxpayers of the country is July 31, 2023. Before filing ITR, if you are also trying to save the tax which is legal and is your right, then this is big news for you.
If you have opted for the new tax regime and your income falls between Rs 10 lakh to Rs 15 lakh, then you do not need to pay tax at the maximum rate of 30 percent.
You can save on income tax expenditure but before that, you must ensure that you have not made significant investments in any tax-saving instruments.
Taxpayers are encouraged to pay income tax at lower rates under the new tax regime to avoid tax exemption under various sections like section 80C or 80D of income tax.
A person earning more than Rs 10 lakh but less than Rs 15 lakh will have to pay tax at the rate of 20 or 25 percent in the new tax regime.
On the other hand, if you have opted for the old tax regime, then you will have to pay tax at the rate of 30 percent. The point to be noted here is that 30 percent is the highest tax in both tax slabs.
In India, you can file income tax returns from both the tax regime, either the new tax regime or the old tax regime.
If you opt for the new tax regime, you will need to submit Form 101E before filing taxes for the current financial year. The declaration made in Form 101E helps the government assess the taxpayer's choice of the tax regime, thereby helping them avail the benefits of the new tax regime.
Let us tell you that both these tax systems have different tax slabs and they have different advantages and disadvantages.
A maximum of 30 percent tax has to be paid in both tax slabs. If you miss the last date of filing the ITR, then you may have to pay interest along with a penalty.