- New Coperatives – 15% Tax Rate.
- Higher limit of cash deposit & TDS (3lakhs) limit for Primary Cooperatives etc
- Start Ups benefits extended by 1 year to 1.4.2023
- 100 new JC IT(A) for faster processing appeals
- No CG on gold Co version to bonds
- TDS on EPF Reduced
- Relief 87A increased to 7L. Meaning no tax till 7L income only under New tax regime
- Tax slabs under new regime changed. Reduced to 5 Slabs from 6 slabs.
New Income Tax Slabs
Rs 0-3 lk: NIL
Rs 3-6 lk: 5%
Rs 6-9 lk: 10%
Rs 9-12 lk: 15%
Rs 12-15 lk: 20%
Above Rs 15 lk: 30% - Standard deduction introduced for Salary – 52500 under new regime.
- Surcharge reduced from 37% to 25% under the New tax regime.
- New tax regime to become the default tax regime, however there is still an option to the taxpayers to select old/ new regime.
Direct Taxes proposals Budget 2023
Date:
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