Direct Taxes proposals Budget 2023

Date:

  • 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.

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