India Budget 2023: An overview of important tax proposals
DIRECT TAX RELATED AMENDMENTS Proviso to Section 87A added to provide following benefits to individual residents w.e.f. 01.04.2024: 100% tax rebate for total income upto Rs. 7 Lakhs under New Tax Regime. For assessees with total income exceeding 7 Lakhs, instead of 100% tax rebate, Marginal Relief will be provided under New Tax Regime. Basic exemption limit under New Tax Regime increased from earlier Rs. 2.5 lakhs to Rs. 3 Lakhs Changes in tax slabs under New Tax Regime as under: Total Income Tax Rates Upto Rs. 3 Lakhs Nil Above Rs. 3 Lakhs upto Rs. 6 Lakhs 5% Above Rs. 6 Lakhs upto Rs. 9 Lakhs 10% Above Rs. 9 Lakhs upto Rs. 12 Lakhs 15% Above Rs. 12 Lakhs upto Rs. 15 Lakhs 20% Above Rs. 15 Lakhs 30% Salaried/Pensioners can now claim benefit of Standard Deduction of Rs. 50,000/- under New Tax Regime Family Pensioners can now claim benefit of deduction u/s 57 under New Tax Regime Amount paid/deposited in Agniveer Corpus