Highlights of Budget 2023

*Important Budget Updates for FY 2023-24 :

*Income Tax*

*Individual Income Tax*

1. New Total Income 7 Lacs , Tax Nil

(Old 5 Lacs Tax Nil)

U/s 87A Rebate available for Total income upto 7 lacs in the New Tax Regime, Benefits of Tax 25000

( Old 5 Lacs, Benefits of Tax 12500)

2. New tax regime from F.Y. 2023-24

0-3 lacs - Nil

3-6 lacs- 5%

6-9 lacs -10%

9-12 lacs -15%

12-15 lacs - 20%

Above 15 lacs- 30%

3. New Standard Deduction Rs 52500 if for Salary or Pension including Family Pension Exceeds Rs.15.5 Lacs

(Old 50000 Salaried Employee n Pensioners no any salary or Pension limit, 15000 for Family pension)

4. Strong Grievance Redressal system & Common IT form will issue

5. 44AD Business TO Limit Exceed up to 3 crore (old 2 crore)

6. 44ADA- Professional Receipt - Limit exceeds up to 75 lacs (old 50 Lacs)

Professional Receipt

Provided receipts in cash doesn't exceed 5%

7. Co-operatives tax -15%

Higher limit of 2 lakh per member for cash deposit in agricultural banks

Higher limit of Rs. 3 crores on TDS for cooperative societies

8. For Income Tax appeal 100 New Joint Commissioners will be appointed

9. Deduction under Capital Gain Head - from Sec.54 to Sec.54F maximum deduction is limited to Rs.10 crores

10. TDS- Introduce TDS on Online games

11. Salary Head - Reduce the TDS Rate from 30% to 20% on the taxable portion of the Employee Provided Fund' EPF

12. Reduction of surcharge from 37% to 25% on new income tax regime

13. Se 10(10AA) (ii) Limit on tax exemption for Leave Encashment is increased from 3,00,000 to 25,00,000.