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.