INCOME TAX

5 INCOME TAX RULE CHANGES ANNOUNCED IN BUDGET SPEECH

Published By Livemint | 01 Feb, 2023

FM Sitharaman has proposed making 5 key income tax rule changes in her budget speech

Increase in income tax rebate limit to ₹7 lakh in new tax regime

Changes in income tax slab under new tax regime

The new tax rates are:  0-3 lakh- Nil, 3-6 lakh- 5%

6-9 lakh - 10%, 9-12 lakh - 15%, 12-15 lakh- 20%, Above 15 lakh - 30%

Extending benefit of standard deduction to new tax regime

Each salaried person with an income of ₹15.5 lakh or more will stand to benefit by ₹52,500

Reducing the highest surcharge rate from 37% to 25% in new tax regime

 New Income Tax regime to be the default regime