INCOME TAX

NEW TAX CHANGES EFFECTIVE FROM APRIL 1

Published By Livemint | 29 Mar, 2023

Default tax regime

New tax regime will be the default tax regime for tax assessment purposes
However, taxpayers still have the option of choosing the old tax regime

Tax rebate limit

Tax rebate limit has been increased from 5 lakh to 7 lakh

Reduced surcharge 

Surcharge on taxable income above 5 crore has been reduced to 25% from 37%

Life insurance

Proceeds from life insurance premiums exceeding 5 lakh will be taxable

Online winnings

Winnings from online games will be taxable under Section 115BBJ of the Income Tax act

Senior citizen savings scheme

Deposit limit under SCSS has  been raised from 15 lakh to  30 lakh

Gold conversion

Conversion of physical gold into electronic gold will be free of any capital gain tax

LTA

Leave travel allowance encashment limit has been raised from 3 lakh to 25 lakh