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
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