Feb 1, 2023
By: Anagh Pal
Credit: Canva
Persons with income up to ₹7 lakh will not pay income tax in the new tax regime. The limit was earlier ₹5 lakh.
Credit: Canva
The tax exemption limit increased to ₹3 lakh in the new regime
Credit: Canva
The number of slabs were reduced to five in the new tax regime
Credit: Business Insider India
Salaried class and pensioners to gain on extension of standard deduction benefit to the new tax regime
Credit: Canva
Surcharge in annual income above ₹5 crore reduced from 37 percent to 25 percent.
Credit: Canva
New tax regime to be the default tax regime
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Here, they can get benefits of HRA, 80C and other deductions
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Tax saved by individuals in higher income brackets will result in the amount getting channelized into both consumption and savings
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“Further rationalization in the new tax regime would be required to encourage the complete move from the old tax regime to new tax regime,” says Akhil Chandna, Partner, Grant Thornton Bharat.
Credit: Canva