Wednesday, February 1, 2023

The Finance Bill 2023 (Income Tax New Rates)

 The New Income Tax Rates are -


Rs 0-3 Lakhs - Nil

Rs 3-6 Lakhs - 5%

Rs 6-9 Lakhs - 10%

Rs 9-12 Lakhs - 15%

Rs 12-15 Lakhs - 20%

Above Rs 15 Lakhs - 30%

Rebate u/s 87A increased to 7 Lakhs from 5 Lakhs 


Standard deduction for salary above 15.5 Lakhs increased to 52,500


Highest Surcharge Rate reduced from 37% to 25% in new tax regime


New Regime will now be the default income tax regime for ITR filing purpose



Changes in Presumptive Tax Limit


For Businesses Limit increased to Rs. 3 crores


For Professionals Limit increased to Rs 75 Lakhs



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1 comment:

  1. taxgoalJuly 15, 2023 at 1:06 AM

    I just finished reading your blog post on ITR Filing Agents, and I must say it was extremely informative and helpful.

    ReplyDelete

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The Finance Bill 2023 (Income Tax New Rates)

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