Don’t miss out on the latest changes in the income tax laws. Stay informed and plan your finances accordingly with the Union Budget FY23-24 : Income Tax Highlights. Read now to access the report and take control of your finances today!

Union Budget : Income Tax Highlights

The Union Budget FY23-24 have been introduced by our Hon’ble Finance Minister today. below are the key highlights focusing on income tax:

• There will be no tax for those earning upto 7 lakh per annum under new tax regime. Limit extended from 5 lac to 7 lac per annum.
• New tax regime to be default tax regime, however taxpayer can opt old tax regime as well
• New tax slab under new tax regime

• The highest tax rate was 42.74% under new tax regime but FM has proposed to reduce the highest surcharge from 37% to 25% in the new tax regime.
• The leave encashment limit has been increased from 3 lac to 25 lac for non-government employee
• Extending benefits of standard deduction to new tax regime for salaried class and pensioner
• Presumptive taxation limit increased from 2 Cr to 3 Cr for businesses and 50 lakh to 75 lakh for professionals
• Start-ups incorporated upto 31-03-2024 shall be eligible to claim tax
  exemptions under Section 80-IAC
• Revamped credit guarantee for MSMEs to take effect from April 1, 2023 with infusion of Rs 9,000 crore in corpus.
• One-time, new savings scheme for women with a tenure of two years to offer 7.5 percent interest rate with partial withdrawal option.

To understand what is difference between old tax regime vs new tax regime, please read our article.