"Great things never come from comfort zone"           "Wealthy people invest first and spend what’s left and broke people spend first and invest what’s left"           "Investment is an asset or item that is purchased with the hope that it will generate income or appreciate in the future"           "The secret to getting ahead is getting started.................Start using your Savings to Earn Money"           "The best gift, and investment, you can give your child is your time"           "Investing in your child’s education is never a wasted effort"           "Making money and handling money are both different things"

10-Big-Income-Tax-Rule-changes-from-01-April-2023

 

10 Big Income Tax Rule changes from 01 April 2023

1069 views
0
The new tax regime would be applicable with effect from 1st April, 2023 which would bring many changes in income tax rules-


  1. New income tax regime to be default regime-W.e.f. 1st April 2023, the new income tax regime will act as the default tax regime.
  2. Tax rebate limit raised to Rs. 7 lakh-The enhancement of tax rebate limit for a resident person to Rs. 7 lakh from Rs. 5 lakh.
  3. Standard deductionThere is no change in standard deduction of Rs. 50,000 for employees under old tax regime. For pensioners, the finance minister announced extending the benefit of standard deduction to new tax regime.
  4. Changes in Income Tax slabs- The new tax rates are as follows-

    0-3 lakh - Nil

    3-6 lakh - 5%

    6-9 lakh- 10%

    9-12 lakh - 15%

    12-15 lakh - 20%

  5. Leave Encashment- The leave encashment for non-government employees is exempt up to Rs. 25 Lakh, earlier the limit was Rs. 3 lakh since 2002.
  6. Investment in Debt Mutual Funds will be taxed as STCG- From 1st April 2023, investments in debt mutual funds will be taxed as short-term capital gains.
  7. Market Linked Debentures (MLDs)W.e.f. 1st April 2023, Market Linked Debentures will be short term capital assets.
  8. Life Insurance policies- Proceeds from life insurance premiums over the annual premium of Rs. 5 lakh would be taxable on new policies beginning from 1st April 2023.
  9. Benefits to Senior Citizens- The maximum deposit limit for senior citizen savings scheme will be increased to Rs. 30 lakhs from Rs. 15 lakhs.
  10. Physical gold conversion to e-gold receipt and vice-versa will not attract capital gains tax- W.e.f. 1st April 2023, there will not be any capital gain tax if physical gold is converted to an Electronic Gold Receipt (EGR) and vice versa.





Comments

gvDIgrDT on 12/2/2023 7:25:19 PM says:
1

Leave a Reply

Name *
Comments *
   

© 2024 - EnSkyAR Financial Services