Updated: 01.02.2023 Tax deductions and tax exemptions are distinct from each other. The tax deductions are typically a portion of income excluded from total taxable income. The salaried person who opts for a new regime under section 115BAC is not eligible to claim deductions for exemptions of professional tax, and entertainment allowance on salaries. An…
Individuals tax slabs: Before listing out the new slabs, the minister announced that the Old Tax Regime will only be available on request now, and what was known as the New Tax Regime so far will thus be considered the default regime. No changes have been made to the old tax regime. The Union Finance…
Latest update: 01.02.2023 In the Union Budget 2023, Finance Minister Nirmala Sitharaman announced that the rebate under Section 87A will be hiked from Rs5 Lakh to Rs7 Lakh for taxpayers under the new tax regime. It means a tax rebate of Rs 25,000 under section 87A is available under the new tax regime (applicable for…
Consumer Price Index for October 2022, November 2022, and December 2022 are respectively- 132.50, 132.50, and 132.3. It works out to 62 slabs of DR for the half year February 2023 to July 2023. Hence there will be an increase of 62 slabs in DR from February 2023 to July 2023. New DR (Dearness Relief)…
Updated on 02.02.2023 For the financial year 2023-24, salaried individuals, who have no business income, have the option to choose between the existing and new tax regimes. The new income tax slab rates are lower compared to the old tax rate. However, anyone opting for the new tax regime will have to forego most of…