Budget 2023: The big picture of several changes made in income tax rules
There are many changes in income-tax rules. This post analyses tax consequences on 15 key points on which tax policies are changed. Let us see how these changes impact you. A standard deduction of Rs 50,000 to salaried individuals, and a deduction from family pension up to Rs.15000, is currently allowed only under the old…
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Tax deduction benefits on the entertainment allowance, and employment/professional tax
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…
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Highlights of Union Budget 2023-2024
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…
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What is the exact provision of section 87A of the Income Tax Act?
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 Rs 7 Lakh to Rs12 Lakh for taxpayers under the new tax regime. As per the present proposed Finance Bill 2025, this rebate under Section 87A for the financial year 2025-26 is…
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<strong>Bank pensioners Dearness chart for the period Feb 2023 to July 2023</strong>
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)…
<strong>Bank pensioners Dearness chart for the period Feb 2023 to July 2023</strong>
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 No of slabs Rate per Slab @…
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