Top 9 New Income Tax Rules From April 1, 2023!
New Income Tax Regime: Standard deduction for taxable income exceeding Rs.15.5 lakhs is ₹52,500
The tax rebate limit is increased up to ₹7 lakhs from the previous limit of ₹5 lakhs
Revised Income Tax Slabs: 0-3 lakh – nil, 3-6 lakh – 5%, 6-9 lakh- 10%, 9-12 lakh – 15%, 12-15 lakh – 20%, above 15 lakh- 30%
Encashed leaves for non-government workers are exempted up to ₹25 lakh.
The investments in debt mutual funds will be taxed as short-term capital gains.
The investments made in Market Linked Debentures (MLDs) will be counted as short-term capital assets.
Life insurance annual premiums exceeding the limit of ₹5 lacks will be taxable
The maximum contribution limit for Senior Citizen Savings Scheme is now increased to ₹30 lacks from ₹15 lacks.
There will not be any capital gain tax if physical gold is converted to an Electronic Gold Receipt (EGR) and vice versa