Ahead Of Budget, A Look At Income Tax Changes In 2023
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Union Finance Minister Nirmala Sitharaman will be reading out the interim budget for FY2024-25 on February 1, 2024
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As the Lok Sabha elections are due this year, the full budget will be presented after the new government takes charge
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The specifics of this budget will only be valid until the new government comes to power
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Income tax is the most discussed aspect of the budget, which plays a crucial role in determining the government's revenue
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As there are talks that tax rebates are unlikely to rise in the interim budget, let's take a look at 6 changes to income taxes announced last year
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The limit on total income for rebates has been increased from Rs 5 lakh to Rs 7 lakh for those opting for the new tax regime
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Simply put, if your taxable income is below Rs 7 lakh, you do not have to pay any income tax in the new tax regime
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The basic exemption limit under the new tax regime has been revised from Rs 2.5 lakh to Rs 3 lakh
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The income slabs under the new personal income tax regime were revised from six to five
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Budget 2023 introduced a standard deduction of Rs 50,000 under the New Tax Regime
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The highest rate of surcharge of 37 percent on income above Rs 5 crore was reduced to 25 percent
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