These are the big rules to be effective from 1st April...
<p>As the new financial year for 2023-24 will start from 1st April. And the announcements made by Union finance minister Nirmala Sitharaman in the annual Feb 1 Union budget will now come into effect. Following are the Major rules to be changed from 1st of April :The default tax regime: The new tax regime will be the default regime if, while submitting returns, a person does not state which of the two regimes – old or new – will they submit the return under.Tax rebate limit raised: The rebate limit has now been increased from ₹5 lakh to ₹7 lakh. This means that an individual who has a salary of less than ₹7 lakh a year has no need to make investments to claim exemptions.Also read: ‘Why Would I Be Ashamed?’ : Malayalam actress after her mother delivers baby at 47Standard deduction: The deduction of ₹50,000 under the old regime remains the same. This facility has now been extended to the new regime, and, therefore, a salaried person with an yearly income of ₹5.15 l</p>
03:47 PM Mar 28, 2023 IST
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mediology
As the new financial year for 2023-24 will start from 1st April. And the announcements made by Union finance minister Nirmala Sitharaman in the annual Feb 1 Union budget will now come into effect.
Following are the Major rules to be changed from 1st of April :
- The default tax regime: The new tax regime will be the default regime if, while submitting returns, a person does not state which of the two regimes – old or new – will they submit the return under.
- Tax rebate limit raised: The rebate limit has now been increased from ₹5 lakh to ₹7 lakh. This means that an individual who has a salary of less than ₹7 lakh a year has no need to make investments to claim exemptions.
- Standard deduction: The deduction of ₹50,000 under the old regime remains the same. This facility has now been extended to the new regime, and, therefore, a salaried person with an yearly income of ₹5.15 lakh or more, will benefit by ₹52,500.
- Income tax slabs:
Yearly salary up to ₹3 lakh: Nil, ₹3 lakh- ₹6 lakh: 5%
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