Tax on Gratuity Section 10(10)
• Gratuity is Taxable or...
Tax on Leave Encashment
• Leave Encashment is Ta...
Gift From Relatives
• Gift from Relatives is...
Gift From Friends or Non Relatives
• Gift From Friends or N...
Check Video Link - Old Tax Regime vs New Tax Regime
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New Tax Regime Benefits and Deductions not allowed
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New Tax Regime Benefits and Deductions allowed
• New Tax Regime Benefit...
Marginal Tax Relief in New Tax
• Marginal Tax Relief Be...
Income Tax Slab FY 2023-24
• Income Tax Slab for In...
Features
1.New Tax Regime was introduced in Budge 2020, and It will be a default Tax Regime for FY 2023-24 / AY 2024-25
2.No Deductions and Exemptions are available in New Tax Regime (Except few)
3.TDS on Salary u/s 192 will be deducted as per New Tax Regime (Circular 04/2023) if employee’s fails to intimate
4.Salaried / Pensioners have the option to switch from New Tax Regime to Old Tax Regime every year or vice versa but this option is not available for Businessman / Professionals / Freelancers etc. as they can opt out of New Tax only once in lifetime
Benefits
1.Tax Exemption Limit Increased from Rs 2.50 Lakh to 3.0 Lakh
2.Tax Rebate u/s 87A has been Increased from Rs 5.0 Lakh to 7.0 Lakh (Tax Saving Rs 25K)
3.Standard deduction of Rs 50,000 has been provided to Salaried/Pensioners
4.Deduction available u/s 80CCD(2) for employer’s contribution to NPS
5.Deduction from Family Pension Rs 15,000 or 1/3rd whichever is less
6.Surcharge reduced from 37% to 25% for High Income Individuals above Rs 5 Crore
7.Leave Encashment exemption for Non-Govt Employees increased from Rs 3 Lakh to Rs 25 Lakh
New Tax Regime Benefits and Features,
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