5 Major Changes in Income Tax 2023-24 FY, Does it Reduce my Tax or Increase ?? Lets Discuss. Income Tax 2023-24 FY Major Changes No Tax upto 7 Lakhs Income 5 Tax Slabs in New IT Regime. Finance Minister of India has announced the Income Tax 2023-24 in Budget Speech. The Major changes in Income Tax 2023-24 are announced. There are 5 Major changes in Individual Salaries Income Tax.
First change in Income Tax 2023-23 Slabs is No Tax upto 7 Lakhs in New Tax Regime, Secondly, 5 Tax Slabs in New Tax Regime, Thirdly Standard deduction increased to Rs 52500 for the Income above 15.5 Lakhs. Read the Detailed information below.
Income Tax 2023-24 FY Major Changes No Tax upto 7 Lakhs Income 5 Tax Slabs in New IT Regime. Finance Minister of India has announced the Income Tax 2023-24 in Budget Speech. The Major changes in Income Tax 2023-24 are announced. There are 5 Major changes in Individual Salaries Income Tax.
ఇన్కమ్ టాక్స్ 2023-24 లో మార్పులు
ఆర్థిక మంత్రి నిర్మలా సీతారామన్ వేతన జీవులకు ఊరట కల్పించారు. ఆదాయపన్ను పరిమితిని రూ.5 లక్షలనుంచి 7 లక్షలకు పెంచారు. అలాగే ఉద్యోగుల పన్ను శ్లాబులను ప్రస్తుతం 6 నుంచి 5 కు తగ్గించారు. కొత్త పన్ను విధానంలో ఆదాయపు పన్ను రాయితీ పరిమితిని రూ.7 లక్షలకు పెంచుతున్నట్లు నిర్మలా సీతారామన్ ప్రకటించారు.. ఇది పన్ను చెల్లింపుదారులకు , మధ్య తరగతి వారికి ఊరట కల్పించేలా కొత్త ట్యాక్స్‌ విధానంలో అయిదు మేజర్‌ పథకాలను తీసుకొస్తున్నట్టు వెల్లడించారు.
ట్యాక్స్‌ స్లాబ్ల్స్‌ 6 నుంచి 5 కి తగ్గింపు
First change in Income Tax 2023-23 Slabs is No Tax upto 7 Lakhs in New Tax Regime, Secondly, 5 Tax Slabs in New Tax Regime, Thirdly Standard deduction increased to Rs 52500 for the Income above 15.5 Lakhs. Read the Detailed information below.
5 Major Changes in Income Tax 2023-24 FY, Does it Reduce my Tax or Increase ?? Lets Discuss
ఇన్కమ్ టాక్స్ 2023-24 లో మార్పులు
1. Income Tax 2023-24 Tax Rebate Change: రూ.7 లక్షల వరకు పన్ను మినహాయింపు
ఆర్థిక మంత్రి నిర్మలా సీతారామన్ వేతన జీవులకు ఊరట కల్పించారు. ఆదాయపన్ను పరిమితిని రూ.5 లక్షలనుంచి 7 లక్షలకు పెంచారు. అలాగే ఉద్యోగుల పన్ను శ్లాబులను ప్రస్తుతం 6 నుంచి 5 కు తగ్గించారు. కొత్త పన్ను విధానంలో ఆదాయపు పన్ను రాయితీ పరిమితిని రూ.7 లక్షలకు పెంచుతున్నట్లు నిర్మలా సీతారామన్ ప్రకటించారు.. ఇది పన్ను చెల్లింపుదారులకు , మధ్య తరగతి వారికి ఊరట కల్పించేలా కొత్త ట్యాక్స్‌ విధానంలో అయిదు మేజర్‌ పథకాలను తీసుకొస్తున్నట్టు వెల్లడించారు.
1. Income Tax 2023-24 Tax Rebate Change: రూ.7 లక్షల వరకు పన్ను మినహాయింపు
కొత్త టాక్స్ స్లాబ్ లలో ఇప్పటి వరకు ఉన్న 5 లక్షల రిబేట్ ను 7 లక్షలకు పెంచుతున్నట్టు ఆర్దిక్ మంత్రి ప్రకటన. ఇప్పటి వరకు Sec 87 ప్రకారం 5 లక్షల ఆదాయం వరకు పన్ను మినహాయింపు ఉంది. అయితే దానికి కేవలం కొత్తస్ టాక్స్ స్లాబ్ లో మాత్రమే ఈ రిబేట్ ను 7 లక్షల వరకు పెంచారు. దీని ప్రకారం ఆదాయం రూ. 7లక్షలు దాటితే 3 లక్షల ఆదాయంనుంచి పన్ను చెల్లించాల్సి ఉంటుంది.
2. New Tax Regime 2023-24 with 5 Slab Rates
- రూ. 0. 3లక్షలకు ఎలాంటి పన్ను లేదు
- రూ. 3-6 లక్షల ఆదాయంపై 5 శాతం పన్ను
- రూ. 6-9 లక్షల ఆదాయంపై 10 శాతం పన్ను
- రూ. 9-12 లక్షల ఆదాయంపై 15 శాతం పన్ను
- రూ. 12-15 లక్షల ఆదాయంపై 20 శాతం
- రూ. 15 లక్షలు దాటితే 30 శాతం పన్ను చెల్లించాల్సి ఉంటుంది.
Income Tax Rebate 7 Lakhs U/s 87A
1. The first one concerns rebate.Currently, those with income up to ` 5 lakh do not pay any income tax in both old and new tax regimes. I propose to increase the rebate limit to ` 7 lakh in the new tax regime. Thus, persons in the new tax regime, with income up to ` 7 lakh will not have to pay any tax.
2. The second proposal relates to middle-class individuals.
I had introduced, in the year 2020, the new personal income tax regime with six income slabs starting from ` 2.5 lakh. I propose to change the tax structure in this regime by reducing the number of slabs to five and increasing the tax exemption limit to ` 3 lakh. The new tax rates are:
This will provide major relief to all tax payers in the new regime. An individual with an annual income of ` 9 lakh will be required to pay only ` 45,000/-. This is only 5 per cent of his or her income. It is a reduction of 25 per cent on what he or she is required to pay now, ie, ` 60,000/-. Similarly, an individual with an income of ` 15 lakh would be required to pay only
` 1.5 lakh or 10 per cent of his or her income, a reduction of 20 per cent from the existing liability of ` 1,87,500/.
My third proposal is for the salaried class and the pensioners including family pensioners, for whom I propose to extend the benefit of standard deduction to the new tax regime. Each salaried person with an income of ` 15.5 lakh or more will thus stand to benefit by ` 52,500.
My fourth announcement in personal income tax is regarding the highest tax rate which in our country is 42.74 per cent. This is among the highest in the world. I propose to reduce the highest surcharge rate from 37 per cent to 25 per cent in the new tax regime. This would result in reduction of the maximum tax rate to 39 per cent.
Lastly, the limit of ` 3 lakh for tax exemption on leave encashment on retirement of non-government salaried employees was last fixed in the year 2002, when the highest basic pay in the government was ` 30,000/- pm. In line with the increase in government salaries, I am proposing to increase this limit to ` 25 lakh.
We are also making the new income tax regime as the default tax regime. However, citizens will continue to have the option to avail the benefit of the old tax regime.
Apart from these, I am also making some other changes as given in the annexure.
9. As a result of these proposals, revenue of about ` 38,000 crore –
` 37,000 crore in direct taxes and ` 1,000 crore in indirect taxes – will be forgone while revenue of about ` 3,000 crore will be additionally mobilized. Thus, the total revenue forgone is about ` 35,000 crore annually.
2. The second proposal relates to middle-class individuals.
I had introduced, in the year 2020, the new personal income tax regime with six income slabs starting from ` 2.5 lakh. I propose to change the tax structure in this regime by reducing the number of slabs to five and increasing the tax exemption limit to ` 3 lakh. The new tax rates are:
| ` 0-3 lakh | Nil |
| ` 3-6 lakh | 5 per cent |
| ` 6-9 lakh | 10 per cent |
| ` 9-12 lakh | 15 per cent |
| ` 12-15 lakh | 20 per cent |
| Above ` 15 lakh | 30 per cent |
This will provide major relief to all tax payers in the new regime. An individual with an annual income of ` 9 lakh will be required to pay only ` 45,000/-. This is only 5 per cent of his or her income. It is a reduction of 25 per cent on what he or she is required to pay now, ie, ` 60,000/-. Similarly, an individual with an income of ` 15 lakh would be required to pay only
` 1.5 lakh or 10 per cent of his or her income, a reduction of 20 per cent from the existing liability of ` 1,87,500/.
My third proposal is for the salaried class and the pensioners including family pensioners, for whom I propose to extend the benefit of standard deduction to the new tax regime. Each salaried person with an income of ` 15.5 lakh or more will thus stand to benefit by ` 52,500.
My fourth announcement in personal income tax is regarding the highest tax rate which in our country is 42.74 per cent. This is among the highest in the world. I propose to reduce the highest surcharge rate from 37 per cent to 25 per cent in the new tax regime. This would result in reduction of the maximum tax rate to 39 per cent.
Lastly, the limit of ` 3 lakh for tax exemption on leave encashment on retirement of non-government salaried employees was last fixed in the year 2002, when the highest basic pay in the government was ` 30,000/- pm. In line with the increase in government salaries, I am proposing to increase this limit to ` 25 lakh.
We are also making the new income tax regime as the default tax regime. However, citizens will continue to have the option to avail the benefit of the old tax regime.
Apart from these, I am also making some other changes as given in the annexure.
9. As a result of these proposals, revenue of about ` 38,000 crore –
` 37,000 crore in direct taxes and ` 1,000 crore in indirect taxes – will be forgone while revenue of about ` 3,000 crore will be additionally mobilized. Thus, the total revenue forgone is about ` 35,000 crore annually.
