Budget 2023 Updates
- Neelam Agarwal
- Mar 2, 2024
- 1 min read
Under the new tax regime, salaried employees and pensioners can claim a standard deduction of Rs 50,000.
Under the new tax regime, the highest surcharge has been reduced to 25% from 37% for people earning more than Rs 5 crore. This move brings down their tax rate from 42.74% to 39%.
The new IT regime will be the default tax regime. However, taxpayers can opt out of the new regime before the due date for filing the IT returns for the respective assessment year.
Leave encashment for non-government employees has been increased to Rs 25 lakh from Rs 3 lakh.
TDS rate reduced to 20% from 30% on withdrawal of EPF.
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