Key things to know about the new income tax regime
Budget 2023
Budget 2023 has increased the basic exemption limit from 2,50,000 to 3,00,000 under the new tax regime.
Under Section 87A, an individual with an income of up to 7 lakhs will be able to avail of the rebate in the new tax regime.
 A standard deduction of 50,000 for salaried individuals is also available in the new tax regime.
High-income earners will now pay only 25% surcharge instead of 37%.
The new tax regime will be the default regime at the time of filing Income Tax Returns (ITR).
Individuals should calculate their tax payable under both regimes and accordingly take a decision on which one to opt for.
The new tax regime does not offer deductions for investments and insurance, thus making it less attractive than the old tax regime.
Click here to know more about the new tax regime.
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