homeeconomy NewsBudget 2023 | New tax regime beneficial for taxpayers earning above Rs 15 lakh annuallym, says CBDT chairman
Budget 2023 | New tax regime beneficial for taxpayers earning above Rs 15 lakh annuallym, says CBDT chairman
The Union Budget 2023 introduced several changes to the 'new income tax slab'. As part of this, the tax rebate has been extended on income up to Rs 7 lakh as per Section 87A, as against Rs 5 lakh. The basic exemption limit has been raised to Rs 3 lakh from Rs 2.5 lakh. However, the old income tax slabs regime has not been abolished and the taxpayers still have the option to choose between the two regimes when paying their taxes.
The Union Budget 2023 introduced several changes to the 'new income tax slab'. As part of this, the tax rebate has been extended on income up to Rs 7 lakh as per Section 87A, as against Rs 5 lakh. The basic exemption limit has been raised to Rs 3 lakh from Rs 2.5 lakh.
However, the old income tax slabs regime has not been abolished and the taxpayers still have the option to choose between the two regimes when paying their taxes.
Nitin Gupta, the Chairperson of Central Board of Direct Taxes (CBDT) in an interview to CNBC-TV18 said that the new tax regime is highly beneficial for taxpayers in terms of the money they have in hand. Taxpayers have been given the freedom to opt for any tax regime, giving them the flexibility to choose the one that best suits their financial needs.
Along with the new tax regime, the Indian Budget for this fiscal year has a strong focus on inclusion. Parameswaran Iyer, CEO of NITI Aayog, stated that the huge increase in investment in capital expenditure (Capex) and interest-free loans to states will have a positive impact on job creation.
He added that the focus on the social sector is equally important to take development to the grassroot level, thereby ensuring that the benefits of the budget reach all sections of the society.
First Published: Feb 2, 2023 10:59 PM IST
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