Major Changes under Income Tax in Budget 2023



Quick Summary
Budget 2023 introduced significant shifts in income tax regulations. A key change is the increased rebate under Section 87A, now covering incomes up to Rs. 7 Lakhs in the new tax regime. The budget also introduced new sections for the Agnipath Scheme, offering deductions and tax exemptions for Agniveers. Furthermore, the new tax regime (Section 115BAC) has been updated with revised slab rates and the reintroduction of standard deduction, making it more appealing.

1. Increase in Rebate under Section 87A A Resident Individual is entitled to a Rebate of 100% of the amount of tax payable under the provisions of Section 87 A of the Act for the total income up to Rs. 7 Lakhs ( earlier it was Rs. 5L) (However such increased limit of rebate will be applicable only in the new regime under Section 115BAC) 2. Introduction of Section 80CCH and Section 10(12C) of the Income Tax Act Agnipath Scheme is a scheme notified by Ministry of Defence for the enrolm
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About the Author

CA

CA Ch. KowsalyaFull-Time Partner | KLN Co, Chartered Accountants An experienced Chartered Accountant serving as a Full-Time Partner at KLN Co., Chartered Accountants, Visakhapatnam. Our firm specializes in delivering high-quality professional services in Audit, Direct Indirect Taxation, Corporate Law and Regulatory ... Read more

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