Top 10 Income Tax Amendments applicable from April 2023



Quick Summary
From April 2023, several significant changes to UK income tax rules came into effect. These include amendments to Tax Deducted at Source (TDS) on interest from listed debentures and a revised treatment of housing loan interest for capital gains. The article also covers increased TCS on overseas tour packages, changes in how market-linked debenture gains are taxed, and a substantial rise in the leave encashment exemption limit for non-government employees. Furthermore, new rules apply to deemed gifts received by residents and taxation of life insurance policies with premiums over £5 lakh. The new tax regime is now the default option and has been expanded to include more entity types, with standard deduction and family pension benefits now applicable.

1.TDS on payment of interest on listed debentures to a resident Section 193 of the Act provides for TDS on payment of any income to a resident by way of interest on securities. 2. Interest on housing Loan not treated As cost of improvement Interest on housing loan claimed as deduction whil
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