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Budget 2023 : Standard deduction
Is standard deduction available in new tax regime ?
Replies (20)
Quick Summary
Yes. Its available as per Budget 2023
Is rebate upto 7Lacs available in old Tax regime?
No. Only upto 5Lakhs , rebate is available under old tax regime
Is 2.5Lacs is the basic exemption limit under old tax regime?
Yes. Only new tax regime has enhanced basic exemption upto 3lacs
Presumptive Taxation limits enhanced ?
Yes. For business : 3 Crores .
For Profession : 75Lakhs
For Profession : 75Lakhs
Is old tax regime by default?
No. New tax regime by default
Is govt supporting new tax regime?
Yes . Govt wants all to go by new tax regime
What will be the effect of new tax regime?
The demand for housing loan , LIC and other tax saving investments may get reduced
Huge effect on insurance and housing loan business?
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