Budget 2023 : Standard deduction

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1732 Points Posted on 01 February 2023
Is standard deduction available in new tax regime ?
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On 01 February 2023 at 22:49 Report
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Quick Summary
Budget 2023 has introduced the standard deduction for the new tax regime, making it the default option. The basic exemption limit has been raised to £3 lakh in the new regime, with tax rebates available up to £7 lakh annually. Presumptive taxation limits have also been enhanced for businesses and professionals. These changes may reduce demand for housing loans and tax-saving investments like LIC.

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CFO- at NHTF
58280 Points Posted on 01 February 2023
Yes. Its available as per Budget 2023
8 Reply
On 01 February 2023 at 22:52
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1732 Points Posted on 01 February 2023
Is rebate upto 7Lacs available in old Tax regime?
7 Reply
On 01 February 2023 at 22:53
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CFO- at NHTF
58280 Points Posted on 01 February 2023
No. Only upto 5Lakhs , rebate is available under old tax regime
8 Reply
On 01 February 2023 at 22:54
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1732 Points Posted on 01 February 2023
Is 2.5Lacs is the basic exemption limit under old tax regime?
8 Reply
On 01 February 2023 at 22:54
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CFO- at NHTF
58280 Points Posted on 01 February 2023
Yes. Only new tax regime has enhanced basic exemption upto 3lacs
9 Reply
On 01 February 2023 at 22:55
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1732 Points Posted on 01 February 2023
Presumptive Taxation limits enhanced ?
7 Reply
On 01 February 2023 at 22:55
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CFO- at NHTF
58280 Points Posted on 01 February 2023
Yes. For business : 3 Crores .

For Profession : 75Lakhs
7 Reply
On 01 February 2023 at 22:56
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1732 Points Posted on 01 February 2023
Is old tax regime by default?
7 Reply
On 01 February 2023 at 22:59
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CFO- at NHTF
58280 Points Posted on 01 February 2023
No. New tax regime by default
7 Reply
On 01 February 2023 at 23:00
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1732 Points Posted on 01 February 2023
Is govt supporting new tax regime?
8 Reply
On 01 February 2023 at 23:00
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CFO- at NHTF
58280 Points Posted on 01 February 2023
Yes . Govt wants all to go by new tax regime
7 Reply
On 01 February 2023 at 23:01
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1732 Points Posted on 01 February 2023
What will be the effect of new tax regime?
2 Reply
On 01 February 2023 at 23:05
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CFO- at NHTF
58280 Points Posted on 01 February 2023
The demand for housing loan , LIC and other tax saving investments may get reduced
3 Reply
On 01 February 2023 at 23:06
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1732 Points Posted on 01 February 2023
Huge effect on insurance and housing loan business?
1 Reply
On 01 February 2023 at 23:06

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