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Capex cycle to unfold in India with strengthening of banking sector
February 01, 2023
In a big boost for taxpayers and the economy, Sitharaman announced major changes in tax slabs under the new tax regime and a big hike in allocation for railways and capital expenditure.
No changes in the old tax regime. New tax regime to become the default tax regime. However, citizens can opt for the old tax regime.
No tax on income up to ₹7.5 lakh a year in new tax regime (with inclusion of standard deduction). Govt proposes to reduce highest surcharge rate from 37% to 25% in new tax regime.
An individual with annual income of ₹9 lakh will have to pay only ₹45,000 in taxes: FM Sitharaman. Income of ₹15 lakh will fetch ₹1.5 lakh tax, down from ₹1.87 lakh
A ₹50,000 standard deduction to taxpayers has been introduced under the new regime. Payment received from Agniveer Corpus Fund by Agniveers to be exempted. Tax exemption removed in insurance policies with premium over ₹5 lakh. For online games, govt proposes to provide for TDS and taxability on net winnings at the time of withdrawal or at the end of fiscal.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/