Important tax changes from 1st April 2023

As the new financial year is around the corner, Indian taxpayers will be affected by the budget 2023 important tax changes, applicable from 1 April 2023.

Let’s recall a few of them in order to optimize our tax liability.

  1. The new regime will be the default regime
  2. The new regime will also allow the standard deduction of ₹50,000. Moreover, if your income exceeds ₹15.5 lakhs, you can benefit from ₹52,500.
  3. The tax rebate limit has been raised to 7 lakhs under the new regime.
  4. Revision in the tax slab rates for the new regime.
  5. The limit for LTA for non-government employees has been raised to 25 lakhs.
  6. Debt mutual funds will not be eligible for the indexation benefit.
  7. Physical gold converted to e-gold will not attract any capital gain.

These changes shall not be applicable for this year’s filing unless you have the liability to pay advance tax.