Income Tax Returns: The Budget 2023 saw FM Nirmala Sitharaman announce multiple changes in the New Tax Regime. Individual taxpayers can make a switch from the Old Tax Regime to the New Tax Regime as many times as they want. But that's not the same for individual taxpayers with business income.
In the Union Budget 2023, Finance Minister Nirmala Sitharaman announced significant adjustments to the new income tax regime, including reduced tax rates and a tax rebate on annual income up to ₹7 lakh.
Making the new income tax regime the default option was one of several changes to the country s income tax structure that India s finance minister Nirmala Sitharaman proposed in her Budget 2023 speech.
Income Tax Saving Latest Update: For salaried employees, the standard deduction of Rs 50,000 is allowed, meaning, they will not pay any tax for Rs 7.5 lakh salary. aaa