1. An Introduction
For the unversed, the term “Amrit Kaal” originates from Vedic astrology and is known as the critical time when the gates of greater pleasure open for the inhuman, angels, and human beings. To start any new work, Amrit Kaal is considered the most auspicious time.
In this article, I intend to delve into some of the key personnel tax-related changes that have been proposed in the Union Budget 2023. I would leave it to the reader to determine whether the changes are a reflection of the “Amrit Kaal” or the “Rahu Kaal”.
2. Key changes
2.1 Increase in basic exemption limit
The basic exemption limit
has been increased from INR 250,000 to INR 300,000 under Section 115BAC of the Income-tax Act, 1961 (“the Act”), which governs the new tax regime. The new tax regime does not grant by deductions whilst boasting of lower tax rates. The proposed slab rates in the new tax regime are as follows:
Viewed in the above context, one would also need to consider the rates applicable under the old tax regime in order to separate the trees from the wood. For ease of reference, a comparative chart has been provided below:
この記事は UNIQUE TIMES の February - March 2023 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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この記事は UNIQUE TIMES の February - March 2023 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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