
<p class="wp-block-paragraph"> Hello Dear CA Students,</p>



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<p class="wp-block-paragraph"><em>We are Sharing With You Five Major Announcements Regard to Personal Income Tax in Union Budget 2023 . So kindly Check Out our www.castudynotes.com website and ALL the Best for Your upcoming Exams.</em></p>
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<h2 class="wp-block-heading has-secondary-color has-text-color"><strong>Five Major Announcements Regard to Personal Income Tax:-</strong></h2>



<p class="has-text-align-justify wp-block-paragraph"><strong>The first proposal</strong> was related to the rebate on personal income tax. Those with income up to â¹5 lakh do not pay any income tax under both old and new tax regimes. Sitharaman proposed to raise this rebate limit to â¹7 lakh in the new tax regime. “Thus, persons in the new tax regime, with income up to â¹7 lakh will not have to pay any tax,” she said.</p>



<p class="has-text-align-justify wp-block-paragraph"><strong>The Second proposal</strong> was related to the Slab Rates on personal income tax. In 2020, Sitharaman had introduced a new personal tax regime with six income tax slabs starting from â¹2.5 lakh. She has now proposed to reduce the number of slabs to five and increase the tax exemption limit to â¹3 lakh.<br>â¹0-3 lakh:- Nil<br>â¹3-6 lakh:-5 per cent<br>â¹6-9 lakh:-10 per cent<br>â¹9-12 lakh:-15 per cent<br>â¹12-15 lakh:-20 per cent<br>Above â¹15 lakh:-30 per cent</p>



<p class="has-text-align-justify wp-block-paragraph"><strong>The third proposal</strong> was for the salaried class and the pensioners including family pensioners. She proposed extending the standard deduction benefit to the new tax regime. “Each salaried person with an income of â¹15.5 lakh or more will thus stand to benefit by â¹52,500,” the minister said.</p>



<p class="has-text-align-justify wp-block-paragraph"><strong>Her fourth proposal</strong> in personal income tax was regarding the highest tax rate, which currently stands at 42.74 per cent. Sitharaman proposed to reduce the highest surcharge rate from 37% to 25% in the new tax regime. She said the proposed change would result in reduction of the maximum tax rate to 39 per cent.</p>



<p class="has-text-align-justify wp-block-paragraph"><strong>The fifth and the last</strong> major announcement on personal income tax involved the limit on for tax exemption on leave encashment on retirement of non-government salaried employees. The limit of â¹3 lakh was last fixed in 2002 during the Atal Bihari Vajapayee government when the highest basic pay in the government was â¹30,000 per month. In line with the increase in government salaries, Sitharman proposed to increase this limit to â¹25 lakh.</p>



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