Individuals with a taxable income not exceeding Rs 7 lakh will no longer be required to pay taxes under the revised new tax regime. Unlike in the old regime where individuals were required to make certain tax-saving investments such as PPF, EPF or NPS to bring down the taxable income, the new tax regime has no such options.

New tax regime 2023: The Budget 2023 announced a few changes in the new income tax regime and revised tax slabs to make it more attractive for taxpayers. Here we have answered a few important questions regarding the revised new tax regime 2023.

As per the Budget proposal, banks remitting funds overseas will have to collect tax at source at 20% without the applicability of any threshold limit. This amendment will take effect from 1st July, 2023.

Investment experts not enthused by proposals; feel intent to phase out deductions could backfire. The revised new tax regime offers a higher tax exemption, raises the threshold for tax rebate and reduces the surcharge for the super rich. Here’s how it will impact taxpayers at different income levels.

The biggest question in the minds of salaried individuals is if they will have income tax savings under the revised new tax regime.

The revised new tax regime has introduced a standard deduction of Rs 50,000 for pensioners as well including family pensioners. Thus, a senior citizen pensioner may benefit under the revised new tax regime if they are unable to claim maximum deductions and exemptions for income tax outgo to remain the same in both tax regimes.

Electronic Gold Receipts (EGRs) are instruments that represent gold in electronic form and are notified as securities with trading, clearing, and settlement features that are comparable to other securities already offered in India.

If you are not a salaried individual and your income goes up by Rs 2,000 from Rs 7 lakh to 7.02 lakh then you will be needed to pay an income tax of Rs 25,200 instead of zero. Going forward the exact amount of income may be the most critical factor for deciding whether you would get better tax savings in the old tax regime or the new tax regime.

To be eligible to claim deduction under section 80C, there are two ways. A taxpayer can either invest in the investment products or make expenses that are specified under the Income-tax Act.