The new income tax regime starting from April 1, 2023 will be the default option for taxpayers. So, TDS will be deducted based on tax rates under the new tax regime. However, they will have the option to pick up the old tax regime if they want.
Finance Minister Nirmala Sitharaman announced in the budget 2023-24 on February 1, the tax rebate for salaries people will increase from Rs 5 lakh to Rs 7 lakh under the new income tax regime. It will be starting from April 1, 2023.
Starting from April 1, the tax deducted at source (TDS) on online gaming will be imposed. It means you have give 30% of their earnings as a tax on winnings from online games like poker, ludo, etc. It is higher than TDS rate applicable to other forms of income.
Gone are days when no tax has been given on life insurance policies. Starting from April 1, tax will be levied on life insurance policies from customers if the premium paid for the policy is more than Rs 5 lakh. However, it won’t be applicable
Recently, Finance Ministry announced that investment in mutual fund where invested amount in equity shares of Indian company isn’t more than 35% will be considered as short-term capital gains. It will be a blow for several investors who use debt fund. Tax On Life Insurance Policies
The Government of India has increased the deposit limit to Rs 30 lakh from 15 lakh per account in the Senior Citizens’ savings scheme (SCSS). Starting from April 1, they will get the increased interest of 8.2%.