365telugu.com Online News, Hyderabad, April 1, 2023:As we enter the new financial year i.e. 2023-24, several changes including income tax have come into effect from today. Their list is huge.
What kind of financial burden will these changes put on people? Apart from this, several new announcements have also been made in the General Budget 2023-24, which will be implemented from today.
At the same time, many rules related to purchase of gold, mutual funds, re-invit, payment of life insurance policy premium are also changing. Let’s know about those changes..
New tax regime: now exemption on income up to 7 lakhs..
If you have not opted for the old or new tax regime for filing income tax returns from this financial year, you will be included in the default new regime. This policy was introduced in the budget of 2023-24. In the new tax system, the exemption limit has been increased from Rs.5 lakh to Rs.7 lakh.
In the old tax system, Rs. Income tax exemption up to 2.5 lakhs. It should be noted that, like the old tax regime, the new one will not be able to take advantage of many types of exemptions. If you opt for the new tax system, you will have to pay a tax of Rs 25,000 on an annual income of Rs 7.27 lakh.
Standard Deduction: Rs. 50,000 can be obtained..
Standard deduction for salaried employees will now be part of the new-tax system. For this, the taxpayer has to pay Rs. 50,000 can be claimed, but Rs. Every salaried person with income of 15.5 lakhs or more Rs. 52,500 is eligible for standard deduction.
The leave encashment limit for non-government employees has been increased to Rs 25 lakh from the new financial year. Earlier it was only three lakhs. In 2002, it was increased to Rs.3 lakh.
7.50 percent interest on Mahila Samman Savings Scheme
Mahila Samman Savings Scheme was launched for the first time. Under this a maximum of two lakh rupees can be invested in the name of women or girls.
A fixed interest rate of 7.50 percent is given on this. Presented by Finance Minister Nirmala Sitharaman in the Budget 2023-24, the scheme is only for two years.
That means, Mahila Samman Savings Scheme will be valid till March 2025 only. A total interest of Rs.30,000 will be earned on an investment of Rs.2 lakh during this period. It also has a partial withdrawal facility.
Double investment in savings scheme for senior citizens Investment in Senior Citizen Savings Scheme (SCSS) Post Office Monthly Scheme (POMIS) will be doubled. Annually in SCSS Rs. 15 lakh limit is now Rs. 30 lakhs will be.
This means that if someone invested a maximum of Rs.15 lakh in this earlier, at an interest rate of 8 percent, he would have received an interest of Rs.6 lakh in 5 years.
Maximum investment limit of Rs.30 lakh will get interest of Rs.12 lakh
Earlier the personal investment limit in Post Office Monthly Scheme was Rs. 4.5 lakhs, now it has been increased to Rs.9 lakhs. The investment limit for joint account has been increased from Rs.9 lakh to Rs.15 lakh.