![]() Conversion of Gold to Electronic Gold receiptĬonversion from physical gold to electronic gold or vice versa will not be considered as transfer and will not attract any capital gain tax w.e.f 1st Apr 2023 9. The maximum deposit limit for monthly income scheme will be increased to Rs 9 lakhs from 4.5 lakhs for single accounts and Rs 15 lakhs from Rs 7.5 lakhs for joint accounts.Ĩ.The maximum deposit limit for senior citizen savings scheme will be increased to Rs 30 lakhs from Rs 15 lakhs.Also, the benefit of carry forward of losses on change of shareholding of start- ups is extended to 10 years from 7 years.The start-ups incorporated upto 31st Mar 2024 can avail the Tax benefits. The Period of incorporation of eligible start-up is extended by 1 more year i.e., 31st Mar 2024.However, cash receipts should not be more than 5%. Increase in Threshold for MSME's and Professionals u/s 44AD and 44ADAīudget 2023 increases the threshold under presumptive scheme for MSME's u/s 44AD from Rs 2 crores to Rs 3 crores and for professionals u/s 44ADA from Rs 50 lakhs to Rs 75 lakhs. Standard deduction and new tax regime for the most part, does not require any bills to be submitted to the employer for the exemptions. To make the new tax regime attractive, Govt has introduced standard deduction of Rs. New Tax slabs under new tax regime is beneficial for taxpayers whose income is up to Rs. The rationale behind such inclusion is to encourage taxpayers choosing new tax regime. Rationale behind increase in Standard deduction under New Tax Regime But Rs 50000 standard deduction is applied to salaried employees or pension income holders under the new tax regime. There is no change in standard deduction of Rs 50000 provided to employees under Old Tax Regime. Learn more on Surcharge at Guide On Income Tax Surcharge Slab Rates 4. The taxpayers with income of more than 5 crore will be paying 25% surcharge instead of 37% under New Tax Regime. The highest surcharge rate of 37% is reduced to 25% under New Tax Regime. The maximum rebate under New Tax Regime is Rs 25,000. The taxpayers having income upto Rs 7 lakhs are not required to pay any taxes. Rebate u/s 87A is increased under New Tax Regime. Refer Difference between Old Tax Regime and New Tax RegimeĪlso refer Old vs New Tax Regime | Explained for Salaried & Business Tax Payers 2. ![]() Electronics India Private Limited, Shipra Hotel Limited, Multani Pharmaceuticals Limited, Shangri-La Eros Hotel etc.New Budget 2023 announced on Feb 1st 2023 introduced new tax slabs for new IT Regime to make it attractive. Our clients include Varun Beverages Limited, Kajaria Ceramics Limited, L.G. Its clientele consists mainly of Foreign MNC, large/mid-sized Indian companies which includes exporters, FMCG, consumer durables, automobiles, aerated beverages, ceramic tiles, real-estate, hospitality, etc. ![]() It is a professionally managed firm having a team of experienced and distinguished Chartered Accountants, Company Secretary, Lawyers, Corporate Financial Advisors and Tax consultants to provide various services like litigation and representation, transaction advisory, diagnostic reviews/ health checks, audit defense & protection, retainership & compliance, configuration of tax efficient business model etc. A2Z Taxcorp LLP is a boutique Indirect Tax firm having its offices at New Delhi and Guwahati specializing in GST, Central Excise, Custom, Service Tax, VAT, DGFT, Foreign Trade Policy, SEZ, EOU, Export – Import Laws, Free Trade Policy, etc.
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