7 Major Income Tax Rule Changes for Taxpayers Starting April 1, 2023

[{"selector":"#anim-dc13ac9c-3470-401e-b576-0ceae522aacc","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] [{"selector":"#anim-87d45df7-0115-4ab3-8445-7e82dee1c9f2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-335cc22c-927d-4e2d-bd93-0cf84964435c","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-43b7a42f-6c44-4684-a296-c627e1f5728d","keyframes":{"transform":["translate3d(0px, 158.81487%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6cdea225-0965-4cac-811a-1c9f5703ef38","keyframes":{"transform":["translate3d(-115.18988%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a0a66017-d323-4719-ade5-6120915fd659","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-66060db9-0418-4213-9377-612b2e4fc70b","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] 27-03-2023

The new tax rates are 0-3 lakh - nil, 3-6 lakh - 5%, 6-9 lakh- 10%, 9-12 lakh - 15%, 12-15 lakh - 20%, and above 15 lakh- 30%.

[{"selector":"#anim-ece66d8a-f72b-4c97-aaa6-8bed3c018807 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(16.562499736814043%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-1efa8777-831d-4da8-91de-1e1bfe7cc3bc","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5adbe9a8-896e-444c-913f-4a7cd0eef71a","keyframes":{"transform":["translate3d(0px, 159.88072%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9ed3fad6-dbf1-40e7-9693-78110aebc051","keyframes":{"transform":["translate3d(-115.18988%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-425f2c83-65dd-4c76-8f0c-117164e37822","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6df7fc85-a43f-457a-9389-071393da2f11","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-edd43c3f-a86e-4adf-aa8f-f14471d2ff8a","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}]

The enhancement of the tax rebate limit to ₹7 lakh means that individuals with income less than ₹7 lacks can claim exemptions without any investment.

[{"selector":"#anim-65763fe5-9f78-4ce3-a187-f9e3ecb0043c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.499999772451451%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-027dcadb-c38d-4fb1-a85e-75a38a3f858f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f9fb1ec7-9fdc-42be-a2c2-bb0e69c5d31f","keyframes":{"transform":["translate3d(0px, 147.96413%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c351242c-31ab-4bb8-a04d-3546650902b6","keyframes":{"transform":["translate3d(-115.18988%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-75013787-1dc3-49e2-a9c8-5a394be4eb1a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2493a208-bfef-4bcd-bd68-942e2cf39a12","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-f8bc78a8-23db-4324-b7dc-1046538a6650","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}]

Salaried individuals with an income of ₹15.5 lakh or more will receive a benefit of ₹52,500 under the old tax regime due to no changes in the standard deduction of ₹50,000.

[{"selector":"#anim-f18a28e8-8e4a-441a-847e-2d10f9782dca [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, -1.85905669943221e-8%) scale(1.1470588235294117)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-d060c077-950c-47aa-9c3c-e1a6c6bd3886","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-723ecd2b-f4a4-4701-a754-54f1dd9aad10","keyframes":{"transform":["translate3d(0px, 147.05079%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0a53e5a3-723f-4d10-a9f2-78271a15aebb","keyframes":{"transform":["translate3d(-115.18988%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5dcd8479-16f4-4df7-b421-697842f10dbf","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ef69a2e5-a4a7-42a6-a52e-7933324a6ae1","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-2badd8af-08d8-42ff-a898-a3008d0e3046","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}]

Investments in debt mutual funds will lose their long-term tax benefits and be taxed as short-term capital gains starting from April 1.

[{"selector":"#anim-799cbc42-de75-42dc-8ca2-0a56e7e279b0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-15.204091553733875%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-4e540050-ffa7-4399-a781-46ccac57d0cd","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5ae310e5-cdcb-43fc-a757-7c7f32989f0e","keyframes":{"transform":["translate3d(0px, 151.73392%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-777bdc38-7dea-4677-aa73-b29853d646be","keyframes":{"transform":["translate3d(-114.67891%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-761a1559-ad1d-4937-b5e2-4d422f18a6e3","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-32e91e55-f1af-4e5a-9077-d25e27e913ea","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-4de4336f-f598-4e28-ad75-f8e4acf41b93","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}]

From 1st April 2023, proceeds from life insurance premiums exceeding ₹5 lacks annually will be taxable, with the exception of ULIP (Unit Linked Insurance Plan), as announced in Budget 2023.

[{"selector":"#anim-603f2ee2-3483-444b-aed9-b9ce58c1495e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-2dfde392-1324-4319-9e61-2fcaf8a74c4c","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c71f5d40-a38d-49a6-8457-e4db546c7f71","keyframes":{"transform":["translate3d(0px, 141.79894%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8cf09d6e-41d7-4c90-85c6-42bb33481c55","keyframes":{"transform":["translate3d(-115.18988%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4088c3c6-0ad8-4097-8e7e-eb74a3c15657","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b3347c75-f6b6-41d8-8377-2707fcc70721","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-b508c610-8057-4610-9b43-a6134f0849a5","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}]

Benefits to Senior Citizens

[{"selector":"#anim-1b307ec7-6547-483e-92b4-a29e4b384c8f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-bf8007b2-2280-4a3e-aec5-ff41d2b2ceae","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-60d1a0e9-17e9-4043-aa7e-1fdddfb2cba2","keyframes":{"transform":["translate3d(0px, 133.08506%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-673fa606-3b31-43b7-93c3-bc7766aafd84","keyframes":{"transform":["translate3d(-115.18988%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9af6c862-3eac-48bb-bce7-00ea008449b1","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e1afe837-02ca-4747-96c1-2e9d56ff117f","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-d6f3a006-17df-4460-88d4-3da75713809f","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] The Indian government has announced an increase in the maximum deposit limit for senior citizen savings schemes to ₹30 lakhs and for monthly income schemes to ₹9 lakhs for single accounts and ₹15 lakhs for joint accounts, in a move to provide more investment options for citizens.

Market Linked Debentures (MLDs)

[{"selector":"#anim-5df0441e-e3b8-4fa0-83ce-d0c5810bc709 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-d055460a-9ce3-46fc-9bd3-ad07b3991e6c","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-15687ee1-e1cd-4694-b599-281de270e03c","keyframes":{"transform":["translate3d(0px, 137.70071%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3c61da07-412e-493c-9a3f-5d76060ddacd","keyframes":{"transform":["translate3d(-115.18988%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6eedb1f0-96ed-499e-a0a0-6566e1047575","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cb1fcc79-391e-40a5-85df-8426ad7410ae","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-4e26fb9d-073b-49a3-8552-96c148c1db2a","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] Investment in Market Linked Debentures (MLDs) will be treated as short-term capital assets post-April 1, ending the grandfathering of earlier investments and resulting in a slightly negative impact on the mutual fund industry.

To read more latest news

[{"selector":"#anim-6221b2d1-bcf7-4eb3-8ac0-b97eaad19147 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-a573c02d-af45-4dac-b4a6-6fef000a7fb9","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-808bbec5-476c-4026-ab45-70f50a248d2f","keyframes":{"transform":["translate3d(0px, 222.63757%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a153f200-2f9d-4cb8-85c6-0240cf4e274b","keyframes":{"transform":["translate3d(-115.18988%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-73285048-7eb5-4842-804a-028f2e076e97","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-39baccd9-32f4-448d-a112-45fc01756416","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-40409188-70b0-4f47-ba3d-f8f4dcb9a2af","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] Click here