https://www.taxtmi.com/news?id=26166 The Budget revises the new personal income tax regime by raising the rebate threshold so certain taxpayers pay no tax, consolidating rates into a five-slab structure with an increased exemption floor, and lowering the maximum tax rate by reducing the highest surcharge in the new regime. It extends the standard deduction to salaried taxpayers and pensioners under the new regime and raises the exempt limit for leave encashment on retirement for non government salaried employees. The new regime is designated as the default while taxpayers retain the option to choose the old regime. en-us Wed, 01 Feb 2023 14:18:23 +0530 Wed, 01 Feb 2023 14:18:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=26166 The Budget revises the new personal income tax regime by raising the rebate threshold so certain taxpayers pay no tax, consolidating rates into a five-slab structure with an increased exemption floor, and lowering the maximum tax rate by reducing the highest surcharge in the new regime. It extends the standard deduction to salaried taxpayers and pensioners under the new regime and raises the exempt limit for leave encashment on retirement for non government salaried employees. The new regime is designated as the default while taxpayers retain the option to choose the old regime. News - Wed, 01 Feb 2023 14:18:23 +0530 https://www.taxtmi.com/news?id=26166