Income Tax changes in Budget 2023-24

1. Changes in Sec 115BAC (New Tax Regime) w.e.f AY 2024-25.   2. Increase in Rebate under Sec 87A. 3. Tax on income of certain new manufacturing co-operative societies.

Income Tax changes in Budget 2023-24

4. Increasing threshold limits for presumptive taxation schemes for eligible business. 5. Increasing threshold limits for presumptive taxation schemes for specified professionals. 6. Decriminalization of Sec 276A of the IT Act.

Income Tax changes in Budget 2023-24

7. Tax on winnings from online games.  8. Increasing threshold limit for co-operative societies to withdraw cash without TDS. 9. Rationalisation of exempt income under life insurance policies.

Income Tax changes in Budget 2023-24

10. Taxability of life insurance policy under Income from other sources. 11. Limiting the rollover benefit claimed under Sec 54 & Sec 54F. 12. Relief to sugar co-operatives from past demand.

Income Tax changes in Budget 2023-24

13. Tax holiday extended for startups for 1 more year.  14. Carry forward of losses for eligible start-ups extended from seven-year to ten years. 15. Period of tax benefits to funds relocating to IFSC, GIFT City extended till March 31, 2025.

Income Tax changes in Budget 2023-24

16. TDS rate to be reduced from 30% to 20% on taxable portion of EPF withdrawal in non-PAN cases. 17. Income from Market Linked Debentures to be taxed. 18. Increase in limit for exemption on leave encashment.

Source: CAclubIndia

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