Simplifying Taxation: Lower Rates and Streamlined Processes
Flexibility for Taxpayers: Choice Between Old and New Regimes
According to published article of indiatimes, The default transition to the new tax regime signifies a concerted effort to streamline tax filing processes while incentivizing broader adoption. By offering lower tax rates alongside simplified procedures the government aims to make taxation more accessible and comprehensible for a wider spectrum of taxpayers. However the flexibility remains for individuals to retain the old regime should it better suit their financial circumstances or preferences.
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7 Key Tax Changes Taking Effect April 1:Get Ready(PHOTO: PUNE PULSE)
Enhanced Tax Benefits: Key Adjustments to Exemption Limits and Rebates
Effective April 1, 2023 adjustments to basic exemption limits and rebates are poised to provide tangible benefits to taxpayers. The elevation of the basic exemption limit to Rs 3 lakh coupled with the increase in the rebate under Section 87A to Rs 7 lakh signifies a concerted effort to ease the tax burden particularly for those with lower incomes. Moreover the extension of the standard deduction to encompass both tax regimes is a strategic move to ensure parity and fairness in the tax treatment further enhancing the appeal of the new system.
