Aurtus - Budget 2023 - Tax Highlights
Direct Tax Proposals
Personal taxation
The Budget 2023 proposes to make the new tax regime provided under section 115BAC of the Act as the default tax regime for individuals, HUFs, association of persons (other than co-operative society), body of individuals and artificial juridical persons (earlier, new tax regime was applicable only to individuals and HUFs.) However, the assessee also will have an option to opt for the old tax regime.
Significant amendments in the income slabs and corresponding tax rates have been proposed in the new tax regime in order to encourage taxpayers at both ends of the spectrum to opt for it –