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Mihir Tanna  |706 Answers  |Ask -

Tax Expert - Answered on Feb 01, 2023

Prasanna Question by Prasanna on Feb 01, 2023Translate
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Dear Mihir, what are the key benefits for the salaried employees given that there will be no income tax on employees earning up to Rs 7 lakh? Regards

Ans: In Budget 2023, it is proposed that if person is earning income upto 7 lacs and opting for new tax regime (i.e. forgo deduction on interest on self occupied housing loan, exemption of HRA, deduction on tax saver investment covered in 80C,80D etc); 100% tax rebate will be available and person will not be required to pay tax. In addition to it is also proposed that standard deduction of Rs.50,000 is also available for person opting for new tax regime in FY 2023-24.
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