1. An Introduction
For the unversed, the term “Amrit Kaal” originates from Vedic astrology and is known as the critical time when the gates of greater pleasure open for the inhuman, angels, and human beings. To start any new work, Amrit Kaal is considered the most auspicious time.
In this article, I intend to delve into some of the key personnel tax-related changes that have been proposed in the Union Budget 2023. I would leave it to the reader to determine whether the changes are a reflection of the “Amrit Kaal” or the “Rahu Kaal”.
2. Key changes
2.1 Increase in basic exemption limit
The basic exemption limit
has been increased from INR 250,000 to INR 300,000 under Section 115BAC of the Income-tax Act, 1961 (“the Act”), which governs the new tax regime. The new tax regime does not grant by deductions whilst boasting of lower tax rates. The proposed slab rates in the new tax regime are as follows:
Viewed in the above context, one would also need to consider the rates applicable under the old tax regime in order to separate the trees from the wood. For ease of reference, a comparative chart has been provided below:
This story is from the February - March 2023 edition of UNIQUE TIMES.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the February - March 2023 edition of UNIQUE TIMES.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Bhutan: The Enchanting Jewel Of The Himalayas
Majestic snow-capped mountains, picturesque valleys, verdant forests, centuries-old Buddhist shrines and monasteries, fluttering prayer flags, a serene way of life and folks boasting the best happiness index in the world...this Land of the Thunder Dragon has much more to entice those with wanderlust.
Bail - Emerging Trends In The Context Of Money Laundering Laws
The Hon'ble Supreme Court in case of Manish Sisodia Vs Directorate of Enforcement 2024 SCC Online 1920 has upheld certain key propositions that where a trial has not merely been delayed but has not even commenced after a long period of incarceration, the same would be violative of Article 21 of the Constitution of India.
Toyota, Maruti Suzuki Boost Hybrid Vehicle Sales in Uttar Pradesh Amid Tax Waivers, Spark Industry Debate
Toyota and Maruti Suzuki are ramping up marketing efforts for hybrid vehicles in Uttar Pradesh, leveraging new state tax waivers that offer buyers savings of up to $15,800 on luxury models like the Toyota Vellfire.
Supreme Court Rejects AAP Government's Plea to Expand NRI Quota in Punjab Medical Colleges
The Supreme Court rejected the AAP-led Punjab government's plea challenging the High Court's ruling against expanding the ‘NRI quota’ to include distant relatives for medical and dental college admissions.
USA's Delaware Supreme Court Confirms Byju's Default on $1.2-Billion Loan Amidst Ongoing Insolvency Proceedings
The Delaware Supreme Court has upheld a ruling that edtech firm Byju's defaulted on a $1.2 billion Term Loan B (TLB), validating claims made by US-based lenders.
India Approves Rs 3,300 Cr Semiconductor Packaging Plant in Gujarat, to Boost Chip Production
The Union Cabinet has approved a Rs 3,300 crore proposal from electronics manufacturer Kaynes to establish a semiconductor packaging plant in Sanand, Gujarat.
Thar Roxx: Your Perfect Off-Road Companion
To say that Mahindra knows the Indian customer really well, will be an understatement. Their biggest hits have come in various forms over the years, from the XUV500 to the XUV700 and the Scorpio N in recent times.
Exfoliate Your Way to Flawless Skin
Imagine waking up to smooth, glowing skin every day—skin that feels soft to the touch and looks naturally radiant without the need for heavy makeup or filters.
The Stinking Rose: Flavourful and Full of Health
Garlic, the humble bulb with a pungent aroma and a rich history dating back thousands of years, has earned a reputation not only in culinary delights but also as a powerhouse of health benefits.
Never give up!
In the earlier stage of your life, it was someone else who might have been gravely instrumental in shaping your viewpoints. Hence, it is supremely important to re-evaluate what you believe in, when you become an adult.