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Home > Income Tax > Help Center > Budget 2023 > Top 10 FAQs Last Updated: Feb 14th 2023

Indian Budget 2023 | Top 10 frequent questions

Budget 2023 is a short presentation and an uncommon in many ways as it came during impending global recession, job losses, and many uncertain macro economic situations. Document covers Top 10 frequent questions and major changes from the perspective of a normal taxpayer.

1.I am a Salaried person, are there are any changes in Budget 2023 applicable for FY 2023-24?

Yes, Budget 2023 provides a middle class salaried friendly budget. However it is beneficial for those tax payers who wants to opt New tax Regime. There are no changes in Old Tax Regime.

2.What are the new tax slab rates in Old tax Regime and New tax Regime?

There are no change in tax slab rates in Old Tax regime. Budget 2023 has proposed the changes New Tax Regime only w.e.f FY 2023-24 (AY 2024-25). The slab rates are as follows

New Tax Regime
S.NoSlab Tax Rates
1Upto Rs 3,00,000Nil
2From Rs 3,00,001 to Rs 6,00,0005%
3From Rs 6,00,001 to Rs 9,00,00010%
4From Rs 9,00,001 to Rs 12,00,00015%
5From Rs 12,00,001 to Rs 15,00,00020%
6More than Rs 15,00,00030%

Old Tax Regime
S.NoSlab Tax Rates
1Upto Rs 2,50,0000%
2Rs 2,50,001 to Rs 5,00,0005%
3Rs 5,00,001 to Rs 10,00,00020%
4Above Rs 10,00,00030%
3.Is the rebate u/s 87A increased under old and new tax Regime?

Rebate u/s 87A is increased only under New Tax Regime. Under New Tax Regime, taxpayer having income upto Rs 7 lakhs is not required to pay any taxes. Whereas under Old regime, taxpayer having income upto Rs 5 lakhs is not required to pay any taxes.

  • Rebate under New Regime - 25,000
  • Rebate under Old Regime - 12,500
4.I am a salaried employee, and my annual income is 2.9 lakhs. Do I need to file taxes for FY 2023-24?

As per Budget 2023, the exemption limit under New Tax regime is increased to 3 lakhs . If you want to opt for New tax regime, you are not required to file taxes whereas if you want to opt for old regime, you are required to file taxes. However this is a grey area which needs to be clarified by CBDT

5.I am providing professional services and I was filing u/s 44ADA for last few years. Is there any tax benefits under Budget 2023?

yes, Budget 2023 increases the threshold of 44ADA from Rs 50 lakhs to Rs 75 lakhs w.e.f Apr 1st 2023. However, 95% of the amounts should be received in Bank.

6.I am a MSME, and I was filing under presumptive taxation u/s 44AD for last few years. Is there any tax benefits as per Budget 2023 for me?

yes, Budget 2023 increases the threshold of 44AD from Rs 2 crores to Rs 3 crores w.e.f Apr 1st 2023. However, 95% of the amounts should be received in Bank

7.Is there any increase in Standard deduction of Rs 50000 provided to employees?

There is no change in standard deduction of Rs 50000 provided to employees under the Old Tax Regime. But Rs 50,000 standard deduction will be applied to salaried employees and pensioners under New tax Regime also from 01st April 2023.

8.Are there are any benefits introduced for Start-ups?

The Period of incorporation of eligible start-up is extended by 1 more year i.e., 31st Mar 2024. The start-ups incorporated upto 31st Mar 2024 can avail the Tax benefits. Also the benefit of carry forward of losses on change of shareholding of start-ups is extended to 10 years from 7 years.

9.I heard that the surcharge rate has been reduced to greater extent in Budget 2023. Is it true?

Yes, Budget 2023 has reduced the highest surcharge rate of 37% to 25% under New Tax Regime. This reduction does not apply to Old Tax Regime. The taxpayers with income of more than 5 crores will be paying 25% surcharge instead of 37% under New Tax regime

10.I am a senior citizen. Does Budget 2023 provide any benefit to us?

Budget 2023 does not provide any tax benefits to senior citizens. But there are some changes done to senior citizen saving scheme.

  1. The maximum deposit limit for senior citizen savings scheme will be increased to Rs 30 lakhs from Rs 15 lakhs
  2. The maximum deposit limit for monthly income scheme will be increased to Rs 9 lakhs from 4.5 lakhs for single accounts and Rs 15 lakhs from Rs 7.5 lakhs for joint accounts

Indian Budget 2023 Presentation, Analysis

Covering Budget 2023 Highlights, Key Takeaways & Analysis, Calculators, Personal Income Tax, what was a hit or miss from the expectations point of view.

more @ Indian Budget 2023 Presentation, Analysis
Indian Budget 2023 Presentation

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