Direct Tax Proposals
The much-awaited Union Budget 2023 is out, and it can be said
that budget is focused towards growth and continues on its path of
boosting capital spending which would in turn lead to job creation
and push to the much needed infra. On corporate tax side there may
not be substantial amendments, but personal taxation was a key
focus in this budget. Some of the key budget amendments on the
direct tax side are as follows:
Personal Tax Regime
As we are aware, a new income tax regime for Individuals and HUF
was introduced couple of years back. Even though the tax slabs
where better than the old regime, this scheme was not a success as
no deduction were allowed under the scheme. To make the scheme
attractive and ensure maximum participation certain steps are
proposed in the Budget only for new tax regime:
