Budget Changes for FY 2023-24
The Union Finance Minister has presented the budget for the Financial Year 2023-24. These changes impact the Income Tax calculations w.e.f April 2023. greytHR has enabled the budget changes by default in your account. The taxpayers (employees) can also select between the old and new regimes to calculate Income Tax. The old regime has the same tax slab rates and exemption components as the previous financial year. The new regime will have lower tax rates and a few numbers of exemptions.
- Employees did not submit their investment declarations in previous financial year, and old regime was enabled by default. What will happen when payroll is processed in April for FY 2023-24?
- Which regime is applicable if admin processes payroll for the month of April without carrying forward IT declarations?
- Which regime is applicable when admin processes payroll for April month without releasing IT declarations to employees?
- Does default regime settings override employee’s regime selection?
- Can employees change their regime choices in same financial year?
- Does a new budget affect contract employees?
- What is default tax regime as per budget changes FY 2023-24?
- Is standard deduction of Rs. 50000/- applicable only to old regime?
- What is exemption limit for calculating Income Tax rebates under section 87A?
- What is highest surcharge rate in new tax regime?
- What is leave encashment exemption limit in new tax regime?
- What are revised tax slabs as per budget changes for FY 2023-24?
- What is exemption limit for employee as per new tax regime?
- What is exemption limit for employee as per old tax regime?
- How can admin view tax slab for new regime?
- What is the difference between old and new tax regime for FY 2023-24?
- How can admin assign tax regimes to employees?
- Why is it important to recalculate tax after admin changes tax regime?
- Employees submitted IT declarations by selecting old regime last year. In FY 2023-24, admin released IT declaration but employee did not submit the declaration. In this case, which regime is applicable?
- What is Marginal Relief in Income Tax?
- What is the salary range for which Marginal Relief is applicable?
- Can employees under both old and new regimes benefit from Marginal Relief?
- What are the eligibility criteria for employees to avail of Marginal Relief?
- How can the admin calculate Marginal Relief?
- How can employees view Marginal Relief in their IT statement?
- Is the user manual available for budget changes 2023-24?