Finance Act 2023-2024 is notified

[img:fxxk64I8h]The Government of India has notified the Finance Act, 2023 (the Finance Act) on 31 March 2023 to give effect to the financial proposals of the Central Government for the financial year 2023-2024.

The Finance Act is a bill passed by the government that gives effect to the financial proposals of the Central Government for the financial year.

The Finance Act 2023-2024 was passed by Lok Sabha on 24.03.2023. The term “notified” means that it has been officially announced and published.

Finance Act 2023-2024 has been notified and there are some key changes that we should all be aware of!: In the alternate tax regime under Section 115BAC, a revision to the basic exemption limit and the number of slabs has been proposed.

The revised basic exemption limit shall be INR 3,00,000 and for every additional INR 3,00,000 of income, the next slab rate will be applicable. The highest slab rate of 30% shall continue to apply to income above INR 15,00,000.

The threshold limit for total income eligible for rebate under Section 87A has been proposed to be increased from INR 5,00,000 to INR 7,00,000 for assessees opting for the new tax regime.

Under the new tax regime, the highest surcharge rate of 37% on income above INR 5,00,00,000 has been proposed to be reduced to 25%. These changes will impact many people and it’s important to stay informed! Request you please share this post/tweet. Thanks