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The Central Board of Direct Taxes (CBDT) has brought about significant amendments to income tax laws in the Budget session of 2023, influencing individuals when they file their income tax returns (ITR) in July 2024 and subsequent financial years. Here are the key changes:1. Revised Tax Regime Slabs: The income tax slabs have been restructured under the new tax regime for the fiscal year 2023-24.2. Increased Basic Exemption Limit: The basic exemption limit in the new tax regime has been raised from Rs 2.5 lakh to Rs 3 lakh, potentially resulting in savings for eligible individuals.3. Default Tax Regime: From April 1, 2023, the new tax regime has become the default system for income tax calculation.4. Hiked Income Tax Rebate: The rebate amount under section 87A has been increased to Rs 25,000 in the new tax regime.5. Standard Deduction of Rs 50,000: Individuals opting for the new tax regime will now enjoy a standard deduction of Rs 50,000 applicable to salary and pension income.6. LTCG Changes in Debt Mutual Funds: Investments in debt mutual funds made after March 31, 2023, will no longer enjoy Long Term Capital Gains (LTCG) benefits upon withdrawal.7. Marginal Tax Relief for Small Taxpayers: A marginal tax relief has been introduced for individuals with a slight increase in taxable income, benefiting those exceeding Rs 7 lakh.8. Surcharge Rate Reduction: The highest surcharge rate under the new tax regime has been reduced from 37% to 25%, particularly aiding High Net Worth Individuals (HNIs).9. Increased Tax Exemption on Leave Encashment: Tax exemption on leave encashment has been raised from Rs 3 lakh to Rs 25 lakh.10. Revised Rules for Rent-Free House Salary: New rules have been introduced for employees receiving rent-free accommodation, likely leading to lower TDS and increased take-home pay.11. Life Insurance Maturity Taxation: The tax-free maturity amount from non-ULIP life insurance policies is capped, and taxation will apply if the total premium paid exceeds Rs 5 lakh in a financial year.12. Limit on Capital Gains Deductions: A cap of Rs 10 crore has been imposed on the maximum deduction claimable from capital gains arising from the sale of residential property.13. Discard ITR Feature: The income tax department introduced the Discard return option in 2023, allowing individuals to delete unverified ITR submissions.These changes aim to streamline the income tax process, offer relief to taxpayers, and align with evolving financial dynamics.

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