Individualsearning9 lakhs per year will only be required to pay 45,000 in taxes.
Budget 2023 proposes a reduction in the maximum tax rate, including surcharge, to 39% from 42.74%. The highest surcharge rate will be reduced from 37% to 25% in the new tax regime, leading to the decrease in the maximum tax rate.
The average processing time for income tax returns has been shortened from 93 days to 16 days, according to the Finance Minister.
The income tax structure in the country remained unchanged for the past 7 years, with the basic personal tax exemption limit last being revised in 2014.