![]() However, this is a fantastic step for many senior citizens as they will be directly investing with the central government. It offers a high-interest rate and is one of the most advantageous investment options, especially when compared to more conventional ways. The scheme is one of the most secure and trustworthy investing options for elderly citizens because it is a government-backed modest savings programme. The cap of Rs.15 lakh limit prevented many senior citizens from making use of the scheme, therefore this increase is a positive decision. The government increased the interest rate on the Senior Citizens' Savings Scheme to 8 percent for the fiscal quarter ending March 31, 2023. #budget2023 increased the maximum investment amount for the Senior Citizen Savings Scheme from Rs. SENIOR CITIZEN SAVINGS SCHEME INVESTMENT LIMIT INCREASED By reinvesting the sale proceeds in a new residential property, one can save the full tax gained on selling by using the benefit of section 54 or 54F of the income tax act. You must be aware of the current income tax regulation for income from capital gains on the sale of a house or capital assets. The #government limits capital gains tax deductions on investments in residential homes to Rs 10 crore. To benefit them, the maximum effective tax rate for wealthy taxpayers has been decreased from 42.7 percent to 39 percent. 5 crore annually are liable to pay 42.74 percent in taxes-one of the highest rates in the world. The #incometax slabs under the new income tax regime will be as follows:Ī) Between Rs 0 to Rs 3 lakh - 0% tax rateĮ) Between Rs 12 lakh to Rs 15 lakh - 20% According to the proposal, there would be five income tax slabs instead of six in FY 2023–24. ![]() Additionally, the new tax regime has modified the income tax slabs. The basic exemption amount is increased under the new income tax regime in Budget 2023 from Rs 2.5 lakh to Rs 3 lakh. Therefore, individuals with income up to Rs 7 lakh will not pay any tax. The new tax regime increased the section 87A rebate from the previous income threshold of Rs.
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