1. New IT Return forms to be introduced
2. MSME with 3 Crores turnover & Professionals with 75 Lakhs Receipts, can adopt Presumptive Tax subject to conditions
3. Manufacturing concessional rate 15% extended upto 31st March 2024
4. Start ups :- For IT benefits incorporation date extended upto 31.03.2024
5. Capital Gains Exemption u/s. 54 is limited to 10 Crores (Investment in House Property)
6. Insurance maturity exceeding certain limits to be taxed.
7. Rebate u/s. 87A increased to 700000/- (Existing 500000). Effectively, income upto 700000 need not pay any tax using this provision
8. New Tax regime basic exemption limit increased to 700000/-
9. New Tax regime tax slabs reduced to 5.
10. New regime New tax rates announced. (effectively result in reduction of upto 25% reduction in taxes)
11. Salaried & Pensioners - Standard Deduction increased to 52500/-
12. Highest SurCharge reduced to 35% in new tax regime.
13. Limit of 3 L for Leave Travel Allowance (LTA) increased to 25 Lakhs
14. New IT Regime will be default, however this can be changed

These are premliminary information as per budget speech.

Complete/Full Details will be shared shortly