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  April 1 marks the beginning of the new financial year. There are many changes that will come into effect in the new financial year. These changes can impact your money and taxes. Here is a look at all the income tax changes will come into effect from April 1, 2023.   1. New income tax slabs under new tax regime Budget 2023 has revised the income tax slabs under the new tax regime. As per the announcement made, the income tax slabs have been reduced from six to five. The new income tax slabs under the new tax regime are as follows:   Income range (In Rs) Income tax rate (%) 0 to 3,00,000 0 3,00,000 to 6,00,000 5 6,00,000 to 9,00,000 10 9,00,000 to 12,00,000 15 12,00,000 to 15,00,000 20 Above 15 lakh 30   The new income tax slabs under the new tax regime comes into effect from April 1, 2023 for FY 2023-24. Do note that new income tax slabs under the new tax regime will be applicable to all the incomes earned in FY 2023-24, provided you opt for new tax regime in FY 2023-24.   2. No inco

  Under pressure to bring down retail inflation and keep pace with global peers, the Reserve Bank may go in for 25 basis points hike in benchmark interest rate, probably the last in the current monetary tightening cycle that began in May 2022, at the bi-monthly policy to be unveiled on Thursday. The Monetary Policy Committee (MPC) of the Reserve Bank will be meeting for three days on April 3, 5 and 6 to take into account various domestic and global factors before coming out with the first bi-monthly monetary policy for fiscal 2023-24. The Reserve Bank of India (RBI) has already increased the repo rate by a total of 250 basis points since May in a bid to contain inflation though it has continued to remain above the central bank's comfort zone of 6 per cent for most of the time. The two key factors which the RBI Governor headed committee will deliberate intensely while firming up the next monetary policy are -- elevated retail inflation and the recent action taken by central banks of

  The upcoming Monetary Policy Committee (MPC) comes at a very crucial juncture. Domestic growth is  recovering but there are some signs of weakness. Consumer price inflation is likely to moderate, but core inflation remains sticky, even while food inflation keeps raising its ugly head. On the global front, economic uncertainties have spiked further up with the recent bank failures, raising the threat of a systemic failure in the financial sector.   -Livemint 3 r d  April, 2023.

T he Hon’ble Gujarat High Court in M/s. Devi Products v. State of Gujarat  [R/Special Civil Application No. 2288 of 2023 dated February 15, 2023] has set aside the Show Cause Notice (“SCN”) issued to the assessee and the consequential order for cancellation of GST Registration, on the grounds that they were passed without recording any reasons and without determining the tax demand and thus, are cryptic in nature. Held that, cancellation of GST Registration without any determination of the amount payable by the assessee is not valid and sustainable.   Facts: M/s Devi Products (“the Petitioner”) is a sole proprietor engaged in the business of trading of brass articles. The Petitioner had filed its it return till June, 2020, however due to prevalent circumstances during Covid-19 pandemic the Petitioner had no business subsequent to June, 2020 and due to the financial hardship suffered, the Petitioner was of bonafide belief that there was no requirement to file GST returns. Subsequently,

  Basic exemption limit has been hiked to Rs.3 lakh from Rs 2.5 currently under the new income tax regime in Budget 2023. Further, the income tax slabs in the new tax regime has been changed. According to the announcement, 5 income tax slabs will be there in FY 2023-24, from 6 income tax slabs currently. A rebate under Section 87A has been enhanced under the new tax regime; from the current income level of Rs.5 lakh to Rs.7 lakh. Thus, individuals opting for the new income tax regime and having an income up to Rs.7 lakh will not pay any taxes   The income tax slabs under the new income tax regime will now be as follows: Rs 0 to Rs 3 lakh - 0% tax rate Rs 3 lakh to 6 lakh - 5% Rs 6 lakh to 9 lakh - 10% Rs 9 lakh to Rs 12 lakh - 15% Rs 12 lakh to Rs 15 lakh - 20% Above Rs 15 lakh - 30%   The revised Income tax slabs under new tax regime for FY 2023-24 (AY 2024-25)   Income tax slabs under new tax regime Income tax rates under new tax regime O to Rs 3 lakh 0 Rs 3 lakh to Rs 6 lakh 5% Rs 6