Budget Changes for FY 2023-24 (24)

The Union Finance Minister has presented the budget for the Financial Year 2023-24. These changes impact the Income Tax calculations w.e.f April 2023. greytHR has enabled the budget changes by default in your account. The taxpayers (employees) can also select between the old and new regimes to calculate Income Tax. The old regime has the same tax slab rates and exemption components as the previous financial year. The new regime will have lower tax rates and a few numbers of exemptions.

How can admin calculate Marginal Relief?

Created by Product Content Team, Modified on Tue, 20 Feb at 10:44 AM by Product Content Team
What is the eligibility criteria for employees to avail marginal relief?

Created by Product Content Team, Modified on Tue, 20 Feb at 10:45 AM by Product Content Team
Can employees under both old and new regimes benefit from Marginal Relief?

Created by Product Content Team, Modified on Tue, 20 Feb at 10:45 AM by Product Content Team
What is the salary range for which Marginal Relief is applicable?

Created by Product Content Team, Modified on Tue, 20 Feb at 10:46 AM by Product Content Team
What is Marginal Relief in Income Tax?

Created by Product Content Team, Modified on Tue, 20 Feb at 10:46 AM by Product Content Team
Employees submitted IT declarations by selecting old regime last year. In FY 2023-24, admin released IT declaration but employee did not submit the declaration. In this case, which regime is applicable?

Created by Product Content Team, Modified on Tue, 20 Feb at 10:52 AM by Product Content Team
Which regime is applicable when admin processes payroll for April month without releasing IT declarations to employees?

Created by Product Content Team, Modified on Tue, 20 Feb at 10:52 AM by Product Content Team
Which regime is applicable if admin processes payroll for the month of April without carrying forward IT declarations?

Created by Product Content Team, Modified on Tue, 20 Feb at 10:53 AM by Product Content Team
Employees did not submit their investment declarations in previous financial year, and old regime was enabled by default. What will happen when payroll is processed in April for FY 2023-24?

Created by Product Content Team, Modified on Tue, 20 Feb at 10:53 AM by Product Content Team
Why is it important to recalculate tax after admin changes tax regime?

Created by Product Content Team, Modified on Tue, 20 Feb at 10:48 AM by Product Content Team