Radhika Viswanathan,Vinit Turakhia
The Economic Survey of 2022-23 expects the Indian economy to grow at 7% for the year ending March 2023, with the country also widely projected to be the fastest growing economy in FY23. At a time when the global economy is grappling with recessionary pressures, this status is a boon. In light of the above and considering that tax rates, deduction and exemption limits, have relatively remained unchanged for some time now, the expectations of individual taxpayers from the Union Budget were quite high. Finance Minister Nirmala Sitharaman proposed to introduce five major amendments to tax regulations, impacting individual taxation. It is important to note that all these changes, except that relating to leave encashment, apply only to the new tax regime.