Budget 2023 The Payroll Changes You Need to Know
                     Budget 2023: The Payroll Changes You Need to Know
What Are the Changes to the New Regime in Budget 2023?
 The new regime is the default regime if the employee doesn’t make a choice
 New tax rates and slabs have been relaxed to benefit employees
 A Standard Deduction of INR 50,000 applies to salaried persons. Those  
earning a family pension are also eligible for a deduction of INR 15,000 or 
 one-third of the income, whichever is lower
 The tax rebate has been raised from INR 5 lacs to INR 7 lacs
 The surcharge for those earning more than INR 5 crore has decreased from 
 37% to 25%
Other Amendments That Impact the Payroll
 The leave encashment exemption limit (lifetime) has been increased from INR 
 3 lacs to INR 25 lacs
 The salary threshold for Professional Tax (PT) has been revised from INR 
 15,000 to INR 25,000 for Karnataka State
 The EPFO extended the deadline for exercising the option to contribute to 
a
higher pension to March 3, 2023
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