We’re pleased to let you know that greytHR is now live with budget-related changes for the financial year 2023-24!
The union budget has announced some key changes to the new tax regime that will affect payroll processing. All these changes are updated on greytHR and available for your use without the need for any intervention from you.
greytHR is now updated with the following changes to the new tax regime:
- Revised income tax slabs
- Rebate for taxable income of up to INR 7 lakhs
- Surcharge for the highest slab in the new regime is 25%
- Standard deduction of INR 50,000 is now applicable to the new regime as well
- Leave encashment tax exemption limit is revised to INR 25 lakhs
- Starting from FY 2023-24, the new income tax regime will be the default option
To learn more about these changes, head over to our blog!