According to Union Budget 2023-24, consider the

Solution

There are a number of proposals relating to rationalization and simplification. Income of authorities, boards and commissions set up by statutes of the Union or State for the purpose of housing, development of cities, towns and villages, and regulating, or regulating and developing an activity or matter, is proposed to be exempted from income tax. Other major measures in this direction are:   ●Removing the minimum threshold of ` 10,000/- for TDS and clarifying taxability relating to online gaming;  ●Not treating conversion of gold into electronic gold receipt and vice versa as capital gain;  ●Reducing the TDS rate from 30 per cent to 20 per cent on the taxable portion of EPF withdrawal in non-PAN cases; and   ●Taxation on income from Market Linked Debentures.