Announcement of new tax slab, no tax for those earning up to 7 lakhs- Earlier it was taxable at 5 lakhs. Different income slabs have different tax slabs.
Contents
Union Budget 2023 New tax rates
- 0 to Rs 3 lakhs – Nil
- Rs 3 to 6 lakhs – 5%
- Rs 6 to 9 Lakhs – 10%
- Rs 9 to 12 Lakhs – 15%
- Rs 12 to 15 Lakhs – 20%
- Above 15 Lakhs – 30%
- No income tax will be charged till Rs 7 lakh in the new tax regime.
Five-point from new income tax
- No tax for those earning up to 7 lakhs per annum.
- A person earning 9 lakhs has to pay 45 thousand which is 25% less, earlier it used to be 60 thousand.
- A person earning 15 lakhs has to pay 1.5 lakhs which is 20% less, earlier it was 1.87 lakhs.