Budget 2023 Income Tax Slabs: Income up to 7 lakhs is tax free, these are the new tax slabs

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Union Budget 2023 New Income Tax Slabs: Union Finance Minister Nirmala Sitharaman has presented the general budget for the financial year 2023-24. In his budget speech, he has announced to make tax compliance more easy.

Along with this, Nirmala Sitharaman has also announced to bring a common IT return form. The Finance Minister has increased the income tax exemption limit from 5 lakh to 7 lakh in the new tax regime.

The maximum limit of surcharge has been reduced from 37% to 25%. In the new tax regime, the tax slab has been reduced from 7 to 5. The new tax regime has been made the default tax regime.

Currently, there is no tax on income up to Rs 5 lakh. Now rebate will be available up to 7 lakhs. In the new tax regime, the tax slab has been reduced from 7 to 5. Under the new system, there is complete income tax exemption on income up to Rs 0-2.50 lakh.

There is a provision of 5% tax on income up to Rs 2.50-5 lakh. Those earning Rs 5 to 7.50 lakh will now have to pay 10 per cent tax, those earning Rs 7.50 lakh to Rs 10 lakh will now have to pay 15 per cent tax.

Those earning between Rs 10 to 12.50 lakh will have to pay 20 per cent tax. Those earning Rs 12.50 lakh to Rs 15 lakh will have to pay 25 per cent tax. On the other hand, those whose income is more than Rs 15 lakh, such people will have to pay 30 percent tax.

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