Budget 2023: Personal Income Tax: “The new tax rates are 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% and above 15 Lakhs – 30%, ” says Union Finance Minister Nirmala Sitharaman.
#UnionBudget2023 | Personal Income Tax: “The new tax rates are 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% and above 15 Lakhs – 30%, ” says Union Finance Minister Nirmala Sitharaman pic.twitter.com/li3dXsHGfA
— ANI (@ANI) February 1, 2023
Nirmala Sitharaman, the Finance Minister, is now presenting the Union Budget 2023 in Parliament. This is the government’s final full-fledged budget before the Lok Sabha elections in early 2024. Sitharaman began by referring to this as the “first Budget of Amrit Kaal” and a blueprint for India at 100. She stated that her Budget will include seven priorities, which she referred to as the “Saptarishis” guiding her outlook.
Budget 2023: Old income tax slab vs new income tax slab
New tax slabs Budget 2023
1) Income up to ₹2.5 is exempt from taxation under both regimes.
2) Income between ₹2.5 to ₹5 lakh is taxed at the rate of 5 per cent under the old as well as the new tax regime.
3) Personal income from ₹5 lakh to ₹7.5 lakh is taxed at a rate of 10 per cent under the new regime
4) Income between ₹7.5 lakh to ₹10 lakh is taxed at a rate of 15 per cent under the new
There are three slabs above ₹10 lakh
5) Personal income between ₹10 lakh and ₹12.5 lakh is taxed at a rate of 20 per cent under the new regime.
6) Income from ₹12.5 lakh to ₹15 lakh is taxed at 25 per cent
7) Income above ₹15 lakh is taxed at a rate of 30 per cent.
Old tax slabs
1) Income up to ₹2.5 is exempt from taxation under both regimes.
2) Income between ₹2.5 to ₹5 lakh is taxed at the rate of 5 per cent under the old as well as the new tax regime.
3) Personal income from ₹5 lakh to ₹7.5 lakh is taxed at a rate of 15 per cent under the old regime
4) Income between ₹7.5 lakh to ₹10 lakh is taxed at a rate of 20 per cent in the old regime
5) Under the old regime personal income above ₹10 lakh is taxed at a rate of 30 per cent.
