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Income Tax Slabs Budget 2023: Income tax rebate limit from Rs 5 lakh to Rs 7 lakh under the new tax regime

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Batori24 Bureau
Batori24 Bureau
Batori24 is a Vernacular based Assamese news portal based in Guwahati Assam. We are a dedicated news channel covering news and stories across the globe with special reference to Assam, north-east along with National and International news.

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.

 

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.

Also Read: Budget 2023: Custom duty on cigarettes increased,Income tax- rebate extended on income up to Rs 7 lakhs in new tax regime

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.

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