Budget 2023 Income Tax | FM Sitharaman Announces New Income Tax Slabs | Income Tax Slab 2023-24

Budget 2023 Income Tax | FM Sitharaman Announces New Income Tax Slabs | Income Tax Slab 2023-24

Finance Minister Nirmala Sitharaman announced an increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh under the new tax regime. She added that the new tax regime will now be the default tax regime. The FM also reduced the number of tax slabs in the new tax regime. They are as follows: Tax for income of Rs 0-3 lakh is nil; income above Rs 3 lakh and up to Rs 5 lakh to be taxed at 5%; income of above Rs 6 lakh and up to Rs 9 lakh to be taxed at 10%; income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20%; and income above Rs 15 lakh to be taxed at Rs 30%.

#incometax #unionbudget2023 #nirmalasitharaman #englishnews #latestnews n18oc_india