Union Budget 2023 | Big Relief For Taxpayers! Personal Income Tax Slabs Revised Under New Tax Regime

While the Narendra Modi government delivered its final full-fledged Budget before the 2024 general elections, Union Finance Minister Nirmala Sitharaman said that the new tax regime will now be the default tax regime. She also stated that, while the new tax regime will be the default, taxpayers could choose the old one. Under the new tax regime, the FM also announced an increase in the income tax rebate maximum from Rs 5 lakh to Rs 7 lakh. "In 2020, I launched a new personal income tax structure with six earning brackets beginning at Rs 2.5 lakh. "I propose that the tax structure in this regime be changed by lowering the number of slabs to five and raising the tax exemption ceiling to Rs 3 lakh," she said. Watch out the latest video to know more!
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[NareshCK]

Let the election over in 2024 then the new budget will shock you 😂😂😂

[noahark]

Person earning 9 lakhs will pay only 45, 000 tax, which is only 5% of his income. Ok.
But, as compared to old tax regime, this will result in savings of only Rs. 7500/-, which is less than 1% of his total income. Lol. 😂
(These savings will be wiped out once we factor in the increased GST & overall price rise)