Budget 2023: No income tax up to ₹7 lakh, revised tax slabs for new regime
Feb 01, 2023
There will be no income tax up to ₹7 lakh in the new tax regime, announced Union finance minister Nirmala Sitharaman in the Union Budget 2023 on Wednesday.
"The government proposes to increase income tax rebate limit from ₹5 lakh to ₹7 lakh in the new tax regime," said Sitharaman.
Here are the new slab rates:
0-3 lakh - nil
3- 6 lakh - 5%
6- 9 lakh- 10%
9-12 - 15%
12-15 - 20%
above 15 lakh - 30%