Budget 2023 Updates: A glimpse of New income tax slabs 2023-24

The FM Nirmala Sitharaman announced the new income tax slab in her 5th speech on budget 2023

 

Income Tax slab 2023-2024: The Finance Minister, Nirmala Sitharaman has announced a significant change in the income tax regime. The new income tax regime has seen a major update in the income tax slab rates for 2023-24. 

 

As per the new tax regime, the basic exemption limit has been updated to Rs. 3 lakhs. The income tax rebate limit available for salaried and individual taxpayers under the new income tax regime has been increased to Rs. 7 lakhs from the current Rs 5 lakhs. The new tax regime will be the default tax regime - FM Said in budget 2023.

 

Go through the below-mentioned table for more details of new income tax slabs in 2023. 

 

Income Tax Slabs 2023: Tax slabs & rates Under New Income Tax Regime

 

Income 

Tax Rates

Up to 3 lakh

NIL

Rs. 3 Lakhs to Rs. 6 Lakhs

5%

Rs. 6 Lakhsto Rs. 9 Lakhs

10%

Rs. 9 Lakhs to Rs. 12 Lakhs

15%

Rs. 12 Lakhs to Rs. 15 Lakhs

20%

Above Rs. 15 Lakhs

30%

 

Earlier Income Tax Rates 2022-23

 

Income 

Tax Rate

Up to 5 Lakhs

Nil

Rs. 2.5 to Lakhs

5%

Rs. 5 to Rs. 7.5 Lakhs

10%

Rs. 7.5 to Rs. 10 Lakhs

15%

Rs. 10 to Rs. 12.5 Lakhs

20%

Rs. 12.5 Lakhs to Rs. 15 Lakhs

25%

Above Rs. 15 Lakhs

30%

 

Some of the major highlights point of Budget 2023

 

  • The custom duty on the goods of gold and silver will be increased.

 

  • The mobile phones, cameras, and lenses will also be decreased in the price segment.

 

  • The purchasing cost of Electric vehicles will be reduced.

 

  • Automobiles, toys, and other basic things will be cheaper than before.

 

  • The focus is also on tourism development which may increase air travel. 
  • Theme-based tourist circuits and the facilitation of rural infrastructure are also cheerful moves.

 

  • FM said that the focus will be given to increasing digitization to enhance IT services.

 

  • Finance Minister declared 35 crores for priority capital investment for the energy transition, net zero objectives, and energy security by the ministry of petroleum and natural gas.

 

  • The Government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0

 

  • existing old polluting vehicles are crucial to replace in 'greening our economy', says Nirmala Sitharaman.

 

  • PM Pranam will be brought to incentivize states and Union Territories to enhance alternative fertilizers and balanced use of chemical fertilizers.

 

  • 39,000+ compliances were reduced to increase the comfort in doing business and over 3400 legal provisions were decriminalized.

 

  • 80 Crores people will be offered free grains under the free food scheme 2023.

 

  • 100th of the Labs are declared to be opened For 5G service.

 

  • The average time for processing IT returns is reduced from 93 days to 16 days.





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