Finance Minister announced to increase the income tax limit, now tax will not have to be paid on income of 7 lakhs
Income Tax: Finance Minister Nirmala Sitharaman has announced to increase the limit of income tax and in the new tax system, no tax will have to be paid up to Rs 7 lakh.
Income Tax Slab 2023 New Announcements 2023: Finance Minister has made big announcements regarding income tax. There have been 5 big announcements in personal income tax. In the new tax regime, there is no tax on income up to 5 lakhs, but now this rebate will be available on income up to 7 lakhs.
Income Tax Slab 2023 New Announcements 2023: The country’s budget has been presented. Finance Minister Nirmala Sitharaman presented the country’s Union Budget in the Parliament today, February 1, 2023. There were hopes of relief to the employed people across the country regarding income tax and the Finance Minister has made big announcements regarding income tax. There have been 5 big announcements in personal income tax. First of all, he said that in the new tax regime, there is no tax on income up to 5 lakhs, but now this rebate will be available on income up to 7 lakhs. That is, in the new tax regime, no tax will have to be paid up to the rebate limit of 7 lakhs. The new tax regime has been made the default tax regime. The 6 income tax slabs implemented in 2020 were changed to 5.
Income Tax New Tax slab: What will be the new tax slab?
Revenue to tax %
- 0 to 3 lakh 0%
- 3 to 6 lakh 5%
- 6 to 9 lakh 10%
- 9 to 12 lakh 15%
- 12 to 15 lakh 20%
- More than 15 lakh 30%
