Income Tax Slab Rate: There are possibilities of making many important announcements by the Finance Minister through this budget. At the same time, the eyes of the whole country will be on the budget this time because before the 2024 Lok Sabha elections, it will be the full budget presented by the central government.
Income Tax Slab Rate: The Union Budget 2023 will be presented in Parliament on 1 February by Finance Minister Nirmala Sitharaman. There are possibilities of making many important announcements from the Finance Minister through this budget. At the same time, the eyes of the whole country will be on the budget this time because before the 2024 Lok Sabha elections, it will be the full budget presented by the central government. At the same time, people are also expected to get exemption in income tax in this budget.
Income Tax
Although there is currently a system of two income tax regimes in the country. People in the country can file tax according to two regimes. One is Old Tax Regime and the other is New Tax Regime. Out of these two tax systems being adopted in the country, today we are going to talk about the new tax system i.e. New Tax Regime before the budget.
Income tax slab rate
In fact, in Budget 2020, Finance Minister Nirmala Sitharaman had announced a new tax regime. This is known as New Tax Regime. The new tax regime is optional for taxpayers and has a lower tax rate. However, no other exemption is given in this. On the other hand, if we talk about the new tax regime, there are 7 tax slabs in it.
New tax regime
No interest is charged on income of Rs 2.5 lakh per annum on payment of tax through the new tax system i.e. New Tax Regime. After this, 5% tax is charged on the annual income of Rs 2.5 to 5 lakhs. At the same time, 10% tax is charged on income of Rs 5 lakh to Rs 7.5 lakh per annum. At the same time, 15% tax is charged on income of Rs 7.5 lakh to Rs 10 lakh per annum.
New tax regime slab
Under the new tax regime, 20 per cent tax is levied on income between Rs 10 lakh and Rs 12.5 lakh per annum. At the same time, 25 percent tax is charged on the income of Rs 12.5 lakh to Rs 15 lakh annually. At the same time, tax is charged at the rate of 30 percent on the annual income of more than 15 lakhs.
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