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Income Tax: Budget 2023 has been presented by the Modi government. In this budget, many announcements have been made by Finance Minister Nirmala Sitharaman. At the same time, people had hopes of relief regarding income tax in this budget. Nirmala Sitharaman has also made an important announcement regarding income tax in the Union Budget 2023-24. The people of the country were waiting for exemption in income tax for a long time. Now the exemption in income tax has been announced by Finance Minister Nirmala Sitharaman.

Income Tax

Finance Minister Nirmala Sitharaman has made several announcements for the benefit of taxpayers. In these, regarding income tax, the Finance Minister announced that under the new tax regime, the rebate has been increased on income up to Rs 7 lakh. Earlier this rebate was available up to Rs 5 lakh. Along with this, the income tax slab has also been increased. Now no tax will be levied up to Rs 7 lakh. Salaried people will get benefit from this.

income tax slab

Finance Minister Nirmala Sitharaman said that in 2020, I had introduced the new personal income tax regime with 6 income slabs starting from Rs 2.5 lakh. Now I propose to change the tax structure in this system, reduce the number of slabs to 5 and increase the tax exemption limit to Rs 3 lakh.

this is new slab

Union Finance Minister Nirmala Sitharaman said personal income tax: "New tax rates Rs 0 to 3 lakh - Nil, Rs 3 to 6 lakh - 5%, Rs 6 to 9 lakh - 10%, Rs 9 to 12 lakh - 15%, Rs 12 to 15 lakh - 20% and above Rs 15 lakh - 30% tax.