Budget 2023: A glimpse of old vs current income tax slabs
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.
Income Tax slab 2023-2024:
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.
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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% |
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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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Krishna Gopal Varshney
An editor at MyitronlinenewsKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
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