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Union Budget 2023: No tax on income of Rs 7 lakh, big change in tax slab under new tax regime in union budget 2023

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Budget 2023: To make the new income tax regime attractive, major changes have been made in the tax slabs. Taxpayers will get a big relief after the new change. There is relief for taxpayers of every slab.

New tax slab of new tax regime
Those whose income is up to Rs 7 lakh, they will not have to pay even a single rupee tax, but if their income increases by even one rupee from 7 lakh, then they will have to pay tax and that tax amount is not only on one rupee but above 3 lakh. Will have to pay on full income. That is, those whose income is more than 7 lakhs will not have to pay any tax on income up to Rs. 3 lakhs under the new income tax system.
But if the income goes above 7 lakhs, 5% tax will have to be paid in the slab of 3 to 6 lakhs. Similarly, 10 per cent income tax on the slab of Rs 6 to 9 lakh, 15 per cent on the slab of Rs 9 to 12 lakh, 20 per cent on the slab of Rs 12 to 15 lakh and 30 per cent on income above Rs 15 lakh. Will happen.

current tax slab
Till now, in the new income tax regime, no tax has to be paid on income up to Rs 2.5 lakh. Income from Rs 2.50 to Rs 5 lakh is taxed at 5 per cent, in which there is a provision for rebate under 87A. 10 per cent on income between Rs 5 to 7.50 lakh, 15 per cent on income between 7.50 and 10 lakh, 20 per cent on income between 10 and 12.50 lakh, 25 per cent on income between 12.5 and 15 lakh and above Rs 15 lakh. 30% tax has to be paid on the income.
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