New Income Tax slabs announced for 2023-24 in Budget

Budget 2023: The number of tax slabs have been reduced from 7 to 5 and the tax exemption limit is increased to Rs 3 lakh.

Sirali Gupta | Feb 01, 2023, 04:04 PM IST

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Budget 2023: Finance Minister Nirmala Sitharaman announced major changes in the New income Tax regime. The number of tax slabs have been reduced from 7 to 5 and the tax exemption limit is increased to Rs 3 lakh.

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As per the changes in the New Tax regime, individuals do not have to pay any tax up to the salary of Rs 3 lakhs per year. Image Source- Pixabay

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Taxpayers who have salaries between Rs 3 lakhs to Rs 6 lakhs have to pay 5 per cent tax. Image Source- Pixabay

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Citizens who have salaries between Rs 6 lakhs to Rs 9 lakhs have to pay 10 per cent tax. Image Source- Pixabay

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Individuals who have salaries between Rs 9 lakhs to Rs 12 lakhs have to pay 15 per cent tax. Image Source- Pixabay

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Individuals who have salaries between Rs 12 lakhs to Rs 15 lakhs have to pay 20 per cent tax. Image Source- Pixabay

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Individuals who have salaries above Rs 15 lakhs have to pay 30 per cent tax. Image Source- Pixabay

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