New Income Tax Slabs Budget 2023 Highlights: Big Rebate on Income Tax, NO Tax on Income up to Rs 7 Lakh in new tax Regime

Income Tax Slabs Budget 2023 LIVE Updates: Currently, those with an income of Rs 5 lakhs do not pay any income tax and I proposed to increase the rebate limit to Rs 7 lakhs in the new tax regime

Income Tax Slabs Budget 2023 LIVE Updates

Income Tax Slabs Budget 2023 LIVE Updates:  Finance Minister Nirmala Sitharaman on Wednesday announced big sop for individual Tax payers. On the Personal Income Tax front, FM has raised the income tax slab for tax payers. 

As per the the new tax rates from 0 to Rs 3 lakhs - individual tax payer will not have to pay any tax, for Rs 3 to 6 lakhs - 5% tax will be levied, Rs 6 to 9 Lakhs - 10% tax will be levied, Rs 9 to 12 Lakhs - 15% tax will be levied, Rs 12 to 15 Lakhs - 20% tax will be levied and above 15 Lakhs - 30% tax will be levied, said the FM

"I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 Lakhs. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 Lakhs," FM added

"Currently, those with an income of Rs 5 lakhs do not pay any income tax and I proposed to increase the rebate limit to Rs 7 lakhs in the new tax regime," FM Sitharaman presenting her Budget speech said. 

The Income Tax slabs and tax rates have not been changed for a long time now. Though the Finance Minister introduced a new tax regime in the Budget in 2020, it did come with a catch on deductions. A change in the income tax slab is seen as a huge relief for millions of individual taxpayers who are reeling under high inflation.

Budget 2023 LIVE Streaming on Zee News:

Here are the Highlights of Budget 2023 Announcement

01 February 2023

19:42 IST

That's that. FM Sitharaman  --as Industry watchers have described --has presented a holistic and growth oriented Budget that has something for everyone. Thanks for joining us in our coverage today. See you again for the live coverage of next Big Biz Event. 

19:05 IST

Union Budget 2023 Today LIVE: Limit of Rs 3 lakh for tax exemption on leave encashment Increased to Rs 25 lakh

Encashment of earned leave up to 10 months of average salary, at the time of retirement in case of an employee (other than an employee of the Central Government or State Government), is exempt under sub-clause (ii) of clause (10AA) of section 10 of the Income-tax Act (“the Act”) to the extent notified. The maximum amount which can be exempted is Rs 3 lakh at present. It is proposed to issue notification to extend this limit to Rs 25 lakh