Union Minister Nirmala Sitharaman in her Budget speech 2023 proposed new Income Tax Slab. The details of new income tax rates are available in the article below.
- Earlier there was no tax for income group 0 to 2.5 lakh which is now increased to 3 lakhs
- There will be 5% tax on income group 3 lakh to 6 lakh
- 10% tax to be levid on income group 6 lakh to 9 lakh
- For income group 9 to 12 lakh there is 15% tax
- From 12 lakh to 15 lakh there is 20% Tax
- And for income abouve 15 lakh the tax rate is 30%
- Rebate under Section 87 A has been enhanced 7 lakh from earlier 5 lakhs
Income Tax Rates Budget 2023
| Income | Tax |
|---|---|
| 0 to 3,00,000 | NIL |
| 3,00,000 to 6,00,000 | 5% |
| 6,00,000 to 9,00,000 | 10% |
| 9,00,000 to 12,00,000 | 15% |
| 12,00,000 to 15,00,000 | 20% |
| 15,00,000 | 30% |