New Income Tax Slab Rates Budget 2023

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

IncomeTax
0 to 3,00,000NIL
3,00,000 to 6,00,0005%
6,00,000 to 9,00,00010%
9,00,000 to 12,00,00015%
12,00,000 to 15,00,00020%
15,00,00030%