Budget 2023 New Tax Slab: A new tax slab has been announced by the Central Government in the budget for the financial year 2023-24. Giving relief to the people, the government has increased the tax exemption limit. According to the announcement made by Finance Minister Nirmala Sitharaman in the budget, now no tax will be payable to a person up to the limit of Rs 7 lakh. Earlier this limit was five lakh rupees.
Budget 2023 New Tax Slab
According to the new tax slab, income between 3 to 6 lakhs will be taxed at 5 percent. Income from 6 to 9 lakhs will be taxed at 10 percent. Income from 9 to 12 lakh will be taxed at 15 percent. Income from 12 to 15 lakhs will be taxed at 20 percent. Income above 15 lakhs will be taxed at 30 percent.
Now there will be tax exemption on seven lakhs
After the budget announcement by the Finance Minister, income up to Rs 7 lakh will not be taxed. CA Gaurav Aggarwal told that you will get this benefit only by combining the standard exemption of Rs 50,000 and the exemption given under 80C.
The tax slab was last changed in 2014
Before this, the last change in the tax slab was done by the government in 2014. At the same time, in the budget 2020, a new tax system was brought by the central government on behalf of the government.
