There has been no change in the income tax rates for personal income taxpayers since 2017-18. However, in 2020-21, the government brought a new tax regime. But still, most people are liking the old tax regime, in which there has been no change. Given the apprehension of slowness in the international economy, the importance of the domestic market in India's growth rate has further increased. In such a situation, if people have more money to spend in their pockets to increase demand, then it will be good for the economy as well. In these circumstances, most of the experts are expecting some relief from the Finance Minister to the income taxpayers this time. Middle-class taxpayers are also hoping that the Modi government, which has given free food grains to the poor and incentives to the corporate sector, maybe kind to them this time too.
This calculator will help you in adding tax
According to the income tax slab, which taxpayer will have to pay how much tax, can be estimated with the help of this tax calculator. If any announcement related to income tax is made in the budget, it will also be included in this tax calculator as soon as possible. Keep an eye on this live blog for a budget announcement related to income tax.
Current income tax slabs and rates
Income tax slabs and rates 2023 (old regime)
Annual income up to Rs 2.5 lakh: NIL
Annual income up to Rs 2.5- 5 lakh: 5%
Annual income up to Rs 5-10 lakh: 20%
Annual income up to Rs 10-20 lakh: 30%
Annual income above Rs 20 lakh: 30%
Current income tax slabs and rates
Income Tax Slabs and Rates for AY 2023-24 (New Regime)
Annual income up to Rs 2.5 lakh: NIL
Annual income up to Rs 2.5- 5 lakh: 5%
Annual income up to Rs 5-7.5 lakh: 10%
Annual income up to Rs 7.50-10 lakh: 15%
Annual income up to Rs 10-12.5 lakh: 20%
Annual income up to Rs 12.5-15 lahks: 25%
Annual income up to Rs 15-20 lakh: 30%
Annual income above Rs 20 lakh: 30%
Announcements related to income tax are made in the last part of the budget speech.
Finance Minister Nirmala Sitharaman will present the country's new budget in Parliament at 11 am. In the budget speech of the Finance Minister, the mention of tax-related proposals usually comes at the end. Provisions related to income tax are also in this part. Keep watching this blog to know what is going to change in your income tax slab or rate.
