Income Tax Slab: In the new tax regime, changes were also made in the income tax slab by the government. In such a situation, taxpayers who file income tax returns under the new tax regime should be aware of the changed tax slabs. In Budget 2023, several announcements were made by the Finance Minister.
Income Tax Return: The central government has made many important announcements in the budget 2023. In this, many important announcements regarding income tax have also been made by the government. Along with this, important announcements were also made by the government to increase the income level. Now from the financial year 2023-24, no income tax will have to be paid up to Rs 7 lakh per year in the new tax regime. Earlier its limit was Rs 5 lakh.
Income Tax
At the same time, in the new tax regime, a change was also made in the income tax slab by the government. In such a situation, taxpayers who file income tax returns under the new tax regime should be aware of the changed tax slabs. In Budget 2023, several announcements were made by the Finance Minister. Among these, the announcement regarding tax slabs in the new tax regime was very important.
Tax Slab
The Finance Minister had announced that if a person whose income is between 0-3 lakh rupees annually, then he will not have to pay many taxes. Although earlier it was on an annual income of Rs 2.5 lakh. On the other hand, under the new tax regime, if someone’s income is more than 15 lakhs, then they will have to pay 30 percent income tax.
Tax slabs under the new tax regime—
- Those with an annual income of Rs 3 lakh and Rs 6 lakh will have to pay 5 percent tax.
- Those with an annual income of Rs 6 lakh to Rs 9 lakh will have to pay 10 percent tax.
- Those with an annual income of Rs 9 lakh to Rs 12 lakh will have to pay 15 percent tax.
- Those with an annual income of Rs 12 lakh to Rs 15 lakh will have to pay 20 percent tax.
- Those with an annual income of more than Rs 15 lakh will have to pay 30 percent tax.
- At the same time, no changes have been made under the old tax system. In such a situation, if someone files tax under the old tax regime, his tax slab will remain unchanged.
