New Tax Slab In Budget 2023, the government has announced New Tax Slab 2023. Keeping in mind the general public, it has been announced to give exemption in the new tax slab. According to this, now individuals with total annual income up to Rs 7 lakh will not have to pay any tax. At the same time, according to the old tax slab, it was up to five lakh rupees. Due to this, the news of great relief is coming for the taxpayers.
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.
Income from Rs 0 to Rs 3 lakh is exempt from personal income tax.
- 5% tax on income between Rs 3 lakh and Rs 6 lakh
- 10 percent tax on income between Rs 6 lakh and Rs 9 lakh
- 15 percent tax on income from Rs 9 lakh to Rs 12 lakh
- 20 percent tax on income between Rs 12 lakh and Rs 15 lakh
- Income above Rs 15 lakh is taxed at 30 per cent.
How to get discount up to 7 lakhs?
Although it is being taxed at five per cent up to Rs 6 lakh, standard exemption of Rs 50,000 and tax exemption under section 80C can be availed. In this way, a taxpayer can avoid paying tax on income up to Rs.