No income tax up to Rs 7 lakh: New tax slabs announced in Budget 2023 | Azad Times

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Azad Times News Desk.

Union Finance Minister Nirmala Sitharaman said that the new income tax regime is the default, however, citizens can still opt for the old regime

Edited picture of Nirmala Sitharaman in the front and a background of the parliament building

Money Union Budget 2023 Wednesday, February 01, 2023 - 13:24

In her fifth budget, Union Finance Minister Nirmala Sitharaman made a major announcement regarding changes in income tax — the rebate limit has been increased for those with incomes of up to Rs 7 lakh under the new regime. The existing limit stands at Rs 5 lakh. This means that people who earn less than Rs 7 lakh taxable income per year will not have to pay any income tax. 

For those earning above Rs 7 lakh, the new regime will tax the income at 0% between Rs 0 and 3 lakh; a tax of 5% for income between Rs 3 and 6 lakh; 10% for income between Rs 6 and 9 lakh; 15% for income between Rs 9 and 12 lakh; 20% for income between Rs 12 and 15 lakh. A 30% tax will be levied for income above Rs 15 lakh. 

The new income tax regime has been made the default tax regime, while citizens will continue to have the option to avail the benefit of the old tax regime.Under the old regime, income under Rs 5 lakh is taxed at 0%, Rs 5-7.5 lakh at 15%, Rs 7.5-10 lakh at 20%, and above Rs 10 lakh at 30%. 

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