Budget 2023: Big Relief For Middle-Class, No Income Tax Till Rs 7 Lakh

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In a big relief to middle-class, Finance Minister Nirmala Sitharaman on Wednesday stated “tax rebate limit increased to Rs 7 Lakh”.

Budget 2023: In a big relief to middle-class, Finance Minister Nirmala Sitharaman on Wednesday stated “tax rebate limit increased to Rs 7 Lakh”. “The new tax rates are 0 to Rs 3 lakhs – nil, Rs 3 to 6 lakhs – 5%, Rs 6 to 9 Lakhs – 10%, Rs 9 to 12 Lakhs – 15%, Rs 12 to 15 Lakhs – 20% and above 15 Lakhs – 30%, ” Sitharaman said in her Budget speech.

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New personal income tax rates –

• 0 to Rs 3 lakhs – Nil
• Rs 3 to 6 lakhs – 5%
• Rs 6 to 9 Lakhs – 10%
• Rs 9 to 12 Lakhs – 15%
• Rs 12 to 15 Lakhs – 20%
• Above Rs 15 Lakhs – 30%

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What Sitharaman said on income tax slab revision | Speech Highlights

• “I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 Lakhs. I propose to change tax structure in this regime by reducing the number of slabs to five and increasing the tax exemption limit to Rs 3 Lakhs,” Nirmala Sitharaman said.
• “he new tax rates are 0 to Rs 3 lakhs – nil, Rs 3 to 6 lakhs – 5%, Rs 6 to 9 Lakhs – 10%, Rs 9 to 12 Lakhs – 15%, Rs 12 to 15 Lakhs – 20% and above 15 Lakhs – 30%,” Sitharaman said her Budget speech.