Good News For Salaried Class! New Income Tax Rates Announced In Budget 2023. Check Here

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New Income Tax Rate: “Income tax- rebate extended on income up to Rs 7 lakhs in new tax regime”, said FM Sitharaman. For the unversed, Sitharaman introduced a new income tax regime while presenting budget 2020.

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New Delhi: Finance Minister Nirmala Sitharaman on Wednesday announced new personal income tax rates for salaried class. “Income tax- rebate extended on income up to Rs 7 lakhs in new tax regime”, said FM Sitharaman. For the unversed, Sitharaman introduced a new income tax regime while presenting budget 2020. However, the new tax regime remains optional for taxpayers.  The basic personal tax exemption limit was last revised in 2014.

NEW 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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Moreover, she added that the average processing time for income tax returns has been reduced from 93 days to 16 days. “The government intends to roll out next-gen common IT Return forms and strengthen grievance redressal”, said Sitharaman.

Tax exemption limit increased to RS. 3 lakh

Change in tax structure: number of slabs reduced to fivehttps://t.co/qoGfVAPsHj #AmritKaalBudget #UnionBudget2023 pic.twitter.com/pd07GfOHv6

— PIB India (@PIB_India) February 1, 2023