Income Tax in Budget 2023: New slab
New tax slabs
1) Income up to ₹2.5 is exempt from taxation under both regimes.
2) Income between ₹2.5 to ₹5 lakh is taxed at the rate of 5 per cent under the old as well as the new tax regime.
3) Personal income from ₹5 lakh to ₹7.5 lakh is taxed at a rate of 10 per cent under the new regime
4) Income between ₹7.5 lakh to ₹10 lakh is taxed at a rate of 15 per cent under the new
There are three slabs above ₹10 lakh
5) Personal income between ₹10 lakh and ₹12.5 lakh is taxed at a rate of 20 per cent under the new regime.
6) Income from ₹12.5 lakh to ₹15 lakh is taxed at 25 per cent
7) Income above ₹15 lakh is taxed at a rate of 30 per cent.
Old tax slabs
1) Income up to ₹2.5 is exempt from taxation under both regimes.
2) Income between ₹2.5 to ₹5 lakh is taxed at the rate of 5 per cent under the old as well as the new tax regime.
3) Personal income from ₹5 lakh to ₹7.5 lakh is taxed at a rate of 15 per cent under the old regime
4) Income between ₹7.5 lakh to ₹10 lakh is taxed at a rate of 20 per cent in the old regime
5) Under the old regime personal income above ₹10 lakh is taxed at a rate of 30 per cent.
India Budget 2023: A Look at the Key Highlights
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