New Income Tax Slab 2023-24:- Finance Minister Nirmala Sitharaman has announced the budget 2023 under which new income tax slabs have been issued. Finance Minister Nirmala Sitharaman has announced to increase the income tax net for individual taxpayers. With the announcement of the new budget, the income tax deduction has been increased from Rs 5 lakh to Rs 700,000. No income tax will be charged upto 700000 income as per income tax slab.
Under the new income tax slabs 2023-24, income between Rs 700,000 to Rs 900,000 will be taxed at 10%. Similarly, 20% tax will be charged on income from 1200000 to 15 lakhs and if the income is 1500000 then that person will have to pay 30% tax.
New Income Tax Slab 2023-24
0% from 0 to 25 thousand
0% from 25 to 57 thousand
5% from 58 to 75 thousand
75 to 1 lakh 10%
1 lakh to 1.25 lakh 20%
30% above 1.25 lakh
new income tax slab rate
• 10% income tax will be levied on income above 700000 and up to 900000.
• Income above 12 lakhs and up to 1500000 will attract 20% income tax.
• 30% income tax will be levied on income above 1500000.
new income tax slab features
• The limit of tax exemption has been fixed at ₹ 300000.
• Anyone earning ₹700000 in a year is not required to pay any tax.
Higher tax rate 42.74% Lower than 39%
• 15 points A salaried individual with an annual income of ₹500,000 or more will get a benefit of ₹52,500.