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Budget 2023 Tax Slab: Today, throughout the day, you will get to see the news related to the budget. The country’s Finance Minister Nirmala Sitharaman will present the general budget in the Parliament of the country in a short while. The eyes of the general public will remain on the major changes being made by the government regarding tax. When it comes to the budget, the salaried class only expects income tax exemption. A major disappointment for the salaried class is that the income tax slabs have not changed since 2014. It was last amended in 2014. Finance Minister Nirmala Sitharaman introduced a new tax slab while presenting the Budget 2020. However, the new tax regime is optional for taxpayers.
This is the provision in the new tax slab
- There is no tax on annual income of 2.5 lakhs.
- At the same time, 5% tax is levied on income up to 2.5-5 lakhs.
- 10% tax on annual income of 5-7.5 lakhs,
- 15% on income between 7.5 lakh and 10 lakh
- 20% tax between 10 to 12.5 lakh income
- Between 12.5 Lakh to 15 Lakh 25%
- And income above 15 lakhs is taxed at 30% annually.
The system is different on the old tax slab
- Income up to 2.5% is exempt from taxation under both the regimes.
- Income between Rs 2.5 to Rs 5 lakh is taxed at the rate of 5 per cent under the old as well as the new tax regime.
- Under the old regime, personal income between Rs 5 lakh and Rs 7.5 lakh was taxed at the rate of 15 per cent.
- Income between Rs 7.5 lakh and Rs 10 lakh is taxed at the rate of 20 per cent under the old regime
- Under the old regime, personal income above Rs 10 lakh was taxed at the rate of 30 per cent.
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