In India, the new budget has introduced a tax relaxation up to 7 lakh for individuals. This means that individuals earning up to 7 lakh rupees per year are eligible for a lower tax rate, providing relief to lower and middle-income taxpayers.
Also read :- How to become financial independent
New Income Tax Slab of India
| 1 | Up to 3lakh income the tax rate is | 0% or NIL |
| 2 | From 3 lakh to 6 lakh income the tax rate is | 5% |
| 3 | From 6 lakh to 9 lakh income the tax rate is | 10% |
| 4 | From 9 lakh to 12 lakh income the ta rate is | 15% |
| 5 | From 12 lakh to 15 lakh income the tax rate is | 20% |
| 6 | Above 15 Lakh the tax rate is | 30% |
Also read :- Top 10 Stock Broker in US
F A Q
What new Tax Regime is mandate for all
Ans :- The income tax regime will now be the default regime but the taxpayer have an option to choose old regime.
Is there any change in tax slab 2023?
Ans :- In Budget 2023, the Indian government did not change the income tax slabs since 2014. However, the Union Finance Minister Nirmala Sitharaman announced a change in the income tax slabs, with a rebate of up to 7 lakh rupees for those under the new income tax regime.
What is the 80C limit for ay 2023 24?
Ans :- In simple terms, the amount of tax deduction you can claim is limited to the total amount paid or deposited, with a maximum limit of 1.5 lakh rupees. This maximum limit includes the deductions claimed under sections 80C, 80CCC, and 80CCD of the tax code.
What is the due date for 2023 taxes?
Ans :- April 18