Today, FM presented the new income tax slabs for the new tax regime. The changes are expected to bring about significant relief for taxpayers.
New income tax slabs with tax-free income up to Rs 3 lakh, 5% tax on income between Rs 3-6 lakh, 10% tax on income between Rs 6-9 lakh, 15% tax on income between Rs 9-12 lakh, 20% tax on income between Rs 12-15 lakh, and 30% tax on income above Rs 15 lakh.
The personal income tax limit has also been increased from Rs 5 lakh to Rs 7 lakh for the new tax regime only.
New personal Income Tax slabs
PERSONAL INCOME TAX-Under new tax regime:
1.Income of Rs 0-3 lakh is nil.
2. Above Rs 3 lakh and up to Rs 5 lakh to be taxed at 5%
3. Above Rs 6 lakh and up to Rs 9 lakh to be taxed at 10%
4. Above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20%
5. Above Rs 15 lakh at 30%— India Ahead News (@IndiaAheadNews) February 1, 2023
This new tax regime aims to provide relief to taxpayers with lower incomes while ensuring that those with higher incomes contribute to the growth of the country. The changes are being widely discussed and are expected to bring about a positive impact on the economy. The government’s commitment to promoting financial stability and growth is reflected in this move.