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Budget 2023: Know the Old & Latest Income Tax Slab Rates

Old Vs New Slab Rates in Budget 2023-24

Just one thing that now the salaried class looks forward to when it comes to the budget is the income tax incentive. When delivering Union Budget 2023-24 on 01st February, Finance Minister Nirmala Sitharaman adjusted the slabs to offer some relief to the middle class.

During the presentation of Budget 2020, FM Sitharaman said that “It is proposed to increase the rebate for the resident individual under the new regime so that they do not pay tax if their total income is up to ₹7 lacks.”

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    Budget 2023: Old Vs New Income Tax Slab Rates

    Listed below are the new and old income tax slab rates in the proposed budget for 2023-24:

    New Income Tax Slab Rates

    • No tax will be charged on income up to 3 lakh rupees.
    • Income between 3-6 lakh rupees would indeed be taxed at 5%.
    • Income between 6 to 9 lakh rupees would indeed be taxed at 10%.
    • Income between 9 to 12 lacks at 15%
    • Earnings of 12-15 lakh at a 20% tax rate
    • Income of 15 lacks or over will also be taxed at 30%.
    Income Tax Slab RatesOld Tax RegimeNew Tax Regime
    0-3 lakhNILNIL
    3-6 lakh 5%NIL
    (Increased income threshold for a rebate of income tax from INR 5 lakh to INR 7 lakh)
    6-9 lakh 10% 10%
    9-12 lakh 15% 15%
    12-15 lakh 20% 20%
    Above 15 lakh30%30%

    Old Income Tax Slab Rates

    • Both regimes exclude income up to INR 2.5 lakh from taxes.
    • Income between 2.5 and 5 lakh rupees is taxed at 5% under both the old and new tax regimes.
    • Under the prior regime, personal income ranging from 5 lacks to 7.5 lacks was taxed at a rate of 15%.
    • In the prior regime, income between 7.5 lacks and 10 lacks was taxed at a rate of 20%.
    • Under the previous regime, personal income in excess of Rs 10 lakh was taxed at a rate of 30%.

    Since 2014, there has not been a modification to the income tax slabs rates. The standard personal tax exemption threshold last underwent an update in 2014. During the presentation of the 2020 budget, FM Sitharaman launched a new income tax system. The new tax system is still a choice for taxpayers, though.

    Disclaimer:- "All the information given is from credible and authentic resources and has been published after moderation. Any change in detail or information other than fact must be considered a human error. The blog we write is to provide updated information. You can raise any query on matters related to blog content. Also, note that we don’t provide any type of consultancy so we are sorry for being unable to reply to consultancy queries. Also, we do mention that our replies are solely on a practical basis and we advise you to cross verify with professional authorities for a fact check."

    Published by Subodh Kumawat
    Subodh has done with numerous professional degrees ranging from Human Rights to Banking along with MBA in HR Marketing. He is also interested in the field of tax-related articles and blog as per the industry based norms. Having expert knowledge in diverse sectors, he assures facts and figures along with testimony, in his articles. Working in SAG Infotech, he is a trusted author among the readers globally. View more posts
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