Budget 2023: No income tax up to ₹7 lakh, revised tax slabs for new regime

There will be no income tax up to ₹7 lakh in the new tax regime, announced Union finance minister Nirmala Sitharaman in the Union Budget 2023 on Wednesday.

“The government proposes to increase income tax rebate limit from ₹5 lakh to ₹7 lakh in the new tax regime,” said Sitharaman.

Revised tax slabs under new tax regime:

Income of ₹0-3 lakh – Nil.

Income above ₹3 lakh and up to ₹5 lakh will be taxed at 5 per cent.

Income of above ₹6 lakh and up to ₹9 lakh will be taxed at 10 per cent the under new regime.

Income more than ₹12 lakh and up to ₹15 lakh to be taxed at 20 per cent.

Income above ₹15 lakh to be taxed at 30 per cent.