Budget 2023 - Income tax slabs changes

Budget 2023: New Tax Regime Offers Revised Slabs, Income Up to Rs 7 Lakh Now Tax-Free The Budget 2023 introduces changes to the income tax slabs under the new tax regime, while the old tax regime remains unchanged. Under the new regime, income up to Rs 7 lakh is tax-free. The revised tax rates are as follows: income from Rs 3-6 lakh is taxed at 5%, Rs 6-9 lakh at 10%, Rs 9-12 lakh at 15%, Rs 12.5-15 lakh at 20%, and above Rs 15 lakh at 30%. The changes result in tax savings, with no tax on Rs 7 lakh income, and reduced taxes for Rs 8 lakh and Rs 9 lakh incomes. (AI Summary)