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.
Here are the new slab rates:
0-3 lakh – nil
3- 6 lakh – 5%
6- 9 lakh- 10%
9-12 – 15%
12-15 – 20%
above 15 lakh – 30%