Finance Minister Nirmala Sitharaman has made several announcements for the benefit of taxpayers. In these, regarding income tax, the Finance Minister announced that under the new tax regime, the rebate has been increased on income up to Rs 7 lakh. Earlier this rebate was available up to Rs 5 lakh. Along with this, the income tax slab has also been increased. Now no tax will be levied up to Rs 7 lakh. salaried people will benefit from this.
New Delhi: Budget 2023 has been presented by the Modi government on Wednesday. In this budget, many announcements have been made by Finance Minister Nirmala Sitharaman. At the same time, people had hopes of relief regarding income tax in this budget. Nirmala Sitharaman has also made an important announcement regarding income tax in the Union Budget 2023-24. The people of the country were waiting for exemption in income tax for a long time. Now the exemption in income tax has been announced by Finance Minister Nirmala Sitharaman.
On Wednesday, Finance Minister Nirmala Sitharaman has made several announcements for the benefit of taxpayers. In these, regarding income tax, the Finance Minister announced that under the new tax regime, the rebate has been increased on income up to Rs 7 lakh. Earlier this rebate was available up to Rs 5 lakh. Along with this, the income tax slab has also been increased. Now no tax will be levied up to Rs 7 lakh. salaried people will benefit from this.
Finance Minister Nirmala Sitharaman said that in 2020, I had introduced the new personal income tax regime with 6 income slabs starting from Rs 2.5 lakh. Now I propose to change the tax structure in this system, reduce the number of slabs to 5 and increase the tax exemption limit to Rs 3 lakh.
Union Finance Minister Nirmala Sitharaman said personal income tax rate are:
0 to Rs 3 lakhs – nil
Rs 3 to 6 lakhs – 5%
Rs 6 to 9 Lakhs – 10%
Rs 9 to 12 Lakhs – 15%
Rs 12 to 15 Lakhs – 20%
Above Rs 15 Lakhs – 30%
Sitharaman’s recent comments on knowing the “pressures of the middle class” had added to speculation she would put some money in the pockets of taxpayers. FM Sitharaman said that this Budget will focus on these areas: Inclusive development, reaching the last mile, infrastructure & investment, green growth, youth power, and the financial sector.
