Income Tax Exemption: Big relief to taxpayers! The new order was issued: no tax up to Rs 7 lakhs income.

Union Budget 2023: 

The new tax system has no tax deduction on income up to Rs. 7 lahks.

Income Tax: 

According to Finance Minister Nirmala Sitharaman, the income tax limit will be raised, and under the new system, no tax will be paid on income up to Rs. 7 lahks.

Income Tax Slab 2023 New Announcements 2023: 

A budget for the country has been presented. Today, February 1, 2023, the nation's Union Budget was delivered in Parliament by Finance Minister Nirmala Sitharaman. The Finance Minister has made important statements regarding income tax, raising hopes for relief for employed individuals across the nation. The personal income tax has seen 5 significant announcements.

First of all, he explained, under the current tax system, there is no tax on up to Rs. 5 lakhs income, but this rebate is now only applicable to income up to Rs. 7 lakhs. In other words, no tax will be due up to the 7 lakhs refund limit under the new tax system. The new tax system has been established as the default tax system. The six income tax slabs put into effect in 2020 were reduced to five.

What will be the new tax slab?

Revenue to tax %

>> 0 to 3 lakhs, 0%

>> 3 to 6 lakhs, 5%

>> 6 to 9 lakhs, 10%

>> 9 to 12 lakhs, 15%

>> 12 to 15 lakhs, 20%

>> More than 15 lahks, 30%