New tax Slab 2023-24

Income Tax Rebate in Budget 2023 Live, Income Tax Slabs 2023-24 Live Updates: Check the latest news and updates on Personal Income Tax changes, new saving, ...

Finance Minister Nirmala Sitharaman has the opportunity to make the New Tax Regime more attractive in her Budget 2023 speech. There is also a need to relook at the new tax regime because it has the same threshold limit of Rs 2.5 lakhs as the old tax regime. Hence the government should raise the deduction limit for interest payment on home loans from the existing Rs 2 lakh a year to Rs 5 lakh which will add momentum to housing demand, particularly in the affordable segment. She has proposed to increase this in line with the increase in government salaries to Rs 25 lakh. Union Minister of Finance Nirmala Sitharaman while presenting Budget 2023 has proposed to introduce an investment scheme for Women investors. Previously, the effective tax rate for those in the highest tax bracket was 42.74% In a bid to make the New Tax Regime more effective to taxpayers, Finance Minister Nirmala Sitharaman has proposed several changes in it in the Budget 2023. Thus, persons in the new tax regime, with income up to Rs 7 lakh, will not have to pay any tax now. The rebate under the Income Tax law has been increased from Rs 5 Lakh to Rs 7 Lakh so as to benefit income taxpayers. For individuals in the highest tax bracket, the Finance Minister has proposed to reduce the highest surcharge rate from 37 per cent to 25 per cent in the new tax regime. In the current budget proposal effective from 1st April 2023, if the investment in new house property is more than 10 crore, then the deduction amount will be limited to Rs. Consolidation of the KYC process across the financial and banking sector will definitely help the retail customers and the banking industry as a whole.

Budget News: Income Tax Slabs 2023-24 live updates: Tax slabs and income tax rates have not been revised for some years now. A new income tax regime which ...

Under the new income tax regime, salary income up to Rs 7 lakh will not be taxable. The new income tax regime allows a salaried tax payer to avail lower income tax rates and hence benefit from a lower income tax outgo. In case you are earning up to Rs 15 lakh, then it makes sense to opt for the new income tax regime, given the tax savings under the new tax slabs. However, the new income tax regime will be the default income tax regime for taxpayers. Taxpayers will continue to have the option to opt for the old or regular income tax regime. - Surcharge on income-tax under both old regime and new regime is 10 per cent if income is above Rs 50 lakh and up to Rs 1 crore, 15 per cent if income is above Rs 1 crore and up to Rs 2 crore, 25 per cent if income is above Rs 2 crore and up to Rs 5 crore, and 37 per cent if income is above Rs 5 crore. This means no income tax outgo for a taxpayer earning up to Rs 7 lakh under the new income tax regime. The income tax rebate limit available for salaried and individual taxpayers under the new income tax regime has been hiked to Rs 7 lakh from the present Rs 5 lakh. It is proposed to issue notification to extend this limit to Rs 25 lakh. It is proposed to allow these two deductions under the new regime also. Below are the highlights of her major income tax announcements: The basic exemption limit under the new income tax regime has been hiked to Rs 3 lakh.

The new income tax regime will now become the default option, but people will still have the option to go for earlier regime, she said.

This will result in the reduction of the maximum tax rate to 39%. The highest surcharge rate will be reduced from 37% to 25% in the new tax regime. - A person earning ₹9 lakh a year will now be paying just ₹45,000 instead of ₹60,000 currently.

New Income Tax Slabs Budget 2023-24: बजट 2023 में इनकम टैक्‍स की स्‍लैब्‍स घटा दी गई हैं। अब 7 लाख रुपये तक ...

Union Budget 2023-24 LIVE: As the Union Budget 2023 was presented today on Wednesday, 1 February and Finance Minister Nirmala Sitharaman delivered her ...

Finance Nirmala Sitharaman announced, "I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 Lakhs. A slab system means that different tax rates are prescribed for different income ranges. Check here all the updated tax slab rates here: People earning up to Rs 7 lakh, do not pay any income tax. This is accompanied by an improvement in the labour force participation rate (LFPR) as well, confirming the emergence of the economy out of the pandemic-induced slowdown early in 2022-23". The central, NDA-led government by Prime Minister Narendra Modi was mostly expected to give the common person some tax relief this year, as this was their last budget before the 2024 Lok Sabha elections.

Budget 2023: नई इनकम टैक्स व्यवस्था को आकर्षक बनाने के लिए टैक्स स्लैब में बड़ा बदलाव किया ...

इसी तरह 6 से 9 लाख रुपये तक के स्लैब पर 10 फीसदी, 9 से 12 लाख रुपये तक के स्लैब पर 15 फीसदी, 12 से 15 लाख रुपये तक के स्लैब पर 20 फीसदी और 15 लाख रुपये से ज्यादा आय पर 30 फीसदी इनकम टैक्स देना होगा. अब तक नई इनकम टैक्स रिजिम में 2.5 लाख रुपये तक के आय पर कोई टैक्स नहीं देना होता है. 2.50 से 5 लाख रुपये तक के आय 5 फीसदी टैक्स लगता है जिसमें 87ए के तहत रिबेट का प्रावधान है. 2021-22 एसेसमेंट ईयर में 5 फीसदी से भी कम टैक्सपेयर्स ने इनकम टैक्स की नई व्यवस्था के तहत इनकम टैक्स रिटर्न दाखिल किया था. अब नई इनकम टैक्स रिजिम के तहत 7 लाख रुपये तक के आय पर कोई टैक्स नहीं देना होगा जो अब तक 5 लाख रुपये था. खास बात ये जेहन में रखनी है कि जिनकी आमदनी 7 लाख रुपये तक है, उन्हें एक रुपये भी टैक्स नहीं देना होगा, लेकिन उनकी आमदनी 7 लाख से एक रुपये भी बढ़ जाती है तो उन्हें टैक्स देना होगा और वो टैक्स की रकम सिर्फ एक रुपये पर नहीं बल्कि 3 लाख से ऊपर की पूरी आमदनी पर देनी होगी.