2023 Budget: Key Announcements on Income Tax
TaxGyata Team | 01-Feb-2023
2023 Budget: Key Announcements on Income Tax
Major Income Tax Announcements in Budget 2023
- Tax rebate limit raised to Rs 7 lakh from Rs 5 lakh
- Changes in Income Tax slabs in New Tax Regime
- 0-3 lakh - nil
- 3-6 lk - 5%
- 6-9 lk - 10%
- 9-12 lk - 15%
- 12-15 lk - 20%
- above 15 lk - 30%
- New Income Tax regime to be default regime but citizens can continue to opt Maximum marginal rate reduced to 39% with reduction in surcharge
- Reduce the highest surcharge rate from 37% to 25% in the next tax regime