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Budget 2023: Biggest Change in Income Tax Slabs for Tax Payers

01 February 2023 by Gagan Modi

Here are key highlights of Budget 2023 with Income Tax Rebates and Tax Exemptions as explained

 

Budget 2023: Income Tax Slabs Increased

Income Tax Rebate Limit increased from Rs 5 Lakh to 7 Lakh in all new Budget for FY 2023-24 marking as biggest highlight

With New Income Tax Slabs - it brings a cheer to Salaried Class, as if one makes investment of Rs 1.5 Lakh u/s 80C it means - he wont have to pay any Income Tax on amount upto 7 Lakh

Here are New Slabs for Income Tax in Budget 2023-24

Income Slab Tax
0 to 3 Lakh NIL
3 Lakh to 6 Lakh 5%
6 Lakh to 9 Lakh 10%
9 Lakh to 12 Lakh 15%
12 Lakh to 15 Lakh 20%
Above 15 Lakh 30%
  • For Super Rich, the highest effective tax rate too been reduced from 42.7 percent to 39%. 
Budget 2023
 
making a Significant change in Budget 2023

So it goes on like this for Tax Payers

Source of income (FY 2023-24) Income (Rs)
Gross total income 7 Lakh
Less: Deduction under section 80C 1.5 Lakh
Total income 5.5 Lakh
Income-tax (@ 5% from Rs 3 to 5.5 lakh) 12,500
Less: Rebate u/s 87A 12,500
Tax payable Nil

 

Tax Liability in Budget 2023 - 24

  • So any Salaried whose Monthly Salary is Rs 58,500 will essentially not be required to pay any Income Tax
  • For Someone whose Monthly Salary is Rs 1 Lakh per month will too just be required to pay in just Rs 5500 pm as Rs 55,000 Annual Tax payment as Income tax - marking a significant reduction in Income Tax liabilities in New Financial Year
  • For someone whose Salary is Rs 1.25 Lakh per Month at Rs 15 Lakh on annual basis would just be required to contribute in Rs 12,500 per month as Rs 1.5 Lakh tax
  • For someone whose Salary is Rs 2 Lakh per month will be required to pay in Rs 33,000 per month as Tax Liability



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