01 February 2023 by Gagan Modi
Here are key highlights of Budget 2023 with Income Tax Rebates and Tax Exemptions as explained
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% |
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 |