New Income Tax Rate List India 2023 Vs Old Income Tax Rate List Of India : The Modi government has given a big gift to the salaried class i.e. employed people who have been waiting for relief for a long time, because in the new tax regime, income up to Rs 7 lakh will be tax free. Finance Minister Nirmala Sitharaman announced this in the budget speech today. In fact, in the new tax regime, there is no tax on income up to Rs 5 lakh, but now there will be no tax on income up to Rs 7 lakh.
In fact, till now the exemption limit in the new and old tax slab was Rs 5 lakh, which has been increased to Rs 7 lakh. That is, now there will be no tax on your income up to Rs 7 lakh. Apart from this, the limit of tax exemption has also been increased to three lakh rupees. Earlier, there was a direct exemption up to 2.5 lakh. But now it has been increased to 50 thousand rupees to 3 lakh rupees.
New Income Tax Rate List India 2023 Vs Old Income Tax Rate List
Income tax new tax slab: Now this will be the new tax slab. RBI Holiday List 2023 – Reserve Bank of India Holidays List
| New Income Tax Slabs | Old Income Tax Slabs |
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New Income Tax Slab :
Now There Is No Income Tax Upto 7 Lakh Income In India. PM Modi Gave Relief To Tax Payers In In India. Here Is the List Of New InCome tax Slabs.
- Up to Rs 3 lakh income there is 0% or NIL tax
- From Rs 3 lakh to Rs 6 lakh the tax rate is 5%
- From Rs 6 lakh to Rs 9 lakh the tax rate is 10%
- From Rs 9 lakh to Rs 12 lakh the tax rate is 15%
- From Rs 12 lakh to Rs 15 lakh the tax rate is 20%
- Above Rs 15 lakh the tax rate is 30%
| Tax Slabs | Old Tax Regime | New Tax Regime |
| 0-3 lakh | NIL | NIL |
| 3-6 lakh | 5% | NIL |
| 6-9 lakh | 10% | 10% |
| 9-12c lakh | 15% | 15% |
| 12-15 lakh | 20% | 20% |
| Above 15 lakh | 30% | 30% |
Note : Income limit for rebate of income tax increased from ₹5 lakh to ₹7 Lakh In India.
What Was Old Income tax Regime In india For year 2022-23 ?
These were the income rates for 2022-23 In India.
- Up to Rs 2.5 lakh income there is 0% or NIL tax
- From Rs 2.5 lakh to Rs 5 lakh the tax rate is 5% In India
- From Rs 5 lakh to Rs 7.5 lakh the tax rate is 10% In India
- From Rs 7.5 lakh to Rs 10 lakh the tax rate is 15% In India
- From Rs 10 lakh to Rs 12.5 lakh the tax rate is 20% In India
- From 12.5 lakh to Rs 15 lakh the tax rate is 25% In India
- Above Rs 15 lakh the tax rate is 30% In India
How much income tax will you save Under New income tax Regime In 2023-24?
Under Different Income Category you Can Save Money In India Under new Income tax Regime.
- If you have an income of up to Rs 700000, in effect you will not have to pay any tax because the rebate limit has been hiked to Rs 7 lakh
- If you earn Rs 900000, then your income tax savings will be Rs 15,600 with cess
- If you earn Rs 1500000, then your income tax savings will be Rs 39,000 with cess
Up To What Income I Do Not Need To Pay Income tax In india In 2023 ?
If Your Income Is Rs 700000 Then you Do Not Need To Pay Any Income tax. Earlier This Limit Was 5 Lakhs.
List of Deductions Not Available For Tax Payers In india Under New Income Tax Regime 2023 -24?
Following Are The List Of Deductions Not Available In India For tax Payers Under New tax Regime
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FAQ : Income Tax Rate List ( Income tax New Regime )
Will income tax slab change in India in 2023?
Ans : Yes, income tax Slabs Are Change in Union Budget 2023. Now There Will No income tax on Income Upto Rs 300000. Earlier Limit Was Rs 250000. Check All Income Tax Slabs below.
- Up to Rs 3 lakh income there is 0% or NIL tax
- From Rs 3 lakh to Rs 6 lakh the tax rate is 5%
- From Rs 6 lakh to Rs 9 lakh the tax rate is 10%
- From Rs 9 lakh to Rs 12 lakh the tax rate is 15%
- From Rs 12 lakh to Rs 15 lakh the tax rate is 20%
- Above Rs 15 lakh the tax rate is 30%
How much income is tax free After new tax Regime In india In 2023?
Ans : Upto Rs 700000 ( 7 Lakhs ) Income is Tax Free In India. You Do Not Need To Pay Any tax In india.
What is The tax Rate On Insurance Policies In India ?
Ans : Income above ₹5 lakh from insurance policies will be taxed in India.
What is Maximum tax Rate ?
Ans : The Current tax rate in Indiais 42.74%, Among the highest in world. In union Budget 2023 of India proposes to reduce the highest surcharge rate from 37% to 25% in the new Tax regime. After This maximum tax rate is 39%.”
