Old Vs New Current Income Tax Slabs: When it comes to the budget, the salaried class only expects income tax exemption. In a major disappointment for the salaried class, FM Sitharaman did not announce any change in income tax slabs for 2022-23. Income tax slabs have not changed since 2014. The basic personal tax exemption limit was last revised in 2014. FM Sitharaman while presenting the Budget 2020 introduced a new tax regime. However, the new tax regime is optional for taxpayers.
Budget 2023: Old Income Tax Slab Vs New Income Tax Slab
new tax slab
1) up to income 2.5 is exempt from taxation under both the regimes.
2) income between from 2.5 5 lakh is taxed at the rate of 5 per cent under the old as well as the new tax regime.
3) Personal income from 5 lakhs onwards 7.5 lakh is taxed at 10 per cent under the new regime
4) income between 7.5 Lakh onwards 10 lakh is taxed at the rate of 15 per cent under the new
there are three slabs above 10 lakh
5) Personal income between 10 lakh more 12.5 lakh is taxed at the rate of 20 per cent under the new regime.
6) income from 12.5 Lakh onwards 15 lakhs is taxed at 25%
7) Income above 15 lakh is taxed at the rate of 30 per cent.
old tax slab
1) up to income 2.5 is exempt from taxation under both the regimes.
2) income between from 2.5 5 lakh is taxed at the rate of 5 per cent under the old as well as the new tax regime.
3) Personal income from 5 lakhs onwards 7.5 lakh is taxed at the rate of 15 per cent under the old regime
4) income between 7.5 Lakh onwards 10 lakh is taxed at the rate of 20 percent in the old regime
5) Personal income up under the old regime 10 lakh is taxed at the rate of 30 per cent.
Union Budget 2023-23 to be presented by Finance Minister on 1 February nirmala sitharaman And this budget speech To start at 11 o’clock.
standard deduction growthUnion of Finance Minister Nirmala Sitharaman, some expectations of salaried class, increase in 80C exemption, change in tax slab rates budget 2023,
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