Budget 2023 Income Tax Changes: Know Details Here!

[{"selector":"#anim-c13f7196-cbb7-41c3-a13d-ac90827f4b8c","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-25485697-ba35-4435-bdc1-c5920f13c88d","keyframes":{"transform":["translate3d(100.00000%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Union Finance Minister Nirmala Sitharaman on Wednesday announced a change in income tax slabs, up to ₹7 lakh rebate under the new income tax regime.

[{"selector":"#anim-4a19bb72-628a-4ed7-b97a-e062d8dc3a23","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b68d9ee9-b6a5-45a2-b29d-df4f435379d3","keyframes":{"transform":["translate3d(100.00000%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Here are the 5 income tax rule changes announced in Budget 2023

[{"selector":"#anim-6820ee7c-2698-4700-8368-a065841ea450","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ca6ffeb2-a7dd-4014-89f6-935c4c34bb99","keyframes":{"transform":["translate3d(100.00000%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Tax rebate limit raised to ₹7 lakh from ₹5 lakh. This change is only for those who choose the New Tax Regime.

Changes in Income Tax slabs The new tax rates are 0-3 lakh - nil 3-6 lakh - 5% 6-9 lakh- 10% 9-12 lakh - 15% 12-15 lakh - 20% above 15 lakh- 30% The new system will decrease the six income categories to five.

[{"selector":"#anim-b3533bfe-aaf9-4a9a-bd80-93d2931f031a","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-22d26653-912f-4970-b7c9-ec3bf8d33f7f","keyframes":{"transform":["translate3d(100.00000%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] For pensioners, the finance minister announced extending the benefit of the standard deduction to the new tax regime. Each salaried person with an income of ₹15.5 lakh or more will benefit by ₹52,500.

[{"selector":"#anim-00c9ec36-bf10-4011-a7d8-157dee039f28","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4c98044d-3626-404f-a0b8-29668df50e85","keyframes":{"transform":["translate3d(100.00000%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] The highest surcharge levied under personal income tax has been reduced significantly from 37% to 25% in the new tax regime.

[{"selector":"#anim-d12da091-8ff8-4ce3-9a85-c6ff19265097","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3d584841-6c13-4b44-b699-139b6b732e43","keyframes":{"transform":["translate3d(100.00000%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Budget 2023 has proposed increasing the limit of tax exemption on leave encashment on the retirement of non-government salaried employees from Rs 3 lakh to Rs 25 lakh.

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