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Budget 2023-24: Income tax rebate limit raised from Rs 5 lakhs to 7 lakhs

Wednesday 01 February, 2023 | 2:13 PM READ MALAYALAM VERSION
nirmala-sitharaman

NEW DELHI: Finance Minister Nirmala Sitharaman on Wednesday announced new income tax during the Budget speech for the fiscal year 2023-24. The income tax rebate limit has been raised from Rs 5 lakhs to 7 lakhs. But this will be applicable under the new scheme.

The new slab rate is as follows-

0-3 lakhs- No tax

3-6 lakhs- five percent

6-9 lakhs- 10 percent

9-12 lakhs- 12 percent

12-15 lakhs- 15 percent

30 percent above 15 lakhs.

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TAGS: INCOME TAX, BUDGET, ITR, TAX SLAB, NIRMALA SITHARAMAN
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