Here are the revised tax slabs under the new tax regime
Revised tax slabs under the new tax regime:
🔴 Income of Rs 0-3 lakh is nil.
🔴 Income above Rs 3 lakh and up to Rs 5 lakh is to be taxed at 5% under the new regime.
🔴 income of above Rs 6 lakh and up to Rs 9 lakh is to be taxed at 10% under the new regime.
🔴 Income above Rs 12 lakh and up to Rs 15 lakh is to be taxed at 20% under the new regime.
🔴 Income above Rs 15 lakh is to be taxed at Rs 30%.
New tax regime to be the default, says Finance Minister
While announcing changes in the income tax slabs in the new tax regime, and increasing the income tax rebate to Rs 7 lakh, Finance Minister Nirmala Sitharaman said that the new tax regime will now be the default tax regime.
Budget 2023: What gets cheaper or costlier
Finance Minister Nirmala Sitharaman announced a host of increases and cuts in duties for several products, leading to rises or falls in the prices of several commodities.
What will be cheaper
🔴Customs duty on parts of open cells of TV panels cut to 2.5 per cent
🔴 Govt proposes to reduce customs duty on the import of certain inputs for mobile phone manufacturing
🔴 Govt to reduce basic customs duty on seeds used in the manufacturing of lab-grown diamonds
🔴 Govt to reduce customs duty on shrimp feed to promote exports
What will cost more
🔴 Taxes on cigarettes hiked by 16 per cent
🔴 Basic import duty on compounded rubber increased to 25 per cent from 10 per cent
🔴 Basic customs duty hiked on articles made from gold bars
🔴 Customs duty on kitchen electric chimney increased to 15 per cent from 7.5 per cent