Income Tax Slab Change: In the announcement of Budget 2023, the government gave a big relief to the taxpayers who adopted the new tax regime. Finance Minister Nirmala Sitharaman had announced changes in Income Tax Slabs while presenting the Budget 2023. He said that under the new tax regime, the taxable income has been increased to Rs 3 lakh.
This means that all people with income up to Rs 3 lakh will not have to pay income tax. However, this benefit will be available only to taxpayers opting for the new tax regime. Taxpayers have got relief under the new tax regime.
Let us tell you that under the new tax regime, if a taxpayer’s annual income is Rs 7 lakh, then he will not have to pay any tax. While presenting the budget, Finance Minister Nirmala Sitharaman had announced tax-free income up to Rs 7 lakh while making changes in the new tax regime.
Under the new tax regime, the government has exempted income up to Rs 7 lakh from tax. The aim of the government to make income up to Rs 7 lakh tax free is that more and more taxpayers should adopt the new tax regime.
