Budget 2023: No income tax till Rs 7 lacs under new tax regime

Finance Minister Nirmala Sitharaman propose to increase the rebate to Rs 7 lakh from Rs 5 lakh.

The new income tax system will remain the default tax structure, but citizens can still choose the maximum marginal rate of 39%.

Under the new tax slab, people with income from Rs 0 to Rs 3 lakh won't pay anything.

People with income from Rs 3-6 lacs need to pay 5% tax.

People with income from Rs 6-9 lacs and Rs 9-12 lacs need to pay 10% and 15% tax, respectively.

People earing betwEen Rs 12-15 lacs come under 20% tax slab, whereas people earning above Rs 15 lakh need to pay 30% tax.

Source: Livemint