{"id":852,"date":"2023-02-07T08:46:20","date_gmt":"2023-02-07T03:16:20","guid":{"rendered":"https:\/\/www.pancardapplyonline.com\/blog\/?p=852"},"modified":"2023-02-07T08:52:02","modified_gmt":"2023-02-07T03:22:02","slug":"what-is-the-income-tax-slab-rate-in-the-finance-budget-of-2023","status":"publish","type":"post","link":"https:\/\/www.pancard.finconsolidated.com\/blog\/what-is-the-income-tax-slab-rate-in-the-finance-budget-of-2023\/","title":{"rendered":"What is the income tax slab rate in the finance budget of 2023?"},"content":{"rendered":"\n

Budget 2023<\/p>\n\n\n\n

New tax rates:
0 to Rs 3 lakhs – Nil
Rs 3 to 6 lakhs – 5%
Rs 6 to 9 Lakhs – 10%
Rs 9 to 12 Lakhs – 15%
Rs 12 to 15 Lakhs – 20%
Above 15 Lakhs – 30%<\/p>\n\n\n\n

No income tax<\/a> will be charged till Rs 7 lakh in the new tax regime.<\/p>\n\n\n\n

A new tax <\/a>regime is the default tax regime<\/p>\n\n\n\n

If income is under Rs 7 lakh then no income tax will be charged<\/p>\n\n\n\n

If income is more than 7 lakh then pay as per slabs:
0 to 3L – Nil
3 to 6L – 5%
6 to 9L – 10%
9 to 12L – 15%
12 to 15L – 20%
Above 15L – 30%<\/p>\n\n\n\n

You can also opt for the old tax regime<\/p>\n\n\n\n

Change in Income Tax slab – FAQ<\/h5>\n\n\n\n
    \n
  1. When there is a tax of 10% on a Rs 6-9 lac slab, how much is 0 up to Rs 7 lac?<\/li>\n<\/ol>\n\n\n\n

    Section 87a, Govt is giving a rebate on tax so if ur annual income is Rs 7 lac then by tax slab ur tax is Rs 25000 but by sec 87a u will get a rebate<\/p>\n\n\n\n

    Your tax will become zero but if ur income is more than 7 lac then u have to pay the whole tax.<\/p>\n\n\n\n

    What are the old n new tax regimes n whats change in the old regime
    There r 2 methods to calculate ur tax n u can use whichever u want. slab rates r different in both systems. Slab rate in old
    Tax is higher in the old regime but there r investment benefits while in the new tax is lower but no benefit on investment. Let me explain by example (m not using SD here)-<\/p>\n\n\n\n

    Suppose our annual income is: Rs 8 lac
    U r free to use the old or new regime<\/p>\n\n\n\n

    Under the new regime, Ur tax will be<\/p>\n\n\n\n

    0-3 L : 0
    3-6 L: 5% = Rs 15K
    6-8 L: 10% = Rs 20K
    Total: Rs 35K + cess<\/p>\n\n\n\n

    Under the old regime :
    Rs 2.5L-5L : 5% = Rs 12.5K
    5L-8L : 20% = Rs 60K
    Total: Rs 72.5 K<\/p>\n\n\n\n

    But there is a twist
    In the old regime, u can take benefit of Rs 1.5 Lac under 80C, 80D, LTA, HRA, Home loan interest<\/p>\n\n\n\n

    So by using all these, u can bring ur tax almost near to 0<\/p>\n\n\n\n

    So if u r an investment person n u have a home loan, then the old regime will be better for u but if u don’t like to invest n save in a tax saving scheme, then the new tax regime will be better for u. In the new regime, u don’t need to submit<\/p>\n\n\n\n

    any document, any proof<\/p>\n\n\n\n

      \n
    1. Why Govt didn’t change the slab rate in the old regimen and only changed it in the new regime?<\/li>\n<\/ol>\n\n\n\n

      The economy is recovering from the Covid lock down n Probably govt wants u to pump money into the market so that production will improve, employment will be generated n the economy will grow.<\/p>\n\n\n\n

        \n
      1. Any investment benefit in the new regime?<\/li>\n<\/ol>\n\n\n\n

        No there is no 80C, 80D, Home loan, HRA, or LTA benefit in the new regime. These benefits are only in the old regime.<\/p>\n","protected":false},"excerpt":{"rendered":"

        Budget 2023 New tax rates:0 to Rs 3 lakhs – NilRs 3 to 6 lakhs – 5%Rs 6 to 9 Lakhs – 10%Rs 9 to 12 Lakhs – 15%Rs 12 to 15 Lakhs – 20%Above 15 Lakhs – 30% No income tax will be charged till Rs 7 lakh in the new tax regime. A […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-852","post","type-post","status-publish","format-standard","hentry","category-new-pancard-applying-online"],"yoast_head":"\nWhat is the income tax slab rate in the finance budget of 2023?<\/title>\n<meta name=\"description\" content=\"No income tax will be charged till Rs 7 lakh in the new tax regime.A new tax regime is the default tax regime If income is under Rs 7 lakh\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pancardapplyonline.in\/blog\/what-is-the-income-tax-slab-rate-in-the-finance-budget-of-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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