Budget 2023: Highest surcharge rate reduced from 37% to 25%: FM Sitharaman
The Finance Minister also announced that the income tax exemption limit has been hiked by Rs 2 lakh from Rs 5 lakh previously to Rs 7 lakh.
- Feb 1, 2023,
- Updated Feb 1, 2023 1:00 PM IST
Union Budget 2023: Finance Minister Nirmala Sitharaman on Wednesday proposed to reduce the highest surcharge rate from 37 per cent to 25 per cent under the new tax regime. "This would result in reduction of the maximum tax rate to 39 per cent," she said.
The Finance Minister also announced that the income tax exemption limit has been hiked by Rs 2 lakh from Rs 5 lakh previously to Rs 7 lakh.
The new income tax slabs under new tax regime stand as follows:
Up to Rs 3 lakh: NIL
Rs 3 lakh- Rs 6 lakh: 5%
Rs 6 lakh-Rs 9 lakh: 10%
Rs 9 lakh-Rs 12 lakh: 15%
Rs 12 lakh- Rs 15 lakh: 20%
Over Rs 15 lakh: 30%
Also Read: Budget 2023 LIVE updates: No tax for income up to Rs 7 lakh, says Nirmala Sitharaman
Union Budget 2023: Finance Minister Nirmala Sitharaman on Wednesday proposed to reduce the highest surcharge rate from 37 per cent to 25 per cent under the new tax regime. "This would result in reduction of the maximum tax rate to 39 per cent," she said.
The Finance Minister also announced that the income tax exemption limit has been hiked by Rs 2 lakh from Rs 5 lakh previously to Rs 7 lakh.
The new income tax slabs under new tax regime stand as follows:
Up to Rs 3 lakh: NIL
Rs 3 lakh- Rs 6 lakh: 5%
Rs 6 lakh-Rs 9 lakh: 10%
Rs 9 lakh-Rs 12 lakh: 15%
Rs 12 lakh- Rs 15 lakh: 20%
Over Rs 15 lakh: 30%
Also Read: Budget 2023 LIVE updates: No tax for income up to Rs 7 lakh, says Nirmala Sitharaman