slide

No income tax for income up to rupees 7 lakh in new tax regime

FM tweaked the slabs to provide some relief to the middle class by announcing that no tax would be levied on annual income of up to rupees 7 lakh under the new tax regime.

She also allowed a rupees 50,000 standard deduction to taxpayers under the new regime, where assessees cannot claim deductions or exemptions on their investments.

She also tweaked the concessional tax regime, which was originally introduced in 2020-21, by hiking the tax exemption limit by rupees 50,000 to 3 lakh and reducing the number of slabs to 5.

She said currently individuals with total income of up to 5 lakh do not pay any tax due to rebate under both the old and new regimes.


Under the revamped concessional tax regime, no tax would be levied for income up to 3 lakh.


Income between 3-6 lakh would be taxed at 5%, 6-9 lakh at 10%, 9-12 lakh at 15%, 12-15 lakh at 20% and income of 15 lakh and above will be taxed at 30%

Each salaried person with an income of rupees 15.5 lakh or more will thus stand to benefit by rupees 52,500

Check here for more budget related stories.


Budget 2023: No income tax for income up to ₹7 lakh in new tax regime; Check details

Under the revamped concessional tax regime, no tax would be levied for income up to ₹3 lakh. Income between ₹3-6 lakh would be taxed at 5 per cent; ₹6-9 lakh at 10 per cent, ₹9-12 lakh at 15 per cent, ₹12-15 lakh at 20 per cent and income of ₹15 lakh and above will be taxed at 30 per cent.

Budget 2023: No income tax up to ₹7 lakh, standard deduction allowed under new tax regime; all details here

Budget 2023: Government raises interest rate on Senior Citizens' Savings Scheme to 8%; all you need to know

Budget 2023 for retail investors: What did FM Nirmala Sitharaman announce on LTCG and STCG taxes? Read here

Budget 2023: A look at latest vs old income tax slabs under the new regime

Budget 2023: Here are all the Income Tax related changes that FM Nirmala Sitharaman announced

Budget 2023: National Apprenticeship Promotion Scheme to benefit 47 lakh youth in 3 years

Budget 2023: No tax for income up to ₹3 lakh, 30% tax on income above ₹15 lakh under new tax slabs

Budget 2023: FM Sitharaman announces increased limit for Senior Citizen Savings Scheme investment; check details

Budget 2023: Outlay of ₹19,700 crore to reduce dependence on fossil fuel imports

Stock Check: JSW Infra jumps almost 100% from IPO price in 5 months; should you still buy?

Currently trading at around ₹236, the newly listed JSW Infra has surged almost 100 percent jump from its IPO price of ₹119 in less than 5 months. Technical and fundamental experts suggest if you should still buy the infra stock.

Axis Mobile App ranks top position on NPS leaderboard

According to a survey, Consumer awareness was most notable for payment platforms such as Paytm, Google Pay, and PhonePe. However, when it comes to Net Promoter Score, Axis Mobile App claims the top position with a score of 59, followed by ICICI Bank's iMobile Pay, and then BHIM.

Weekend Wrap: From Trent to Adani Power, top news and market movers this week: 27 October 2023

The stock market cycle is always a few months ahead of the economic cycle.

From top news makers to market performance, here's the market wrap for the week ended 27 October 2023.

Why rebalancing a portfolio provides a safety net against volatility?

Investing isn't a 'set it and forget it' game.

Rebalancing a portfolio provides a safety net by helping control volatility and minimizing the impact of market downturns, even though it may not always yield higher returns compared to an unbalanced, equity-heavy approach

Rebalancing of portfolio: What is it and why is this important?

Whenever the market spikes or declines, investors are supposed to rebalance their portfolio strategically in order to stay aligned to their financial goals

Budget 2023: No income tax for income up to ₹7 lakh in new tax regime; Check details

Topics to follow