New income tax slabs have been announced by Finance Minister Nirmala Sitharaman during her Budget speech. Following are the latest tax slabs under the new tax regime:
|up to ₹3 lakh:||NIL|
|₹3 lakh- ₹6 lakh||5%|
|₹6 lakh- ₹9 lakh||10%|
|₹9 lakh- ₹12 lakh||15%|
|₹12 lakh- ₹15 lakh||20%|
|Over ₹15 lakh||30%|
With ₹9 lakh income, individuals need to pay only ₹45000 tax, said Sitharaman.
The Union Minister of Finance Nirmala Sitharaman emphasised seven priorities of Union Budget 2023 during her speech. These seven priorities complement each other and were referred to as Saptarishi during the Amrit Kaal.
They are inclusive development, reaching the last mile, infrastructure, unleashing the potential, green growth, youth power and financial sector.
Ms Sitharaman also spoke about giving emphasis on economic empowerment of women, farmers and craftsmen, among other announcements.