Important Income Tax announcement in Budget 2023-2024

New Income Tax Slab Rates for AY 2023-24

Following are the currently applicable Income tax slabs and rates for AY 2023-24.

Income Tax Slabs and Rates 2023 (New Regime)

Following are the new tax slabs in the New Tax Regime as per FM Nirmala Sitharaman’s Budget Speech 2023

• 0-Rs 3 lakh: Nil;
• Rs 3-6 lakh: 5% Income tax
• Rs 6-9 lakh: 10% Income tax;
• Rs 9-12 lakh: 15% Income tax;
• Rs 12-15 lakh: 20% Income tax;
• Above Rs 15 lakh: 30%

Income Tax Slabs and Rates 2023 (Old Regime)

There was no change in Tax Slab and Rates under the Old Regime

• Annual income up to Rs 2.5 lakh: NIL
• Annual income up to Rs 2.5- 5 lakh: 5%
• Annual income up to Rs 5-10 lakh: 20%
• Annual income up to Rs 10-20 lakh: 30%
• Annual income above Rs 20 lakh: 30%

Checking your tax liability with the help of the Income Tax calculator can help you save a lot of money annually.