Picture : Twitter/ ANI
After announcing the new personal Income Tax slabs. Union Finance Minister Nirmala Sitharaman has concluded her Budget speech that lasted around 90 minutes .
In 2020, the new personal income tax regime with 6 income slabs was introduced by me. However, I now propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 Lakhs,” Sitharaman said in Parliament.
Personal Income Tax: “The new tax rates are 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% and above 15 Lakhs – 30%, ” says Union Finance Minister Nirmala Sitharaman.
Personal Income Tax from the Budget speech of Finance Minister Nirmala Sitharaman.
(Source: Govt of India) pic.twitter.com/dYEeRjQ6Nt
— ANI (@ANI) February 1, 2023
The Finance Minister Also stated , Persons in the new tax regime with income upto 7 lakh will not have to pay any Income Tax at all.
