FM Nirmala Sitharaman: This time the central government is planning a big deal about income tax ( Income Tax ). Finance Minister Nirmala Sitaraman will present the budget ( Nirmala Sitharaman ) on 1 February 2023 and a plan is being made to make major changes to the tax this year, Which taxpayers are expected to get great relief. If you also pay tax or come in tax slabs, then it is important for you to know what kind of tax rates this time the Central Government ( Central Government ) Going to make changes.
What is the expert’s opinion?
Many experts believe that the government can change the slab of tax in many ways. At the same time, many believe that the rates and slabs of income tax will remain the same as those implemented in the assessment year 2022-23.
What kind of tax exemption will be available?
Let me tell you, 2 types of systems are in force across the country at this time. You can choose according to your own whether you have to pay tax in the New Regime or in the Old Regime… But this time what kind of relief will the government give to the general public in tax. It is very important to see this.
Income Tax Slabs and Rates 2023 ( New Regime )
> > on annual income up to Rs 2.5 lakh – zero tax
> > 2.5-5 lakhs on annual income – 5 per cent tax
> > 5-7.5 lakhs on annual income – 10 per cent tax
> > 7.50-10 Lakh on annual income up to Rs – 15% tax
> > 10-12.5 on annual income up to Rs.20% tax
> > 12.5-15 lakhs on annual income – 25 per cent tax
> > 15-20 lakhs on annual income – 30 per cent tax
> > 20 lakhs on annual income above Rs – 30 per cent tax
Income Tax Slabs and Rates 2023 (Old Regime)
> > on annual income up to Rs 2.5 lakh – zero tax
> > 2.5-5 lakhs on annual income – 5 per cent tax
> > 5-10 lakhs on annual income – 20 per cent tax
> > 10-20 lakhs on annual income – 30% tax
> > 20 lakhs on annual income above Rs – 30 per cent tax
30 percent rate will be reduced to 25 percent
Every year some special provisions are made in the budget on behalf of the government to give great relief to income tax payers. This time the government is planning to make a big amendment in the income tax rates, after which tax payers will get great relief. It is believed that the government can reduce the maximum rate of 30 per cent to 25 per cent and increase the maximum tax limit to 20 lakh.
