It is the big income tax bonanza in the Union Budget 2023 presented by finance minister Nirmala Sitharaman. The new tax regime has received a great boost and is expected to be accepted by more taxpayers while filing returns for F.Y. 2023-24.
New tax slabs under the new tax regime:
| Income Range | Tax Rate | Tax Liability |
| ₹ 0-3 lakh | Nil | ₹ 0 |
| ₹ 3-6 lakh | 5 Percent | ₹ 5% of (Total Income - 300000) |
| ₹ 6-9 lakh | 10 Percent | ₹15000+10% of (Total Income - 600000) |
| ₹ 9-12 lakh | 15 Percent | ₹45000+15% of (Total Income - 900000) |
| ₹ 12-15 lakh | 20 Percent | ₹90000+20% of (Total Income - 1200000) |
| Above ₹ 15 lakh | 30 Percent | ₹150000+30% of (Total Income - 1500000) |
While presenting Budget 2023, Smt. Nirmala Sitharaman quoted that “An individual with an annual income of ₹9 lakhs will be required to pay only ₹45,000/-.This is only 5 percent of his or her income. It is a reduction of 25 percent on what he or she is required to pay now, i.e., ₹60,000/-. Similarly, an individual with an income of ₹15 lakhs would be required to pay only ₹1.5lakhs or 10 percent of his or her income, a reduction of 20 percent from the existing liability of ₹1,87,500”.
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