Income tax ceiling increase from Rs 5 lakh to Rs 7 lakh

Summary by Ground News

Nirmala Sitharaman said that under the new tax regime, the government has enhanced the income tax exemption limit up to Rs 7 lakh. The income tax returns processing period has been reduced by 16 days. The Finance Minister had, last month, defended the new income tax regime and said it had not reversed any gains from the old regime.

Published 2 months ago · New Delhi, India

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Times of India

Income Tax Slab Budget 2023 LIVE Updates: New income slabs, rates explained; salaried taxpayers must know about these changes

New Income Tax Slab Budget 2023 LIVE Updates: Finance Minister Nirmala Sitharaman tweaked the income tax slabs under the new tax regime. What's new in the new income tax regime1) Basic exemption limit is hiked from Rs 3 lakh to Rs 2.5 lakh2) Rebate under section 87A has been hiked from Rs 5 lakh to Rs 7 lakh3) The income tax slabs under the new income tax regime will be as follows:Up to Rs 3 lakh - 0% taxBetween Rs 3 and 6 lakh - 5% taxBetween Rs

2 months ago·Mumbai, India

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News18 India

Income Tax Slabs: Tax Rates Under Old And New Regime Ahead of Union Budget 2023

Income Tax Budget 2023: Under the new income tax regime, no income tax is levied on an annual income of up to Rs 5 lakh, without any deductions.

2 months ago·India

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The Hindu

Budget 2023 | Income tax slabs revamped; rebate limit increased to ₹7 lakh under new tax regime

The new income tax regime will now become the default option, but people will still have the option to go for earlier regime, she said

2 months ago·India

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Hindustan Times

Budget 2023: Big relief for taxpayers ; No tax for income up to ₹7 lakh | Check revised rates here

Modi government's massive relief for middle class amid growing inflation. No tax for those with income up to ₹7 lakh in the new tax regime. Notably, new tax regime will be default but old one will continue too. Watch this video to know all about Finance Minister's announcements on personal income tax.

2 months ago·New Delhi, India

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Business Standard

Budget 2023: Income tax slabs changed under new tax regime. Details here

Income Tax Rates and Slabs: Under the new tax regime, the highest tax rate of 30% will be levied on income above Rs 15 lakh

2 months ago·India

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India Today

Budget 2023 overhauls new income tax regime, people earning up to Rs 7 lakh needn't pay income tax

Union Finance Minister Nirmala Sitharaman on Wednesday presented the Union Budget for financial year 2023-4 and sweetened the new income tax regime by making income of up to Rs 3 lakh exempt from income tax. She also simplified the tax structure

2 months ago·India

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Income tax ceiling increase from Rs 5 lakh to Rs 7 lakh

News Articles

Income Tax Slab Budget 2023 LIVE Updates: New income slabs, rates explained; salaried taxpayers must know about these changes

Income Tax Slab Budget 2023 LIVE Updates: New income slabs, rates explained; salaried taxpayers must know about these changes

Income Tax Slabs: Tax Rates Under Old And New Regime Ahead of Union Budget 2023

Income Tax Slabs: Tax Rates Under Old And New Regime Ahead of Union Budget 2023

Budget 2023 | Income tax slabs revamped; rebate limit increased to ₹7 lakh under new tax regime

Budget 2023 | Income tax slabs revamped; rebate limit increased to ₹7 lakh under new tax regime

Budget 2023: Big relief for taxpayers ; No tax for income up to ₹7 lakh | Check revised rates here

Budget 2023: Big relief for taxpayers ; No tax for income up to ₹7 lakh | Check revised rates here

Budget 2023: Income tax slabs changed under new tax regime. Details here

Budget 2023: Income tax slabs changed under new tax regime. Details here

Budget 2023 overhauls new income tax regime, people earning up to Rs 7 lakh needn't pay income tax

Budget 2023 overhauls new income tax regime, people earning up to Rs 7 lakh needn't pay income tax

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