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Budget 2023: Finance Minister Announces Changes, Expert Says 'Mess Of Old Tax Will be Showing Here'
Posted
February 1, 2023
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February 1, 2023
896
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Feb 1, 202316:50Now PlayingAs per the latest news on Mirror Now, Finance minister Nirmala Sitharaman announced a number of changes in the income tax slabs in the new tax regime. If we include all rebates, an individual will have to pay no tax on income up to Rs 7 lakh in the new tax regime. An individual with annual income of Rs 9 lakh will have to pay only Rs 45,000 as tax in the new regime. Income Tax 2023 slab: Income tax rebate limit Finance minister Nirmala Sitharaman on Wednesday announced an increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh stating that the new tax regime will now be the default tax regime. Sitharaman also proposed to change the tax structure in this regime by reducing the number of tax slabs to 5 and increasing the tax exemption limit to Rs 3 lakh.
On this Monika Halan said "I am still processing the budget speech, slowly one by one all the mess of old tax will start showing here as well. I would have been happier to have lower rates keeping the rebate and standard deductions away". Keep watching the video to know more updates.
#budgetnewslatest #budgetexplained #unionbudget2023-24
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