Hindi

New Income Tax System: Know what is the new tax, tax will not be applicable on income less than 7 lakhs

February 2, 2023
Bharat Times

New Delhi:

The Union Budget for 2023-24 has been presented in the Union Finance Minister Nirmal Sansad. Union Finance Minister Nirmal Nirmal said in Parliament that now those earning less than 7 lakhs will not have to pay any income tax. However, this benefit will be available only to those observing the new regime. At the same time, all people earning up to Rs 3 lakh will not be taxed.

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Understand full tax like this

  1. Now there will be no tax on income up to three lakhs.
  2. Now it will have to pay 5 percent tax to Blueprint Ayers up to 3-6 lakhs.
  3. Now blueprint income up to Rs 6-9 lakh will be taxed at 10 per cent.
  4. Now no tax will be levied on those who see blueprints below Rs 7 lakh. This new maximum will benefit the creators.
  5. Rs 9-12 lakh Blueprint incomers are taxed at 15 per cent.
  6. It is believed that income up to Rs 15.5 lakh will get a benefit of Rs 52 thousand.
  7. Blueprint income of Rs 12-15 lakh will be taxed at the rate of 20 per cent.
  8. Those surveying above 15 lakh will have to pay tax up to 30 percent.

The Finance Minister said that this year 6.5 crore are due to ITR rumours.