The Basic exemption limit has been hiked to Rs.3 lakh from Rs 2.5 lakh

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currently under the new income tax regime in Budget 2023

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A rebate under Section 87A has been enhanced under the new tax regime

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the new tax regime; from the current income level of Rs.5 lakh to Rs.7 lakh

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Income tax regime and having an income up to Rs.7 lakh will not pay any taxes

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1. Rs 0 to Rs 3 lakh - 0% tax rate

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2. Rs 3 lakh to 6 lakh - 5%

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3. Rs 6 lakh to 9 lakh - 10%

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4. Rs 9 lakh to Rs 12 lakh - 15%

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5. Rs 12 lakh to Rs 15 lakh - 20%

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6. Above Rs 15 lakh - 30%

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