Income tax limit lifted from 5 lakh to 7 lakh in the Union budget.
Nirmala Sitharaman made a big announcement considering the aspirations of all the people of the country. The income tax limit which was till now up to Rs.5 lakhs has been increased. Finance Minister Nirmala Sitharaman announced that this limit will be increased to Rs.7 lakh, but this tax exemption will only apply to the new tax system.
Under the old tax regime, what the average Indian looked forward to before the general elections was about income tax slab rates. Nirmala Sitharaman announced the good news on these and said that no tax will be paid up to Rs.3 lakh in the 2023 annual budget. 5 percent tax on income from Rs.3 to Rs.6 lakh, 10 percent tax on income from Rs.6 lakh to Rs.9 lakh, 15 percent tax on income from Rs.9 lakh to Rs.12 lakh, 15 percent tax on income from Rs.12 lakh to Rs. Nirmala Sitharaman revealed in her budget speech that 20 percent tax will be paid on income up to Rs.15 lakh and finally 30 percent tax on income above Rs.15 lakh.