No Income Tax Required Upto Rs.7 Lakh!!! Slab Rate Increased From Rs.5 Lakh Now!!!The Union Finance Minister Nirmala in her Budget 2023 Speech made an Great Announcement of “No Income Tax Required Upto Rs.7 Lakhs”. The Brief Details on this Revised Income Tax Slab Rate is Provided here. The Beneficiary can Know the Slab Rate Increase Details below.
Union Finance Minister mentioned to give the Importance to Artisan, Agricultural Sector, Tribal Development, Starting of Schools For Tribal People PVT Along With the Recruitment of 38, 800 Teachers In Next 3 Year
Relaxation Given to the Registration Process for the Certain Category of People
Importance to be Given to Green Economy and Energy.
It is said that the Per capital has Doubled
It was Earlier Ensured by the Finance Minister that India will be Business helpful Country.
Now the Union Finance Minister Announced that the No Income Tax Required Those earning annual income up to Rs.7 Lakh new tax regime.
The Beneficiary earned income up to Rs.7 Lakh, do not need to pay income tax.
Previous Income Tax Slab
Income Tax Slab
Income Tax Rate
Rs. 2,50,001 – Rs. 5,00,000
5% above ₹ 2,50,000
Rs. 5,00,001 – Rs. 10,00,000
Rs. 12,500 + 20% above Rs. 5,00,000
Above Rs. 10,00,000
Rs. 1,12,500 + 30% above Rs. 10,00,000
Now, the New Announcement made by the Finance Minister on the Increasing the Income Tax Slab to Rs.7 Lakhs new tax regime.
The Person with a Income of Rs. 7.10 Lakhs have to Pay Rs.27,100 Tax. In this Income of Rs. 7.10 Lakhs – 5 Percent for Rs. 3 Lakhs to Rs. 6 Lakhs Income and 10 Percent for Remaining Rs. 1. 10 Lakhs