New Income Tax Salb! Now no tax will have to be paid up to 5 lakhs.

New Income Tax Salb, Now no tax will have to be paid up to 5 lakhs whole story is there.

In present times income tax has become one of the other important things in the life of the common man. Preparations have been started by the government for the new year’s budget. Changes in tax slabs are expected in the 2023 budget.

New Income Tax Salb :

Before the budget is passed, its preparation has started. In this budget, the central government is considering increasing the tax-free slab from Rs 2.50 lakh to Rs 5 lakh in the two-year-old alternative personal income tax regime.

If the news is to be believed then the agenda related to tax is to start next week as part of the budget-making exercise. Where the government has assured to look into the tax slab change.

What can be the new tax slab?

The new tax slab is completely different from the old tax slab system. In this, the tax rate has been reduced, but many types of exemptions and deductions available in the old tax slab have been reduced in the new tax slab.

Old tax slab :

• Up to 2.5 lakh – 0 percent.
• 2.5 lakh to 5 lakh – 5 percent.
• 5 lakh to 10 lakh – 20 percent.
• Above 10 lakh – 30 percent interest is charged.

New tax slab :

• Up to 2.5 lakh – 0 percent.
• 2.5 lakh to 5 lakh – 5 percent. (Exemption under 87A)
• 5 lakh to 7.5 lakh – 10 percent.
• 7.5 lakh to 10 lakh – 15 percent.
• 10 lakh to 12.5 lakh – 20 percent.
• 12.5 lakh to 15 lakh – 25 percent.
• Above 15 lakh – 30 percent interest is charged.