How Do the New 2023 Personal Income Tax Rates Affect Your Finances?

Union Budget Updates - 2023

Personal Income Tax: New tax rates are as follows:

Rs. 0 - Rs. 3 lakh - NIL,
Rs. 3 - 6 lakhs - 5%,
Rs. 6 - 9 lakhs - 10%,
Rs. 9 - 12 lakhs - 15%,
Rs. 12 - 15 lakhs - 20%,
Above Rs. 15 lakhs - 30%

Thanks & Regards,
Connect One Compliance Team.

Hi, this is under the new tax regime, a direct tax without any exemptions, I believe.

Yes, I think it is to bring more middle-income groups into the new tax regime.

Yes, anyone within this salary range will have to pay the aforementioned percentage without any exemptions.