Budget 2023: A glimpse of old vs current income tax slabs

Income Tax slab 2023-2024:

As per the new tax regime, the basic exemption limit has been updated to Rs. 3 lakhs. The income tax rebate limit available for salaried and individual taxpayers under the new income tax regime has been increased to Rs. 7 lakhs from the current Rs 5 lakhs. The new tax regime will be the default tax regime - FM Said in budget 2023.

Go through the below-mentioned table for more details of new income tax slabs in 2023. 

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Income Tax Slabs 2023: Tax slabs & rates Under New Income Tax Regime

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Earlier Income Tax Rates 2022-23

Some of the major highlights point of Budget 2023

• The custom duty on the goods of gold and silver will be increased.
• The mobile phones, cameras, and lenses will also be decreased in the price segment.
• The purchasing cost of Electric vehicles will be reduced.
• Automobiles, toys, and other basic things will be cheaper than before.
• The focus is also on tourism development which may increase air travel. 
• Theme-based tourist circuits and the facilitation of rural infrastructure are also cheerful moves.
• FM said that the focus will be given to increasing digitization to enhance IT services.
• Finance Minister declared 35 crores for priority capital investment for the energy transition, net zero objectives, and energy security by the ministry of petroleum and natural gas.
• The Government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0.
• existing old polluting vehicles are crucial to replace in 'greening our economy', says Nirmala Sitharaman.
• PM Pranam will be brought to incentivize states and Union Territories to enhance alternative fertilizers and balanced use of chemical fertilizers.
• 39,000+ compliances were reduced to increase the comfort in doing business and over 3400 legal provisions were decriminalized.
• 80 Crores people will be offered free grains under the free food scheme 2023.
• 100th of the Labs are declared to be opened For 5G service.
• The average time for processing IT returns is reduced from 93 days to 16 days.