New Tax Slab 2023 Budget LIVE Updates:

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Budget 2023 – Income Tax 

New Tax Slab

0-3 lakh- nil
3-6 lakh -5%
6-9 lakh - 10%
9-12 lakh-15%
12-15 lakh -20%

Above 15 lakh - 30% 

  • The e-Filing portal received 72 lakh returns in a day and processed more than 6.5 crores returns
  • Basic Exemption limit under 44AD & 44ADA to 3 Crores & 75 Lakhs.
  • Start-ups incorporated upto 31-03-2024 shall be eligible to claim tax exemptions under Section 80-IAC
  • Carry forward Losses for Start-Ups increased from 7 Years to 10 Years 
  • Lower Tax Rate for Co-operatives at 15% 
  • Introduced Capital Gain Exemption U/s. 54 & 54F limit Upper Limit to 10 Crores. 
  • Reduce TDS from 30% to 20% to EPF
  • Rebate limit on personal Income Tax  U/s. 87A increased from 5 Lakhs to 7 Lakhs – No Tax if taxable income in 7 Lakhs – Only for New Tax Regime 
  • New Taxes Slabs 0- 3 Lakhs Nil, 3- 6 lakhs 5%, 6- 9 Lakhs 10%, 9-12 Lakhs 15% and 12-15 Lakhs 20 % and Above 15 Lakhs and above 30%  - Only for New Tax Regime. 
  • The highest surcharge rate is reduced from 37% to 25% in the new tax regime.
  • Increase Limit of Exemption Retirement Under Section 10 (10AA) from 3 Lakhs to 25 Lakhs 
  • Introduction of a tax on High payout under Life Insurance payment


New regime vs old regime




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