Income Tax Slab Fy 2023-24: Old Income Tax Regime vs New Income Rax regime – Which one is better? | TAX

Finance Minister Nirmala Sitharaman introduced a slew of changes to the new income tax regime in the Budget 2023. The rebate limit for individual taxpayers has been raised from Rs 5 lakh per annum to Rs 7 lakh per annum. Moreover, the new tax regime has been made the default regime for taxpayers.

“Currently, those with income up to Rs 5 lakh do not pay any income tax in both old and new tax regimes. I propose to increase the rebate limit to Rs 7 lakh in the new tax regime. Thus, persons in the new tax regime, with income

First Published: Feb 02 2023 | 5:37 PM IST