Nirmala Sitharman

Nirmala Sitharman News

Budget 2023: New vs Old Tax Regime

India.com News Desk February 1, 2023 11:07 AM IST

At present, the basic exemption limit is Rs 2.5 lakh per annum and income between Rs 2.5-5 lakh is taxed at 5 per cent. Those in the income bracket of Rs 5-10 lakh are taxed at 20 per cent and those above Rs 10 lakh are taxed at 30 per cent rate. There is also a three-layered surcharge for the super-rich in the salary brackets of Rs 1 crore, Rs 2 crore and Rs 5 crore.

By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts Cookies Policy.