Union Budget LIVE: No tax for income earners of Rs 7 lakh under new tax plan

Union Finance Minister Nirmala Sitharaman has announced that under the new taxation scheme, those earning an annual income of Rs 7 lakh will not need to pay income tax.  Union Finance Minister Nirmala Sitharaman presented the budget for the year 2023-24 in Parliament today.

There was no change in tax rates under the old tax system

Increase in income tax ceiling exemption for individual from Rs 2.5 lakh to Rs 3 lakh.  Under the new income tax scheme, there is no income tax for individuals with annual income up to Rs 7 lakh.  Rs.  No tax up to 3 lakhs.  Rs.  3-6 lakhs 5% tax.  Rs.  6-9 lakhs 10 percent tax Rs.  9-12 lakhs 15 percent tax.  Rs.  12-15 lakhs and 20 percent tax.  Rs.  30 percent tax above 15 lakhs