Union Budget 2023 Live: Rs. 7 lakh salary: no need to pay income tax!

Budget 2023: Change in income tax ceiling

Under the new income tax scheme, those earning up to 7 lakh per annum will no longer need to pay income tax.

Tiers for Taxpayers in Old Income Tax Scheme:

0-3 lakhs – 0%
3- 6 lakhs – 5%
6- 9 lakhs – 10%
9-12 lakhs – 15%
12-15 lakhs – 20%
Above 15 lakhs – 30%

– Finance Minister Nirmala Sitharaman