Budget 2023: Income tax slabs changed under new tax regime. Details here

Income Tax Rates and Slabs: Under the new tax regime, the highest tax rate of 30% will be levied on income above Rs 15 lakh

Finance Minister Nirmala Sitharaman announced the new income tax slabs under the new income tax regime in her Budget speech on Wednesday. The tax rebate has been raised from Rs 5 to 7 lakh under the new regime. Moreover, the new tax regime will be default unless the taxpayer choses to adopt the old regime. 

No tax will have to be paid for income up to Rs 3 lakh. For income between Rs 3 to Rs 6 lakh, a tax of 5 per cent will be applicable. The highest tax rate of 30 per cent will be levied on income