Budget 2023 Updates: A glimpse of New income tax slabs 2023-24

The FM Nirmala Sitharaman announced the new income tax slab in her 5th speech on budget 2023


Income Tax slab 2023-2024: The Finance Minister, Nirmala Sitharaman has announced a significant change in the income tax regime. The new income tax regime has seen a major update in the income tax slab rates for 2023-24. 


As per the new tax regime, the basic exemption limit has been updated to Rs. 3 lakhs. The income tax rebate limit available for salaried and individual taxpayers under the new income tax regime has been increased to Rs. 7 lakhs from the current Rs 5 lakhs. The new tax regime will be the default tax regime - FM Said in budget 2023.


Go through the below-mentioned table for more details of new income tax slabs in 2023. 


Income Tax Slabs 2023: Tax slabs & rates Under New Income Tax Regime



Tax Rates

Up to 3 lakh


Rs. 3 Lakhs to Rs. 6 Lakhs


Rs. 6 Lakhsto Rs. 9 Lakhs


Rs. 9 Lakhs to Rs. 12 Lakhs


Rs. 12 Lakhs to Rs. 15 Lakhs


Above Rs. 15 Lakhs



Earlier Income Tax Rates 2022-23



Tax Rate

Up to 5 Lakhs


Rs. 2.5 to Lakhs


Rs. 5 to Rs. 7.5 Lakhs


Rs. 7.5 to Rs. 10 Lakhs


Rs. 10 to Rs. 12.5 Lakhs


Rs. 12.5 Lakhs to Rs. 15 Lakhs


Above Rs. 15 Lakhs



Some of the major highlights point of Budget 2023


  • The custom duty on the goods of gold and silver will be increased.


  • The mobile phones, cameras, and lenses will also be decreased in the price segment.


  • The purchasing cost of Electric vehicles will be reduced.


  • Automobiles, toys, and other basic things will be cheaper than before.


  • The focus is also on tourism development which may increase air travel. 
  • Theme-based tourist circuits and the facilitation of rural infrastructure are also cheerful moves.


  • FM said that the focus will be given to increasing digitization to enhance IT services.


  • Finance Minister declared 35 crores for priority capital investment for the energy transition, net zero objectives, and energy security by the ministry of petroleum and natural gas.


  • The Government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0


  • existing old polluting vehicles are crucial to replace in 'greening our economy', says Nirmala Sitharaman.


  • PM Pranam will be brought to incentivize states and Union Territories to enhance alternative fertilizers and balanced use of chemical fertilizers.


  • 39,000+ compliances were reduced to increase the comfort in doing business and over 3400 legal provisions were decriminalized.


  • 80 Crores people will be offered free grains under the free food scheme 2023.


  • 100th of the Labs are declared to be opened For 5G service.


  • The average time for processing IT returns is reduced from 93 days to 16 days.

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