Highlights

  • No tax on income up to Rs 7 lakh
  • New tax regime to be the default regime
  • Rs 50,000 standard deduction under the new regime

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Budget 2023 | Explained: tweaks to the personal tax regime

editorji's Business Editor Avni Raja decodes the big announcements in Budget 2023 for personal tax. 

Budget 2023 | Explained: tweaks to the personal tax regime

Finance Minister Nirmala Sitharaman on Wednesday tweaked the slabs to provide some relief to the middle class by announcing that no tax would be levied on annual income of up to Rs 7 lakh under the new tax regime.

editorji's Business Editor Avni Raja decodes the big announcements in Budget 2023 for personal tax.

Also Watch: Union Budget 'not futuristic', 'anti-people': Mamata Banerjee

Frequently Asked Questions

No tax will be levied on an annual income of up to Rs 7 lakh under the new tax regime.

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