New income tax slabs, rates for new tax regime announced in Budget 2023: The Union Finance Minister Nirmala Sitharaman announced that income tax rebate limit increased to Rs 7 lakh in new tax regime. The limit will be increased from Rs 5 lakh currently by Rs 2 lakh in an announcement which will bring a loud cheer to taxpayers.
Basic exemption limit is hiked to Rs 3 lakh from Rs 2.5 currently under the new income tax regime
She also reduced the number of slabs to 5, which will be:
Income tax slabs under new tax regime for FY 2023-24 (AY 2024-25)
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