Before the Budget 2023-24, the wonderful news is coming for the Income Tax Payers of the country.

Income Tax Slab 2022-23:

The government is considering increasing the income tax limit to Rs 5 lakh on income up to Rs 2.5 lakh a year.

If your annual income is up to five lakh rupees, then you will not come in the category of income taxpayers.

Let us tell you that it can be announced by the Finance Minister of India in the upcoming Budget 2023-24.

Sources said that in the new system of paying tax, the compliance will be less and it will be very easy to file the return.

Current income tax slab: 1- No tax up to Rs 2.5 lakh 2- 5% from Rs 2.5 lakh to Rs 5 lakh 3- Rs 5 to Rs 7.5 lakh 10 percent

4- Rs 7.5 lakh to Rs 10 lakh 15% 5- Rs 10 to 12.5 lakh 20% 6- Rs 12.5 lakh to Rs 15 lakh 25% 7- Above Rs 15 lakh 30%

A Finance Ministry official said that the possibility of changes in the new tax regime will be discussed in the budget discussion on tax.

The budget for the financial year 2023-24 will be presented on February 1. Earlier in 2014, the tax exemption limit was increased from two lakhs to 2.5 lakhs.