Income Tax Slabs after Budget 2023

New Tax regime Slabs

Taxable income upto 7 lakhs per Annum is tax free.

Standard deduction of INR 52500 available for salaried employees.

New Tax regime Slabs

INR 3L - 6L - Tax-> 5%

INR 6L - 9L - Tax-> 10%

INR 9L - 12L - Tax-> 15%

INR 12L - 15L - Tax-> 20%

>15L - Tax-> 30%

For taxable Income

Old Tax regime Slabs

INR 0L - 2.5L - Tax-> 5%

INR 5L - 10L - Tax-> 20%

>15L - Tax-> 30%

For taxable Income

Old Tax regime Slabs

80C -> 1.5L

80CCD (1) B -> 50K

80D -> 50K

Deductions available 

80GG HRA -> 40%/50% of Basic pay

Old Tax regime Slabs

24B Home loan interest -> 2L

80EE Additional home load interest -> 50K

LTA Exemption

Deductions available 

Whic tax regime is best?

Taxable salary is less than 7 lakhs per annum then new tax regime

taxable salary is more than 7 lakhs per annum and you are availing the deductions then old tax regime

Income tax calculator

Use our income tax calculator to compare old tax regim and new tax regime and choose the best option for you.