Income Tax Slabs Budget 2023-24: Big gift to middle class in Nirmal’s budget, income tax relief up to 7 lakh – mssewb.org

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Budget Income Tax: Union Finance Minister Nirmala Sitharaman presented the budget in Parliament. The expectations of the middle class in this year’s budget are somewhat metal centers. Finance Minister Nirmala Sitharaman gave a big gift to the middle class in the budget. Income tax limit has been increased. The extension under the new tax regime is the income tax exemption period. Earlier, no income tax was payable on income upto Rs 5 lakh with exemption. This time under the new tax regime that limit has been increased to 7 lakhs.

Besides, he said that under the new tax system, people who earn 9 lakh taka per year have to pay income tax of 60 thousand taka, instead of that they have to pay 45 thousand taka.

The list of new decisions made under the new tax regime is –

  • Income tax is zero on income up to 3 lakhs
  • 5 percent income tax on income between Tk 3 lakh to Tk 5 lakh
  • 10 percent income tax on income between Rs.6 lakh and Rs.9 lakh
  • 20 percent income tax on income between Tk 12 lakh to Tk 15 lakh
  • Income tax is 30 percent for income above 15 lakhs
  • However, under the new tax regime, the Center kept income up to 7 lakh rupees free of income tax by giving special exemptions.

Details coming…

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