Shruti Suman
In her pre-election Budget, often referred to as an interim Budget, Finance Minister Nirmala Sitharaman declared that she does not intend to make any alterations to taxation, be it direct or indirect. She emphasized that the current taxation structure will be maintained, echoing the parameters of the last financial year.
Current Income Tax Slabs in India for 2023-24:
The existing income tax slab configuration under the new regime is as follows:
Slab Structure:
0%: No tax on income up to Rs 3 lakhs
5%: Applicable on income from Rs 3 lakhs to Rs 6 lakhs
10%: Applicable on income from Rs 6 lakhs to Rs 9 lakhs
15%: Applicable on income from Rs 9 lakhs to Rs 12 lakhs
20%: Applicable on income from Rs 12 lakhs to Rs 15 lakhs
30%: Applicable on income above Rs 15 lakhs
During her 58-minute address, FM Nirmala Sitharaman also announced the provision of long-term interest-free loans to states for the development of tourist centers.
NI Bureau
