Budget 2023: No Tax On Income Till Rs 7 Lakh A Year In New Tax Regime

Union Budget 2023-24: The central government today made the much-awaited mega announcement on increasing the earnings level up to which no income tax is payable: ₹ 7 lakh a year from the 2023-24 financial year. It was Rs 5 lakh so far. Under a new five-slab structure, those making even a rupee above it will have to pay tax — though they will get exemptions already available, such as life insurance premium and long-term mutual funds.


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