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big announcement on the personal taxation front thats coming from budget 2023 let me just take you through the big highlights here the tax labs for the new tax regime have been changed it has become more attractive now to opt for the new tax regime to take you through the new slabs up to 3 lakh rupees no tax 3 lakh to six lakh rupees five percent six lakh to nine lakh Rupees is 10 income tax nine lakhs to 12 lakhs is 15 12 to 15 lakhs is 20 and above 15 lakhs is 30 so this is the new uh tax regime the rates that have been tinkered with now the other very important point to talk about here is the new tax regime will be the default tax regime so if you want you will have to opt for the old regime to make use of the incentives and the tax incentives in that regime now the other part is that there is no income tax for up to 7 under the new tax regime so the rebate amount has been increased from five lakh what it was to seven lakh rupees now
