Budget 2023-24: In India's 'Amrit Kaal' you don't need to pay Income tax if you earn less than Rs 7 lakh

New Delhi: In a huge relief for the common people, Union Finance Minister Nirmala Sitharaman announced new income tax rates on Wednesday. The new tax rates are expected to be specially beneficial for the middle class. “The new tax rates are 0 to Rs 3 lakhs – nil, Rs 3 to 6 lakhs – 5%, Rs 6 to 9 Lakhs – 10%, Rs 9 to 12 Lakhs – 15%, Rs 12 to 15 Lakhs – 20% and above 15 Lakhs – 30%,” Union Finance Minister Nirmala Sitharaman said while presenting the budget. “An individual with annual income of Rs 9 lakh will have to pay only Rs 45,000 in taxes while someone with an annual income of Rs 15 lakh will have to pay Rs 1.5 lakh tax, down from Rs 1.87 lakh under new tax structure,” she added. Know the new tax slabs: - Tax for annual income Rs 0-3 lakh is nil. - Annual income above Rs 3 lakh and up to Rs 6 lakh will be taxed at 5% under the new rules. - Those with annual income above Rs 6 lakh and up to Rs 9 lakh will be taxed at 10% under the new tax regime. - According to the new tax slabs, annual income above Rs 12 lakh and up to Rs 15 lakh will be taxed at 20%. - Annual income above Rs 15 lakh will be taxed at Rs 30%. [caption id=“attachment_12082702” align=“alignnone” width=“300”] Middle class has been given a big relief in this year’s union budget[/caption] Last budget before 2024 Lok Sabha elections This is the fifth budget by Union Finance Minister Nirmala Sitharaman. This is also the last full budget of the second term of the Narendra Modi government. The Indian defence sector also has high expectations from this year’s budget since the Indian military is going through a modernisation overdrive amid tension with China at the Line of Actual Control (LAC). While presenting the budget, Finance Minister Nirmala Sitharaman said that the world has considered the Indian economy as a shining star. India’s stature has increased in the world. The Indian economy is moving in the right direction and is headed towards a bright future. He said that we have ensured that no one sleeps hungry during the Corona period. The government ensured food grains to every person by spending Rs 2 lakh crore.Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.