The recent Union Budget that was announced on 1st February 2023 has introduced a New Tax Regime that now allows standard deduction of Rs. 50,000. The new slab rates are as follows:
Rs 0 to Rs 3 lakh - 0% tax rate
Rs 3 lakh to 6 lakh - 5%
Rs 6 lakh to 9 lakh - 10%
Rs 9 lakh to Rs 12 lakh - 15%
Rs 12 lakh to Rs 15 lakh - 20%
Above Rs 15 lakh - 30%