Budget 2023-24 should clear confusion over options for personal income tax

From 2020-21 onwards, the Budget gave an option of a lower personal income tax regime to those earning up to Rs 15 lakh, provided they forgo some exemptions

India Inc. and economists have suggested finance minister Nirmala Sitharaman to cut personal income tax rates in the Union Budget 2023-24 to raise consumption in the economy but there are already two options- a lower income tax regime with fewer exemptions and a higher income tax regime with all exemptions in place-- given to taxpayers. First of all, confusion over two regimes should be avoided before going for any fresh reduction in the tax rates.  
 

There are six slabs in the lower tax regime, offered to taxpayers from 2020-21 onwards.
 

Sources in the finance ministry said, unlike the corporation tax