Compute your income tax liability after Budget 2023 changes here

Finance Minister Nirmala Sitharaman announced a number of changes in the income tax slabs under the new tax regime. As per the new changes, people with annual incomes of up to Rs 7 lakh will be eligible for tax rebates. Earlier, this limit was Rs 5 lakh per annum. Also, the new tax regime has been made the default regime.

No tax will have to be paid for income up to Rs 3 lakh. For income between Rs 3 to Rs 6 lakh, a tax of 5 per cent will be applicable. The highest tax rate of 30 per cent will be levied on income above Rs 15 lakh under the new income tax regime.

The highest surcharge rate has been slashed from 37 per cent to 25 per cent. The Centre also proposed to cap deductions from capital gains on investments in residential houses to Rs 10 crore.

Taxpayers can calculate their tax liability after the Budget 2023 changes here: