If you're a salaried person, check out what's in the Budget for you.
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00:00Now I come to what everyone is waiting for.
00:05If you earn Rs 7 lakhs per year, you would not have to pay any tax at all under the new tax regime.
00:10Until now, this rebate applied to those who earn Rs 5 lakhs per year.
00:14If you earn Rs 9 lakhs per year, you will now have to pay Rs 45,000 as tax instead of Rs 60,000.
00:20This is a 25% reduction from what you'd have to pay before the 2023 budget was applied.
00:25So, will these new tax rules help the middle class?
00:28Finance Minister Nirmala Sitharaman surely thinks so.
00:31She announced new tax slabs according to which if your taxable income is Rs 0 to 3 lakhs, you don't have to pay anything.
00:37For example, your income is Rs 10 lakhs per year.
00:39You already don't have to pay any tax for the first 7 lakhs under the new tax regime.
00:44This leaves you with Rs 3 lakhs.
00:46If your taxable income falls in the Rs 3 lakhs to 6 lakhs category, you have to pay 5% taxes.
00:52If your taxable income falls between Rs 6 lakhs and 9 lakhs, you have to pay 10% taxes.
00:57If your taxable income falls between Rs 9 lakhs to 12 lakhs, you have to pay 15% taxes.
01:02And if your taxable income falls in the Rs 12 lakhs to 15 lakhs category, you have to pay 20% taxes.
01:0830% tax rate is for those whose taxable income is more than Rs 15 lakhs.
01:13This will provide major relief to all taxpayers in the new regime.
01:18What's the new tax regime though? Sitharaman had introduced it in 2020.
01:23The new personal income tax regime had 6 tax slabs, which she had now reduced to 5.
01:28She said the new tax regime would be the default one now, even though the old one would continue.
01:33This means that you could still file taxes under the old regime,
01:36but you basically can still choose the one you prefer according to your financial planning.