The Budget 2023 has revised (and reduced) the tax slabs for ONLY the new tax regime (read more here). Here is a comparison table of the New tax regime vs Old tax regime (applicable from 1st April 2023).
New Vs Old Tax Regime 2023
| Income Tax Slabs | Old Tax Regime Tax Rates | New Tax Regime Rates |
| 0 – Rs 2.5 lakh | 0% | 0% |
| Rs 2.5 – 3 lakh | 5% | 0% |
| Rs 3 – 5 lakh | 5% | 5% |
| Rs 5 – 6 lakh | 20% | 5% |
| Rs 6 – 7.5 lakh | 20% | 10% |
| Rs 7.5 – 9 lakh | 20% | 10% |
| Rs 9 – 10 lakh | 20% | 15% |
| Rs 10 – 12 lakh | 30% | 15% |
| Rs 12 – 12.5 lakh | 30% | 20% |
| Rs 12.5 – 15 lakh | 30% | 20% |
| Rs 15 lakh + | 30% | 30% |
Also, if someone is earning less than Rs 7 lakh and has opted for the new tax regime, then he/she will not have to pay any taxes as they will get a rebate under section 87A up to Rs 7 lakh taxable income. That is you have Tax-Free Income of Rs 7 lakh under new regime.
To know which option is better for you, do read the detailed post – New Vs Old Tax Slabs FY 2023-24: Which is Better?
So that was the comparison table for the latest New Tax Regime vs Old Tax regime. The revised rates/slabs of the new regime will be applicable from 1st April 2023.