Budget 2023 Expectations Updates: Salaried taxpayers want income tax slabs revised

CII in its pre-Budget 2023 memorandum recommends lowering the income tax slabs under the new tax regime as follows:

Upto Rs. 2.5 lakhs – Nil

Rs 2.5 lakhs to Rs 5 lakhs – Nil

Rs 5 lakhs to Rs 7.5 lakhs – Nil

Rs 7.5 lakhs to Rs 10 lakhs – 5%

Rs 10 lakhs to Rs 12.5 lakhs – 10%

Rs 12.5 lakhs to Rs 15 lakhs – 15%

Rs 15 lakhs to Rs 17.50 lakhs – 20%

Rs 17.5 lakhs to Rs 20 lakhs – 25%

Above Rs 20 lakhs – 30%