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Union Budget 2023: Centre Extends Tax Holiday for Homegrown Startups till March 31, 2024 Union Budget 2023 News Update: FM Sitharaman announced that there will be no tax for income up to Rs 3 lakh; 5 percent tax on Rs 3-6 lakh while highest tax rate of 30 percent on income above Rs 15 lakh will be levied under new I-T regime.