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Union Budget 2023 Updates: Incom Tax Slab Revised, No Income Tax up to ₹ 7 Lakh

Union Budget of India 2023. Check the Latest Income Tax Slabs, New Schemes, GDP Data, Fiscal deficit Data, 

On day 1 of the Union Budget of India, Finance Minster Nirmala Sitharaman announced the first slab revision for the Income tax. The income rebate limit has now been increased to ₹7 lakh from ₹5 lakh.

The public seems happy with the announcement as they don’t have to pay income tax up to ₹7 Lakh from this financial year. The previous tax slab was the following one.

  • 0-3 lakhs: nil
  • 3 lakhs-6 Lakhs: 5%
  • 6 lakhs – 9 lakhs: 10%
  • 9 Lakhs to 12 Lakh: 15%
  • 12 Lakhs – 15 Lakhs: 20%
  • Above 15 lakhs @ 30%

Union Finance Minister Nirmala Sitharaman has proposed a new tax regime, under which the income tax rebate limit has been increased from 5 lakh to 7 lakh.

“I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from 2.5 lakh. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to 3 lakh,” she said.

Union Budget 2023 Live Updates Here

FY2024 fiscal deficit target at 5.9% of GDP

Maximum deposit scheme for senior citizens – 15 lakh to 30 lakh

2.4 lakh cr provided for Railways

GOBARDhAN: to promote circular economy. 200 biogas plants will include at investment of 10,000 cr

PAN  will be used as common identifier for all digital systems of specified Government agencies.

In cases of failure by MSMEs, 95% of forfeited amount will be returned to them by govt

Capital investment increased by 33% to 10 lakh crore. This is 3.3% of GDP

11.7 cr household toilets under swachh bharat mission

9.6 cr LPG ujjwala yojana

A new Scheme to Supply Free Food Grain soon

Govt to recruit 38,800 teachers for Central Government Operated 740 Eklavya Model residential schools

PM Awas Yojana is being enhanced by 66% to over 79,000 crore

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