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Budget 2023 Live Updates: According to FM, the new tax system is now more appealing due to substantial changes made to personal income tax in the budget

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Updates on the Budget for 2023:

In the new tax system, finance minister Nirmala Sitharaman made several changes to the income tax brackets. In the new tax system, an individual will not be required to pay any taxes on income up to Rs 7 lakh if all rebates are taken into account. Sitharaman stated at the post-Budget press conference that the government has “substantial changes” in its structure for the benefit of the middle class by making the new income tax regime more appealing to taxpayers. She said that the nation has been waiting for a direct tax system that is easy to follow and reduces complexity.

Under the new system, a person with a yearly income of Rs 9 lakh will only have to pay Rs 45,000 in tax. Under the new system, this only amounts to 5% of a taxpayer’s income. In the new tax system, there is a standard deduction of Rs 52,500. Additionally, the FM stated that the new tax system would serve as the default.

In an interview with the media following the announcement of the budget, the finance minister stated that the new tax system now offers more rebates, making it more appealing.

New income tax slabs 2023 – 24:

  1. Up to Rs 3 lakh income, there is 0% or NIL tax
  2. From Rs 3 lakh to Rs 6 lakh the tax rate is 5%
  3. From Rs 6 lakh to Rs 9 lakh the tax rate is 10%
  4. From Rs 9 lakh to Rs 12 lakh the tax rate is 15%
  5. From Rs 12 lakh to Rs 15 lakh the tax rate is 20%
  6. Above Rs 15 lakh the tax rate is 30%

“This is the first Budget of Amrit Kaal,” said finance minister Nirmala Sitharaman at the beginning of the Modi government’s final full budget presentation. The FM stated that India’s economy has been recognized as a bright spot by the world. India’s current fiscal growth rate of 7% is the highest among major economies. Sitharaman stated in her budget speech that the Indian economy is on the right track and heading in the right direction.

Latest Budget 2023

The income per person has risen to Rs 1.97 lakh. Sitharaman stated in the Union Budget speech that India’s economy has also expanded from the 10th to the 5th largest in the world over the past nine years.

The India Budget 2023 is being presented at a time when the world’s major advanced economies are crippled by a slowdown and may even experience a recession. In light of this, the Economic Survey predicts that India’s GDP will continue to expand between 6.8% and 7.8%, maintaining its status as the world’s fastest-growing economy. The Survey indicates that India has completed its recovery from the shock of the Covid-19 pandemic, which bodes well for GDP growth prospects.

For the first time ever, Indian Railways has received a capital outlay of Rs 2.40 lakh crore. Sitharaman stated that this represents the railways’ highest capital expenditure.

Nirmala Sitharaman,

the minister of finance made a big increase in capital expenditures. The capital expenditure has increased by 33% to Rs 10 lakh crore in the Union Budget. It would amount to 3.3% of GDP. Additionally, the FM has announced a significant increase in the PM Awaas Yojana. Sithraman highlighted the continuation of the food security program for an additional year in her Budget speech. She also announced steps for agribusiness startups, and fisheries, and initiated a program for primitive, disadvantaged tribal groups.

However, Sitharaman is also responsible for maintaining the fiscal deficit target of 6.4 percent and providing a credible plan to bring it closer to the FRBM target in the coming years.

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