Finance minister Nirmala Sitharaman on Wednesday raised the income tax rebate limit from ₹5 lakh to ₹7 lakh in the new tax regime, while reducing the slabs to five. The new tax regime will be the default one while citizens will have the option to be in the old tax regime that operates on exemptions. After all, for people earning up to ₹15 lakh per annum, this scheme provides lower taxation. Now, an individual with an income of ₹15 lakh would pay ₹1.5 lakh or 10% of their income, a 20% reduction from the existing ₹1,87,500. The move will also reduce the compliance burden on employees to provide invoices and on the employer to verify it. So, it could well be the way things change in future.
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Budget 2023
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The new tax regime will be the default one while citizens will have the option to be in the old tax regime that operates on exemptions.
Budget 2023
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Budget 2023
Budget allocation to energy transition not subsidy; fund to be used for refinery upgrade: FM
The finance minister pointed out that the government has not kept anything secret in the budget.
Defence capex for 'Make in India' fails to enthuse
The Union Budget 2023 proposed a 13% increase in the overall defence budget for FY24 at ₹5.93 lakh crore as compared to ₹5.25 lakh crore in FY23.
Govt unlikely to achieve 4.5% fiscal deficit target by FY26: Moody's
Budget 2023 is credit positive for renewable energy companies, cement and steel producers, oil marketing companies and automakers, says Moody's.
Govt’s increase in Capex to drive investments in infra development: ICRA
In her Budget speech for FY23-24, Finance Minister Nirmala Sitharaman increased the capital investment outlay for 2023-24 by 33% to ₹10 lakh crore, which will be 3.3% of the country’s GDP.