Budget focuses on Women, Middle Class

New Delhi: Union Budget 2023 was presented  by Finance Minister Nirmala Sitharaman today  which unveiled one of its biggest jumps in capital  spending in the past decade and said the fiscal  deficit would fall next year. The Budget adopted “seven priorities” – inclusive development, reaching the last mile,  infrastructure and investment, unleashing the  potential, green growth, youth power and  financial sector – to guide India through the  “Amrit Kaal”. Prime Minister Narendra Modi praised the  Budget and said that it would lay a strong  foundation for building a developed India. The  Prime Minister said that the Budget gives  priority to the deprived and will fulfill the dreams  of the aspirational society, the farmers and  middle class. This year’s Budget holds much significance as  this is the last full Budget before the 2024 general  elections. This is the Finance Minister’s fifth  Budget presentation since 2019.
No Income Tax ForPeople Earning Up To Rs 7  Lakh PerAnnum Finance Minister Nirmala Sitharaman on Wednesday announced new tax slabs for 2023- 24, under which no tax would be payable for  income up to Rs 7 lakh per annum under the new  income tax regime. “Currently, those with an income of up to Rs 5  lakhs don’t pay any income tax. I proposed to  increase the tax rebate limit to Rs 7 lakhs in the  new tax regime,” Sitharaman said while
presenting the Union Budget for 2023-24 in  Parliament. A tax of 5 per cent would be levied on total  income between Rs 3 lakh and Rs 6 lakh, a 10 per  cent tax would be imposed on income between  Rs 6 lakh to Rs 9 lakh, it would be 15 per cent on  income between the range of Rs 9 lakh to Rs 12  lakh. On the income range of Rs 12 lakh to Rs 15 lakh,  20 per cent tax would be levied, while tax would be 30 per cent on income slab of Rs 15 lakh and  above, the finance minister informed. As per the announcements in the Union Budget  2023-24, the new income tax rates are as below:

Rs 0-3 lakh – Nil.
Rs 3-6 lakh – 5%.
Rs 6-9 lakh – 10%.
Rs 9-12 lakh – 15%.
Rs 12-15 lakh – 20%.
Above Rs 15 lakh – 30%.
She added, “I propose to reduce the highest  surcharge rate from 37% to 25 % in the new tax  regime.” It is believed that the change in the income tax  slab will offer some respite to the middle class.

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