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.