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Union Budget Highlights 2023
Written by Gagandeep Arora - Printed on - Date - 3rd Feb 2023
On 1 Feb 2023 , our honourable Finance minister Nirmala Sitharaman presented her last full year budget of the Modi government. Major highlights for a taxpayer from the presentation are listed below-
Major Highlights Of The Budget 2023
1). The 75th year of Independence has recognised India as a bright star.
2). The new slab rate for the Fy 2023-24 is as follows
| Annual Income | Rate Of Tax | |
| 0 to 3,00,000 | Nil | |
| 3,00,000 to 6,00,000 | 5% | |
| 6,00,000 to 9,00,000 | 10% | |
| 9,00,000 to 12,00,000 | 15% | |
| 12,00,000 to 15,00,000 | 20% | |
| Above 15,00,000 | 30% | |
3). The Government has enhanced income tax exemption limit up to Rs. 7 lakh under the new tax regime
4). Individuals with an annual income of Rs.9 lakh will only pay tax of Rs. 45 thousand only earlier it was Rs. 60 thousand.
5). Standard deduction under the New Tax regime for individuals with income up to Rs.15 lakh will be Rs. 52,400.
6). The tax exemption limit is Rs.25 lakh on leave encashment on retirement for non-government salaried employees.
