Budget 2023 Income Tax changes Highlights: No Income Tax till Rs 7 lakh, New Income Tax regime rejigged - Details
Budget 2023 Income tax slabs Highlights: Finance Minister Nirmala Sitharaman presented her fifth Budget on February 1 (Wednesday). And when it comes to Budget, salaried and middle class taxpayers are concerned more about how it is going to affect their pockets - What gets cheaper, and what will cost more. FM 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, 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.
Budget 2023 Income tax slabs Highlights: Finance Minister Nirmala Sitharaman presented her fifth Budget on February 1 (Wednesday). And when it comes to Budget, salaried and middle class taxpayers are concerned more about how it is going to affect their pockets - What gets cheaper, and what will cost more. FM 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, 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.
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Govt announces slew of tax relief to cooperative sector; budget outlay at Rs 1,150.38cr for coop ministry
To promote the cooperative sector, the government on Wednesday announced a slew of measures, including a concessional tax of 15 per cent to promote new societies focusing on manufacturing and a higher limit of Rs 3 crore for TDS on cash withdrawal.
"The Union budget has rolled out multiple growth opportunities for various verticals, and education has been laid maximum focus upon. As per research, India has continued to move towards digital advancements in all walks, and the government has supported the startups that back such developments. The Finance minister has emphasised that establishing a 'National Digital Library for Children and Adolescents' to house books and learning materials of all kinds will help kids cope with the learning loss caused by the pandemic. These libraries can be conveniently accessed by learners of every region. Also, physical libraries will be set up, providing proper infrastructure to the learners where they have access to reading material from different genres, including languages, geography, and subjects of different levels," said Divya Jain, Director , The Class of One.
"Coupled with a 66% hike in the PM Awas Yojana Fund and increased infrastructure spending, this will boost the development of the housing and commercial realty segments. Besides, the budget also nudges the states and cities to take up urban planning, and we expect this to lead to planned real estate development in the country. It will also improve living standards in cities and provide developers with an opportunity to provide better homes," said Navin M Raheja, Chairman & MD, Raheja Developers.
"The expansion of PM Awas Yojana Funds by 66% to 79,000 crores will prove to be a successive step in accomplishing the government’s mission to achieve Housing For All. This will replenish the affordable housing demand across the country and fulfill the homebuying aspirations of medium-class buyers. The emphasis on infrastructural boost, road and airport connectivity, sound urban planning, and raising the capital expenditure to expedite the completion of 100 critical infrastructural projects will bring forth a boom in the real estate sector and lead to a optimistic rise in residential housing demand," said Ashwani Kumar, Pyramid Infratech.
Budget 2023 Income Tax Changes
FM tweaked the concessional tax regime, which was originally introduced in 2020-21, by hiking the tax exemption limit by Rs 50,000 to Rs 3 lakh and reducing the number of slabs to five. In the Budget for 2023-24, Sitharaman said currently individuals with total income of up to Rs 5 lakh do not pay any tax due to rebate under both the old and new regimes.
Under the revamped concessional tax regime, no tax would be levied for income up to Rs 3 lakh. Income between Rs 3-6 lakh would be taxed at 5 per cent; Rs 6-9 lakh at 10 per cent, Rs 9-12 lakh at 15 per cent, Rs 12-15 lakh at 20 per cent and income of Rs 15 lakh and above will be taxed at 30 per cent.
Budget 2023 Income Tax Changes: No tax on income up to Rs 7 lakh, standard deduction allowed under new tax regime
Finance Minister Nirmala Sitharaman on Wednesday tweaked the slabs to provide some relief to the middle class by announcing that no tax would be levied on annual income of up to Rs 7 lakh under the new tax regime. She also allowed a Rs 50,000 standard deduction to taxpayers under the new regime, where assessees cannot claim deductions or exemptions on their investments.
Budget 2023 Income tax Live
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Budget 2023 Income tax Live
Personal Income Tax: "The new tax rates are 0 to Rs 3 lakhs - nil, Rs 3 to 6 lakhs - 5%, Rs 6 to 9 Lakhs - 10%, Rs 9 to 12 Lakhs - 15%, Rs 12 to 15 Lakhs - 20% and above 15 Lakhs - 30%, " says Union Finance Minister Nirmala Sitharaman
Budget 2023 Income tax Live
No Income Tax till 7 lakh
Budget 2023 Income tax Live
Post Office Monthly Income Scheme limit doubled to Rs 9 lakh and Rs 15 lakh for joint accounts and 9 lakh for individuals.
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Mahila Samman Savings Certificate to allow maximum deposit of up to Rs 2 lakh having 7.5 pc interest: FM Sitharaman.
Budget 2023 Income tax Live
One time new small saving scheme Mahila Samman Saving Certificate to be made available for 2 years up to 2025: FM Sitharaman
Budget 2023 Income tax Live
Senior Citizen Savings scheme limit increased to Rs 30 lakh, Post office MIS to Rs 9 lakh for individuals and Rs 15 lakh for joint account holders.
Budget 2023 Income tax LIVE: 47.8 crore Jan Dhan accounts opened, says FM
As many as 47.8 crore Jan Dhan accounts have been opened so far, a scheme which was launched in 2014 as a national mission for financial inclusion. Finance Minister Nirmala Sitharaman on Wednesday said the National Rural Livelihood Mission has achieved remarkable success by mobilising rural women into 1 lakh SHGs (self help groups). She said that 47.8 crore JanDhan accounts have been opened.