Income Tax in Budget 2023 LIVE: This was the last full budget of the Modi government before next year’s parliamentary elections, slated for April-May 2024.
In her fifth consecutive budget statement on Wednesday, Union Finance Minister Nirmala Sitharaman announced as many as five changes to personal income taxes. The budget from the previous year contained no pronouncement regarding income tax.
UNION BUDGET 2023: FULL COVERAGE
Three of these five announcements caught our attention. First, under the new tax system (implemented in the 2020 budget), persons making up to $75,000 annually will not be required to pay any taxes. Second, the new system will be the default tax system; nevertheless, the old system is still in place and can still be used by citizens.
Third, there are now only five slabs instead of six under the new system.
By raising the threshold limit for no tax, according to Sachin Vora of Assetz Property
“The budget increases the threshold limit of no tax up to an income of Rs. 7 lacs per year, hence increasing disposable income,” says the statement that “the budget gives relief to millions of families who struggled during the Covid-19 pandemic and its aftermath of inflation”: CFO of Assetz Property Group Sachin Vora
01 February 2023, 03:15 IST
Yogesh Agarwal, Onsurity Technologies, “Enhancement of Income Tax Rebate”
“This Budget encourages growth and consumption and is truly created for the average Indian. The country’s middle class, including the quickly expanding gig economy, will benefit greatly from an increase in the income tax rebate maximum from INR 5 lakh to INR 7 lakh. Extending the standard deduction’s advantages.
5 income tax-related announcements in budget
In budget 2023, the finance minister made a total of five personal income tax-related announcements, after not making any announcement in the 2022 budget.
February 1st, 2023, 12:59 IST
newly released tax brackets
Live updates on the 2023 budget: 0.00 to 3.0000: Nil, 5% from Rs. 3 lakh to Rs. 6 lakh, 10% from Rs. 9 lakh to Rs. 12 lakh, 15% from Rs. 12 lakh to Rs. 15 lakh, and 30% from Rs. 15 lakh and above.
February 1st, 2023 12:33 IST
“The previous tax system will continue in addition to the new one.”
Live updates on the 2023 budget: The new tax system will take effect going forward by default. The previous one is still available for use by citizens, though: FM
February 1st, 2023 12:28 IST
No tax is due for persons making up to $75,000 annually: FM
Live updates on the 2023 budget: In a significant revelation, FM states that under the new taxation system, individuals earning up to 7 lakh annually will not be subject to paying any taxes. Limit increased from 5 lakh annually
February 1st, 2023 12:13 IST
an occasional new little savings programme was announced
Finance Minister introduces Mahila Samman Bachat Patra, a one-time small savings programme for deposits of up to 2 lakh rupees for a two-year term with fixed return of 7.5 percent.
February 1st, 2023, 12:03 IST
Tax slabs: What does business hope the budget would include?
Live updates on the 2023 budget: We may rationalise the income tax slabs to give the middle class more money to spend on economic growth: the former FICCI President Naina Lal Kidwai
Feb 01, 2023 11:41 AM
Budget analysis on Twitter by the editor-in-chief of IST HT
Live updates on the 2023 budget: Sukumar Ranganathan, the editor-in-chief of HT, is analysing the budget for 2023 LIVE on Twitter. You may follow the analysis on Twitter by following him.
February 1st, 2023, 11:19 IST
Congress asserts that the government will not grant salary workers any concessions.
Live updates on the 2023 budget: We don’t believe the government is providing any benefits to those who are employed. Only eye-washing projects are being announced together with the budget. Similar actions were taken in earlier budgets. This time, with an eye toward the elections of 2024, several programmes and reliefs might be announced: Congress top whip in the Lok Sabha, K Suresh
February 1st, 2023, 11:07 IST
Speech by the finance minister begins.
Live updates on the 2023 budget: As she introduces the budget for 2023 in the Lok Sabha, Nirmala Sitharaman states that this is the first budget in the “Amrit Kaal.”
February 1st, 2023, 6:50 IST
Do you know the number of taxpayers in India?
Live updates on the 2023 budget: In India, where there are more than 80 million taxpayers, salaried workers make up the majority of tax payers.
Feb. 1st, 2023, 6:41 IST
Know the seven income taxes that are now applicable.
Live Budget 2023 Updates: An annual income of up to 2.5 lakh rupees is tax-free.
Individuals making between 2.5 lakh and 5 lakh are required to pay 5% tax.
Tax rates range from 10% for income between 5 and 7.5 lakh to 15% for income between 7.5 and 10 lakh.
People who make between 10 and 12.5 lakh rupees and between 12.5 and 15 lakh rupees must pay tax at a rate of 20 percent each.