Share via

India Union Budget 2023-24 Key Takeaways

On 1st February 2023, our Finance Minister, Nirmala Sitharaman, released India Union Budget 2023-24. This year’s budget theme was Amrit Kaal. Amrit Kaal is focused on seven priorities (Saptarishi). All these seven priorities will complement each other and guide our nation to the Amrit Kaal.

The new tax regime includes several changes to the income tax bands, according to Finance Minister Nirmala Sitharaman. Under the new tax system, A person will not be taxable on income up to Rs 7 lakh if all rebates are considered.

Speaking at the post-Budget press conference, Sitharaman claimed that the government had changed the structure of the new income tax system in a significant way to benefit the middle class by making it more appealing to taxpayers. However, she stated that the nation has been waiting for a direct tax system that is straightforward to comply with.

An individual earning Rs 9 lakh a year will only be required to pay tax on Rs 45,000 under the new tax system. According to the existing tax regime, this represents merely 5% of a taxpayer’s income. In the new tax regime, there is a standard deduction of Rs 52,500. The finance minister added that the new tax system would be implemented by default.

Read the Key Takeaways on India’s budget 2023-24 curated in our comprehensive document. Discover what the government has in store for the Indian economy and how it will affect you. Get all the information you need in one easy-to-read document, from tax policies to infrastructure investments.