In a big relief for the country’s growing middle class, the state has rejigged the income-tax slabs in the new tax rule and said there will be no tax on income of up to ₹7 lakh a year – up from ₹5 lakh.
- FM Sitharaman gave an instance: “An individual with an annual income of ₹9 lakh will be required to pay only ₹45,000. This was ₹60,000 under the measures pertinent up to this financial year. An individual with an income of ₹15 lakh will have to pay ₹1.5 lakh tax, down from ₹1.87 lacks under the new tax network.”
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 assumed “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 footing for building a developed India. The Prime Minister said that the Budget gives priority to the curbed and will fulfill the dreams of the aspirational civilization, the farmers, and the middle category.