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Budget 2023 Income Tax Highlights

Union Budget 2023 Income Tax Highlights

Union Budget 2023 Highlights

Union Budget 2023 income tax Highlights : The Union Budget 2023, presented by Finance Minister Nirmala Sitharaman, is being disseminated throughout India on 01-02-2023. This budget is considered the last full budget of the Modi government’s second term. In this article, you will be provided with comprehensive information on the Budget Highlights 2023, so it is recommended to stay tuned till the end to ensure you don’t miss any important details.

On Wednesday, Nirmala Sitharaman, the Union Finance Minister, unveiled the 2023 Union Budget income tax, which marks the fifth budget of the Modi 2.0 government. In this full-fledged budget, which is the last one before the upcoming general elections, Nirmala Sitharaman declared that the Indian economy is progressing well and has a bright future ahead.

Article Caption Budget Highlights 2023 income tax
Category Political News
Budget Session2023-2024
Finance minister Smt. Nirmla Sitaraman
Budget Date1 February 2023
Tax Relaxation Till 7 lakh rs. Income

Budget 2023 Key Highlights

The budget has brought good news for taxpayers and the economy, as the Finance Minister announced substantial modifications to the tax slabs under the new tax regime and a substantial increase in funding for the railways and capital expenditure.

In the coming three years, the government has outlined a plan to hire 38,800 teachers and support staff for approximately 740 Eklavya Model Schools in the Budget 2023 Key Highlights. Additionally, a goal of 5 million metric tons of green hydrogen production has been set for 2030. The Budget Highlights 2023 also proposes the construction of 50 new airports, heliports, and aerodromes across the country. The allocation for the PM Awas Yojana has been increased by 66% to Rs 79,000 crore.

The government has allocated a budget of Rs 2.4 lakh crore for the development of the railways and has increased the expenditure on infrastructure by 33% to Rs 10 lakh crore, with a provision of Rs 75,000 crore for new railway projects. As per the Budget 2023 Key Highlights, DigiLocker Aadhaar will be considered a more secure and accepted form of proof of residence.

Budget 2023 income tax slab

The Budget Income Tax Highlights 2023 were presented on February 1, 2023 by Finance Minister Nirmala Sitharaman, under the guidance of the Narendra Modi government at the center. The new tax slab outlined in the budget is as follows:

  • 0 to 3 Lakh: Nil
  • 3 to 6 Lakh: 5%
  • 6 to 9 Lakh: 10%
  • 9 to 12 Lakh: 15%
  • 12 to 15 Lakhs: 20%
  • Above 15 Lakh: 30%

Additionally, the Finance Minister announced during the presentation of the Economics Survey Highlights that no tax will be imposed on an annual income of up to ₹ 700,000.

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