Budget 2023: 5 Big Personal Income Tax Changes

In the new tax regime, people whose earnings are up to Rs 7 lakh do not have to pay any income tax.

The income slabs have been reduced to five under the new personal tax regime.

The basic tax exemption limit under the new tax regime has been increased from Rs 2.5 lakh to Rs 3 lakh.

For family pensioners, a standard deduction has been introduced.

Tax rate for those earning above Rs 5 crore a year, has been reduced to 39% and brought at par with those who earn over Rs 2 crore.

Under the new tax regime, the surcharge has been reduced to 25% from 37%.

Sitharaman announced that the new Income Tax regime would henceforth be the default, but citizens have the option to opt for benefits in the old tax regime.

PM Modi hailed the Union Budget 2023-24 & called it “Amrit Kaal’s first budget” that “provides a foundation to fulfil resolve for a developed India”.

PM Modi added that the Budget will fulfil the dreams of the aspirational society, farmers, and the middle class.

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