Union Budget of India 2023 Highlights: Major Tax relief to Income Tax payers
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Union Budget 2023: Union Finance Minister Nirmala Sitharaman has presented the Union Budget of India 2023; this budget is very important for Modi Government because it is last full year Budget before the General elections held in 2024. There some major relief announced by Finance Minister Nirmala Sitharaman for Income Tax Payers especially for middle class. Following are comp up as Good news for Income Tax payers-
The new Tax slab is changed and Tax rates are reduced
The new Tax slab 2023 is chnanged and it is default Tax slab. Tax payer want to opt for new tax slab have to choose the old tax slab explicitly. The new personal Tax rates are-
0 to Rs. 3 lakhs – nil
Rs. 3 to 6 lakhs – 5%
Rs. 6 to 9 Lakhs – 10%
Rs. 9 to 12 Lakhs – 15%
Rs.12 to 15 Lakhs – 20%
Above Rs.15 Lakhs – 30%
Tax rebate limit raised to Rs. 7 lakh from 5 lakh for new Tax slab-
Another Major relief presented to Tax payers by Union Finance Minister Nirmala Sitharaman. She proposed in new tax regime in which income tax rebate limit has been increased from Rs.5 lakh to Rs.7 lakh.
No Bank Privatization as of now-
There always an uncertainty around Bank Privatisation, but good news for PSU Bank employees that there is no mentioned by Finance Minister in whole Budget 2023. Moreover there is no merger of any PSU banks.
Reducing the average processing time for ITRs-
The average processing time always an issue for tax payers but Finance Minister come up with solutions, she announced to reduce it from 93 days to 16 days. Government is intended to roll out next-gen common IT Return forms and strengthen the new tech ITR platforms so that it will be easier for Tax payers.
Key announcements on economy-
The Economic Survey forecasts a baseline gross domestic product, or GDP, growth of 6.5 per cent in real terms in fiscal 2024. The FY24 gross borrowing is targeted at Rs. 15.43 lakh crore. Government through Budget 2023 will curb Inflation and push Growth . The Fiscal deficit target for FY24 is 5.9%. There will be big push to ‘Make In India’. Electric Vehicles, LI battery, cell phones, television, manufacturing get custom rebates.