Budget Highlights 2023-24
Let us discuss about the key points from the budget presented today. This budget will be effective for the Financial Year 2023-24. Let us understand the FM's speech concerning Personal income tax. 1) Currently, those with income up to Rs. 5 lakh do not pay any income tax in both old and new tax regimes. I propose to increase the rebate limit to Rs.7 lakh in the new tax regime. Thus, persons in the new tax regime, with income up to Rs7 lakh will not have to pay any tax. If an employee choses NEW TAX REGIME, then there is NO tax if the Gross salary and Other taxable income is less than Rs.7 lacs. 2) I had introduced, in the year 2020, the new personal income tax regime with six income slabs starting from Rs.2.5 lakh. I propose to change the tax structure in this regime by reducing the number of slabs to five and increasing the tax exemption limit to Rs.3 lakh. The new tax rates are: Income in Rs. Tax ...