Union Budget 2023-24 Explained Live Updates
Finance Minister Nirmala Sitharaman Unveils New Income Tax Slabs
In a major announcement during her Budget speech, Union Finance Minister Nirmala Sitharaman revealed changes to the income tax slabs under the new tax regime. These changes aim to simplify the tax system and provide relief to taxpayers.
Key Changes in Income Tax Slabs
- Tax exemption limit increased from Rs. 2.5 lakhs to Rs. 3 lakhs.
- New tax slab introduced for income between Rs. 3-6 lakhs, with a 5% tax rate.
- Tax rate for income between Rs. 6-9 lakhs reduced from 20% to 15%.
- Tax rate for income between Rs. 9-12 lakhs reduced from 30% to 25%.
- Tax rate for income above Rs. 15 lakhs remains unchanged at 30%.
Budget Highlights: Saptarishi Priorities
The Union Budget 2023-24 adopts seven priorities, known as "Saptarishi," that will guide the country's growth and development in the coming years. These priorities include:
- Inclusive Development
- Reaching the Last Mile
- Infrastructure and Investment
- Empowering Youth and Skilling
- Financial Sector
- Green Growth
- Minimum Government, Maximum Governance
A Smart Budget in Challenging Times
Commenting on the Budget, N Chandrasekaran, Chairman of Tata Sons, described it as "a smart budget in challenging times." He highlighted the government's focus on infrastructure and construction, sectors that are witnessing strong demand.
Conclusion
The Union Budget 2023-24 reflects the government's commitment to inclusive growth, economic stability, and sustainability. The changes in income tax slabs provide relief to taxpayers and simplify the tax system. The Saptarishi priorities outline a comprehensive roadmap for India's future development, while the emphasis on infrastructure and skilling signals the government's intent to empower the nation and drive economic growth in the years to come.
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