Union Budget 2023 Live Updates : Income Tax Rebate Limit Raised To 7 Lakhs From 5 Lakhs For New Tax Regime

New Income Tax regime will be default, citizens may avail old regime: FM

Each salaried person with income of Rs. 15.5L or more stand benefit by Rs.52.5K: FM

An individual having 9L annual income required to pay only 45K Rs. tax, reduction of 25% of what they are required to pay now: FM

Now NO TAX upto ₹7 Lakh: FM

New Tax Rates:

0-3L: nil

3-6L: 5%

6-9L: 10%

9-12L: 15%

12-15L: 20%

above 15L: 30%

Income Tax rebate limit to be raised to 7 lakhs in the new tax regime from 5 lakhs. With income upto Rs 7 lakhs in new tax regime to pay no tax

States will be allowed Fiscal Deficit of 3.5% of GSDP of which 0.5 % will be tied to power sector reforms: FM

Max deposit limit for monthly income account scheme enhanced from 4.5L to 9L for single account, from 9L to 15L for joint account: FM

Max deposit limit for Senior Citizens savings scheme will be enhanced from 15 lakh to 30 lakh: FM

SEBI will be empowered to develop, maintain and educate National Institute of Securities Markets and recognise diploma and certificates: FM