Budget 2023: No Tax On Income Till Rs 7 Lakh A Year In New Tax Regime

Union Budget 2023-24: The central government today made the much-awaited mega announcement on increasing the earnings level up to which no income tax is payable: ₹ 7 lakh a year from the 2023-24 financial year. It was Rs 5 lakh so far. Under a new five-slab structure, those making even a rupee above it will have to pay tax — though they will get exemptions already available, such as life insurance premium and long-term mutual funds.

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Budget 2023

Jai Jawan With Sonu Sood | Republic Day Special

Congress' Bharat Jodo Yatra

[chandankumarmishra]

Govt want you to spend more, rather than save. Saving mindset is discouraged by this decision...so that companies earn and economy gets on wheels...

[Knowledge-pi]

Tax payers prayers.
1. You pay direct tax on your income ( monthly salary)
2. You pay indirect tax on what ever you buy ( eg: petrol, gas, groceries etc.. ranging from 50% to 10% ).
Roughly if you calculate more than 40 percent you will pay tax to government.
You will get notice from income tax for not paying event to the extent of few thousand rupees.
But the government spending and looted buy corrupted politicians and officials at state and central level for that no axxout will be given to common man.
Even if you put cases the case will run generations without confiscation of the looted assets/ property.

Tax payers are money menting machines to government. As we are commodities to earn and pay tax.
This budget is of no uses to tax payers.
Jai Modi Ji.

[michael]

This tax concession in the new tax regime is so deceiving because there are no exemptions including the HRA. Those who invested in insurance products, PPF schemes, and tax saver schemes are now toast as the new tax regime has become the default option. This concession will benefit only those tax payers in the very high tax bracket because they cannot avail exemptions anyway.

[RishavBaruah]

This is for the new tax regime....
Not the old tax regime

[imran]

Though this looks like people are saving money due to reduced income tax but those taxes were already Prepaid to the government in the form of Inflation from increased fuel cost, food prices, housing cost & rent, school fees of children for the salaried & middle class 🙏🙏

[ranjanpati]

Very sad to know that there is no concession on railway tickets for senior citizens.

[martineyc]

The Government is playing with Old tax regime vs New Tax regime. In Old tax regime, we have 5 lakh rebate+50 Thousand standard deduction + 1.5 lakh 80C + 25 Thousand 80 D +50 Thousand NPS 80 CCD+ Interest on Home loan + HRA Exemption which is 7 lakh - 10 lakh no tax. Now giving rebate of 7 lakh only to New tax regime is worthless move. In 9 years, government only increased Basic exemption by 50, 000 (2.5 lakh to 3 lakh). Moreover, if you only giving relaxation to New Tax regime, indirectly not encouraging poor/middle class people for savings. Providing 5lakh rebate to Old Regime and 7 lakh rebate to New Regime to same people of India make me think where is the equality and justice?

[rishibhatia]

Pathetic budget for salaried class😡😡😡😡😡

[blank]

From April 1 all are by default under new tax regime, but if someone wants old tax regime they need to apply for it, some good benefits are given under new tax regime.

[amansinghchandigarh]

Make sure !! Tax money should be used in development of the country not in making idols, temples etc ...take as much tax you want ...

[technoteacher]

Old tax regime me koi change nahi kiya bus new tax regime lene walon ko hi benefits hai
Jise home loan or other benefits layte hai unko koi benefits nahi hai


Mujhe 23-24 me new tax regime me 76500 tax lagega lekin
Old tax regime me 75400
1143000 total income hogi jis me only standard deduction 50000 ka benefit hoga
Or old tax me home loan interest, 80C, standard deduction, professional Tax, HRA exemption, other benefits melte hai

[renderartd]

pls someone can expalin me they are saying les than 7 % no tax have to pay . then what is 3 to 6 lakh 5 %tax bracket

[msel]

out of 140 crores, only 10 crores individuals are paying or filing income tax and they are shouting here. rest is happily eating on these 10 crores taxes. first that should be changed and all freebies should be abolished.

[artbyyogita]

Those who don't like the new regime can go for the old regime, right? Why are people complaining so much?

[diksha_bhatt]

Worst budget, it would have been good if old tax regime limit has been extended to 7lakh or even 5lakh, but they want to equidate old regime to new regime and equal tax burden has to be borne by employees then😐😑

[zozo.bz]

All companies have to follow the new regime right? So individuals who were in old regime will set to new regime by default? please correct me if im wrong

[madmaxmax]

This budget is just like the head of Narendra Modi and Nirmala Sitaraman ... Empty 🤮🤮🤮

[bakuldada]

damn..thats a slam dunk if ever there was one in indian politics

[Pawan]

Why are we giving high professional tax in Tamilnadu?

[hansraj]

This good for people who are cooking up their income number as they can show up just under 7 lacs and pay no tax...