As per the live update from Budget 2023, the present finance minister stated a variety of changes in the income tax slab as per the new tax rules.
Considering all the rebates, an individual will not have to pay tax with a maximum income of Rs 7 lakh under the latest tax rules. Whereas, an individual with annual earnings of up to Rs. 9 lakhs will need to pay Rs. 45,000 as tax. This is just 5% of the individual’s total income.
The standard tax deduction amount is kept to Rs. 52,500 as per new tax rules. The finance minister clarified that the new tax rules will be considered default regimes.
Further, she continued by saying that India is experiencing a growth rate of 7 per cent in the present fiscal and it is the highest as well compared to major economies. This clearly shows that India’s economy is on the right track now.
In the Union budget speech, she said “Indian economy has taken a position as 5th largest in the world at present. Nine years back India was positioned in 10th position.
During the scenarios where major economies in the world are facing a slowdown in their usual growing pace and even have the possibility of a recession, India has come up with Budget 2023 with various beneficial possibilities.
The economic survey also states that India has a possibility of GDP growth ranging between 6 to 6.8%. And this helps India to maintain the tag of the fastest-growing economy in the world. And survey specifies that India has completely recovered from the GDP fluctuations faced during the Covid-19 pandemic.
Nirmala Sitharaman later by clarifying about capital expenditure said that the Union budget has increased the capital expenditure by 33 per cent i.e. Rs. 10 lakh crore. And this is 3.3 per cent of the total GDP. And also PM Awaas yojana has also taken a huge growth.
