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Budget 2023: No Tax on Income up to Rs 7 lakhs in New Tax Regime

Income Tax Returns Reduced from 93 Days to 16 Days: FM Sitharaman
Updated on: 1 February, 2023 3:06 PM IST By: Binita Kumari
Finance Minister Nirmala Sitharaman
Nirmala Sitharaman, the union finance minister, announced five significant modifications to personal income tax on Wednesday, which will be a big relief to middle-class and salaried individuals. The country's "hard-working middle class," according to Sitharaman, who presented the Union Budget for FY 2023–2024, will principally benefit from the personal income tax measures. 
According to Sitharaman, the new income tax system will now be the default tax system. However, citizens will still be able to choose to benefit from the previous tax system. (Union Budget 2023–24: Here is the whole list of cheaper and more expensive items.)
She suggested expanding the standard deduction advantage to the new tax system for the salaried class and retirees, including family pensioners. According to the minister, "any salaried person with a salary of 15.5 lakh rupees or more will so stand to benefit by 52,500 rupees."
The highest tax rate, which is presently 42.74 percent, was one of her suggestions for the personal income tax. In the new tax system, Sitharaman suggested lowering the maximum surcharge rate from 37% to 25%. According to her, the suggested modification would lower the top tax rate to 39%.

She suggested expanding the standard deduction advantage to the new tax system for the salaried class and retirees, including family pensioners. According to the minister, "any salaried person with a salary of 15.5 lakh rupees or more will so stand to benefit by 52,500 rupees."
The highest tax rate, which is presently 42.74 percent, was the subject of her fourth suggestion for the personal income tax. In the new tax system, Sitharaman suggested lowering the maximum surcharge rate from 37% to 25%. According to her, the suggested modification would lower the top tax rate to 39%.

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