Union Budget 2023: No Tax On Income Upto Rs 7 Lakhs

Ms. Nirmala Sitharaman, the Union Finance Minister of India, announced a major announcement for taxpayers.

Under the 2023-2024 Budget, people with income up to Rs. 7 lakhs are exempted from paying taxes. The Union Finance Department revised tax slabs for the new regime, which is a relaxation to citizens earning an annual amount of Rs. 7 lakhs.

In addition, those earning above Rs. 15 lakhs per year would need to pay 30% tax. Furthermore, under the new tax regime, the surcharge rate has been reduced to 25% from the previous 37%.

The Union Finance Minister also announced a reduction of the tax return processing period by 16 days. In addition, the Union Finance Minister announced a benefit of a lower tax rate of 15% to new cooperative societies.

Lastly, under the new income tax regime, Ms. Nirmala Sitharaman announced to introduction new Income Tax Return form for easy filing of IT returns.