Union Budget 2023 LIVE Updates: FM Nirmala Sitharaman in her speech has set a deadline for states to spend their allocations on capital expenditure. All allocations need to be spent in 2023-24
Union Budget 2023 LIVE Updates: India’s salaried class got its Budget due. The FM in her speech announced a rebate in n income tax limit to 7 lakh in new tax regime. She also reduced the number of slabs to 5, which will be:
0-3 lakh- nil
3-6 lakh -5%
6-9 lakh – 10%
9-12 lakh-15%
12-15 lakh -20%
Above 15 lakh – 30%
For big earners, the highest effective tax rate has been reduced from 42.7 percent to 39%. The FM left LTCG unchanged, cheering the bourses. Sops have been offered to common man to move to the new tax regime by rejigging slabs and also bringing the peak rate down