New income tax regime made ‘attractive’ with more rebate limit, less slab rates

Delhi 1 Feb : Finance Minister Nirmala Sitharaman said the Union Budget 2023 is largely focussed on four major points: empowering women, tourism, helping “vishwakarma” ( artisans) and green growth. There is tax relief for the middle class, a big increase in capex and an emphasis on fiscal prudence

FM Sitharaman has made the new tax regime more attractive. The rebate limit is upped from Rs 5 to Rs 7 lakh. There is easing of rates in the slabs. The new tax regime is now the default one. But there is no compulsion to shift from the old regime.

Prime Minister Narendra Modi hailed “Amrit Kaal’s first budget”, saying that it “provides a foundation to fulfil the resolve for a developed India”. He also said it will fulfil the dreams of the aspirational society, farmers, and the middle class. The Congress was critical. Rahul Gandhi called it “Mitr Kaal Budget”. Former finance minister P Chidambaram called the Budget “callous”.