Union Budget 2023 will be presented by Finance Minister Smt. Nirmala Sitaraman on 1st February 2023 at 11.00 AM. Post-Budget 2023 Press conference by Finance Minister will start from 3:45 PM onwards.
Below are the key highlights of the Budget 2023 presented today at the parliament.
Table of Contents
Budget 2023 Highlights
The Budget 2023 has 7 priorities:
- Inclusive development
- Reaching last mile
- Infrastructure and investment
- unleashing potential
- Green growth
- Youth Power
- Financial Sector
Direct Tax Proposals
Budget 2023 proposes the below tax benefits to salaried employees.
- Under the New Tax Regime, the income tax limit for rebate of income tax is increased from Rs 5 lakhs to Rs 7 Lakhs.
- Income tax exemption limit increased to Rs 3 lakhs.
- Under the New Tax Regime, highest surcharge rate on income above Rs 5 crores to be reduced from 37% to 25%.
- Standard deduction benefit of Rs 52,500 extended to the New Tax Regime for Salaried employees and pensioners.
- Tax exemption limit increased to Rs 25 lakhs on leave encashment on retirement for non-government salaried employees.