Budget 2023 Live Updates

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.

Budget 2023 Highlights

The Budget 2023 has 7 priorities:

  1. Inclusive development
  2. Reaching last mile
  3. Infrastructure and investment
  4. unleashing potential
  5. Green growth
  6. Youth Power
  7. 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.