Budget 2023: Personal income tax slabs revised; new tax regime now default

Finance Minister Nirmala Sitharaman is presenting her fifth Union Budget in Parliament. This Budget, the last full one before the 2024 general elections, had been widely expected to be a tightrope walk between staying fiscally prudent and meeting general public expectations of lower taxes and a wider social security net while also firing the engines of the economy.


READ MORE

Finance Minister Nirmala Sitharaman is presenting her fifth Union Budget in Parliament. This Budget, the last full one before the 2024 general elections, had been widely expected to be a tightrope walk between staying fiscally prudent and meeting general public expectations of lower taxes and a wider social security net while also firing the engines of the economy.

Budget 2023-24 is going to be in paperless form, as in the past two years. It will be available on the India Budget website and ‘Union Budget Mobile App’.

This year’s Budget session will have 27 sittings until April 6, with a month-long recess to examine the Budget papers. The first part of the session will conclude on February 13 and Parliament will reconvene on March 12 for a second part, which will conclude on April 6.

Union Finance Minister Nirmala Sitharaman had on Tuesday tabled the Economic Survey for the Financial Year 2022-23. The Survey said India’s economic recovery from the Covid pandemic was complete and the economy was expected to grow in the range of 6 per cent to 6.8 per cent in 2023-24. By comparison, the Indian GDP is expected to grow 7 per cent this year after it grew 8.7 per cent in 2021-22.
READ LESS