No Income Tax Up to 7 Lac Income | Indian Budget 2023-2024 

Do you want all the highlights of the 2023 budget? Here we have a quick summary of the Indian Budget 2023-2024. 

Do you know? The Indian Economy has ranked from 10th to the 5th largest Economy in the world. 

This year’s Union Budget will be the last Budget before the general elections in 2024. The Indian Finance Minister Nirmala Sitharaman gave the 2023 budget on 1st February 2023. 

No income tax up to 7 lacks according to Indian budget 2023
No income tax up to 7 lacks according to Indian budget 2023

Vision For The ‘Amrit Kaal’

The vision is mainly about focusing more on the Youth and creating better opportunities for them. This also includes increasing job opportunities and overall growth and creating a more stable and more robust Macro-Economic Environment.

There are seven significant priorities named ‘Saptarishis.’


  1. Inclusive Development
  2. Reaching The Last Mile
  3. Youth Power
  4. Financial Sector
  5. Green Growth
  6. Unleashing The Potential
  7. Infrastructure & Investment

Nirmala Sitharaman – Budget 2023

The Union Budget 2023 was the Indian Finance Minister’s 5th budget presentation. Prime Minister Narendra Modi highly appreciated the Budget and believes this will create a stronger foundation for India. 

Below mentioned are the Income Tax Slabs under the new Income Tax regime:

Total Income (Rs.)Rate (per cent)
Up to 3,00,000Nil
From 3,00,001 to 6,00,0005%
From 6,00,001 to 9,00,00010%
From 9,00,001 to 12,00,00015%
From 12,00,001 to 15,00,00020%
Above 15,00,00030%

Let us highlight a few points of the new Income Tax regime,

  • Citizens with a total Income of up to Rs. 7 Lac don’t have to pay any Tax.
  • The fundamental limit of exemption has hiked up to Rs. 3 Lac
  • The Section 87A rebate has hiked from 5 Lac to 7 Lac
  • The highest surcharge has been reduced to only 25% from 37%
  • The new tax regime has reduced from 7 slabs to 5 slabs
  • The benefit of leave encashment has been extended from the existing 3 Lac to 25 Lac
  • The 54 / 54F deduction has been limited to 10 Crores
  • The limit for presumptive taxation has been increased to 3 Crores for MSME and 75 Lac for Professionals (cash transactions less than 5%) 

Though the New Income Tax Regime has become the default tax regime, individuals will still have the option to continue with the Old Income Tax Regime.

Reactions On The Announcement Of Budget 2023 On Twitter

Amit Shah says the Budget showcases PM Narendra Modi Ji’s vision of Amrit Kaal.

Reaction of Amit Shah on Indian Budget 2023
Reaction of Amit Shah on Indian Budget 2023

Tejasvi Surya believes this new regime is truly a budget for the salaried, middle class & vulnerable. He also feels that the tax structure is now quite simplified due to the reduction in slabs and increase in exemption limit.

Anurag Thakur mentioned how the Budget 2023 displays their commitment to building better infrastructure and sports culture in the country. 

Sadhguru also expressed that this new regime is a much-needed initiative to boost tree-based agriculture, improving farmers’ incomes. 

Piyush Goyal says that the Union Budget 2023 has paved roads for the growth of every sector.

Many individuals are expressing mixed or critical views, and the debate continues. 

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