The Indian Budget 2023-24: What It Means for Salaried Individuals
The recent Indian Budget 2023-24 has many exciting announcements for the hard-working middle class, including those who are salaried individuals. In this article, we'll take a closer look at the key changes and benefits for salaried people and how they can potentially save on taxes. Tax Rebate: The Limit Has Been Increased The first major announcement is related to the tax rebate. Previously, individuals with an income of up to ₹5 lakhs were not required to pay any income tax in both the old and new tax regimes. However, the budget has increased this limit to ₹7 lakh for individuals in the new tax regime, which means that individuals with an income up to ₹7 lakh will not have to pay any income tax. Reduced Tax Slabs and Increased Tax Exemption Limit In 2020, the government introduced a new personal income tax regime with six income slabs starting from ₹2.5 lakh. This year's budget has reduced the number of slabs to five and increased the tax exemption limit to ₹3 lakh. This mea