New Delhi. Finance Minister Nirmala Sitharaman presented the Budget 2023-2024 in the Lok Sabha on Wednesday. The Modi government announced several populist schemes in its last full budget. The Modi government has done the work of providing relief to the middle class in its budget. The Modi government has given relief to the taxpayer. The Finance Minister has made a big announcement regarding tax slabs. Actually, now those with annual income up to 7 lakhs will not have to pay any tax. Finance Minister Sitharaman announced this at the end of her budget speech. Let us tell you that earlier those earning Rs 5 lakh had to pay tax. Although these changes have been made in the new tax slab. This means those who used to pay tax according to the old tax system. They will not get any benefit on annual income up to 7 lakhs.
Talking about the new rates, now those with income up to Rs 3 lakh will not have to pay any tax. Apart from this, those with an income of 3 to 6 lakhs will have to pay 5 per cent tax, 6 to 9 lakhs 10 per cent, 9 to 12 lakhs 15 per cent, 12-15 lakhs 20 per cent and those above 15 lakhs will have to pay 30 per cent tax.
People’s reaction
On the other hand, people are commenting fiercely on social media on the change in the income tax slab of the Modi government in the budget. Along with this, the users have expressed happiness over the decision of the government. One user wrote, “Income tax exemption increased from 5 lakh to 7 lakh! Modi ji has made the entire middle class happy.
Income tax exemption increased from 5 lakh to 7 lakh!!!#middle_class
entire middle class #middleclass Modi ji made happy
— Santosh Mishra (@Mishra___S) February 1, 2023
People earning up to ₹7L won’t have to pay any Personal Income Tax
But in the New Tax Regime
This is good!#BudgetWithKB
— CA Kanan Bahl (@BahlKanan) February 1, 2023
proposed personal #incometax rebates upto 7 lakhs.
0-3 nil
3-6 5%
6-9 10%
9-12 15%
12-15 20%#if you earn 15 lakhs; you pay 1.5 lakh tax. #middleclass #india #budget #UnionBudget2023 pic.twitter.com/peI89ZBUpY— Keval (@Keval5571) February 1, 2023
Me feeling happy with Rs 575- in my account, after income tax- rebate extended on income from Rs 5 Lakhs to Rs 7 Lakhs.#Budget2023 pic.twitter.com/HSfudD9f7p
— Krishna (@Atheist_Krishna) February 1, 2023
Income upto ₹7 lacs exempted from income tax! #Budget2023#MiddleClass pic.twitter.com/gaZcN6sagV
— Kamal Vedā / Kamal Veda (@iKamalVeda) February 1, 2023
After the news of deduction of tax on income of 7 lakhs instead of 5 lakhs, general public#Budget2023 #UnionBudget2023 #BudgetSession #BudgetWithDrVivekBindra #NirmalaSitharaman #AmritKaalBudget pic.twitter.com/INjfvfq3RY
Dr. Vivek Bindra (@DrVivekBindra) February 1, 2023
BIG ⚡️ ⚡️ Personal Income Tax:
Limit for tax increased to 7 lakhs in new tax regime
No tax for income upto 7 lakhs#BudgetSession
— Megh Updates ?™ (@MeghUpdates) February 1, 2023