homeeconomy NewsBudget 2023 | Enough incentive for people to migrate to new tax regime, says CBDT's Nitin Gupta
Budget 2023 | Enough incentive for people to migrate to new tax regime, says CBDT's Nitin Gupta
As per the Budget 2023 announcement, the tax rebate has been extended on income up to Rs 7 lakh in the new tax regime under Section 87A, as opposed to Rs 5 lakh in the previous regime. The chairperson of the Central Board of Direct Taxes (CBDT), Nitin Gupta, stated that there was enough on the table for people to move to the new tax regime and that the CBDT had done extensive studies to come up with these tax slabs.
Union Finance Minister Nirmala Sitharaman presented her fifth Union Budget on Wednesday. This was the last full budget before the Lok Sabha Election 2024. The government introduced a series of changes to the new income tax slab in order to reduce tax liabilities for middle-class individuals.
As per the Budget 2023 announcement, the tax rebate has been extended on income up to Rs 7 lakh in the new tax regime under Section 87A, as opposed to Rs 5 lakh in the previous regime.
The chairperson of the Central Board of Direct Taxes (CBDT), Nitin Gupta, stated that there was enough on the table for people to move to the new tax regime and the board had done extensive studies to come up with these tax slabs.
Also Read: Budget 2023 | Tax rebate limit raised to Rs 7 lakh under new regime — Check proposed slabs here
The chairman of the Central Board of Indirect Taxes and Customs (CBIC), Vivek Johri, expressed his optimism that the buoyancy in the Goods and Services Tax (GST) collections will continue.
In conclusion, the Union Budget 2023 presents a positive outlook for the middle class, with the extension of the tax rebate and the reduction in tax liabilities.
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