Union Budget 2023-24 HIGHLIGHTS: FM Nirmala Sitharaman announces new tax slabs under new tax regime

Union Budget 2023-24: As the countdown is over for the presentation of the Union Budget for fiscal 2023-24, Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament. 

The budget session of the Parliament began with President's address at 11 am in a paperless format. 

Also Read: FM Sitharaman to present Union Budget 2023-24 shortly

Union Budget is important time for every strata of society. 

The Budget is usually presented at the beginning of the Budget Session and helps us know the government's financial as well as other plans for the next financial year.

Various measures to look out for in the budget are: Tax Tweaks, Social Sector, Manufacturing, compensation to oil retailers, defense budget, etc. 

Major Highlight of Union Budget 2023-24 is the new tax slabs under new tax regime as Income tax limit rebate limit increased to 7 lakhs. 

New tax rates are: 

0 to Rs 3 lakhs - nil 

Rs 3 to 6 lakhs - 5% 

Rs 6 to 9 Lakhs - 10% 

Rs 9 to 12 Lakhs - 15% 

Rs 12 to 15 Lakhs - 20% 

Above 15 Lakhs - 30%

This year's budget session is going to have 27 sittings till April 6 with a month-long recess to examine the budget papers. The first part of the session will conclude on February 13. 

Parliament will reconvene on March 12 for the second part of the Budget Session and conclude on April 6.

Also Read: India’s Budget will be ray of hope for World, says PM Modi

The formal exercise to prepare the annual Budget for the next financial year (2023-24) commenced on October 10.