The common man has expressed happiness over the new income tax regime announced in the Union Budget 2023-24 on Wednesday.
The Union Budget 2023-24 was presented by Union Finance Minister Nirmala Sitaraman in Parliament.
Ravi Prakash, who works in a company, said the Union Budget provides major relief to the middle class in personal income tax.
Rakesh, a shopkeeper, said the Union Budget is for the benefit of the poor, women, and middle-class people.
A group of commuters at a metro station in the national capital also hailed the announcements on tax slabs in the Union Budget and they said this Budget has focused on every class of the society.
Earlier in the day, Sitharaman presented the Union Budget 2023-24 in Lok Sabha. This was the third time in a row that the government presented the budget in a paperless form.
Highlights of the Budget presented by the Union Finance Minister included big incentives under the new income tax regime. The IT rebate limit in the new regime has been increased from Rs 5 lakh to Rs 7 lakh and the new tax regime will be the default tax regime, the Union Finance Minister said. Capital expenditure outlay has been increased by 33 per cent to Rs 10 lakh crore, accounting for 3.3 per cent of the GDP.