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Budget 2023: No tax on income up to Rs 7 lakh, revised tax slabs for new regime

The highest surcharge rate has also been reduced from 37 percent to 25 percent in the new tax regime.

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Budget 2023

In a major announcement, Finance Minister Nirmala Sitharaman has proposed to increase the tax rebate from Rs 5 lakh per annum to Rs 7 lakh per annum under the new tax regime. This means that individuals earning up to Rs 7 lakh are exempt from paying tax.

Standard Deduction under New Tax Regime for individuals with income up to Rs 15 lakh will be Rs 52,400, says FM Sitharaman. The highest surcharge rate has also been reduced from 37 percent to 25 percent in the new tax regime.

Sitharaman, who presented the last full budget of the BJP-led government before the next parliamentary elections in 2024, said the new tax regime will be a default tax regime and citizens will continue to reap the benefits of the old regime.

Read Also: Budget 2023: Defence budget hiked by 12.95 percent to Rs 5.94 lakh crore

Revised tax slabs under the new tax regime:

  • Income up to Rs 3 lakh: Nil
  • Income above Rs 3 lakh and up to Rs 6 lakh will be taxed at 5 percent.
  • Income above Rs 6 lakh and up to Rs 9 lakh will be taxed at 10 percent.
  • Income more than Rs 12 lakh and up to Rs 15 lakh will be taxed at 20 percent.
  • Income over Rs 15 lakh will be taxed at 30 percent.

The finance minister also proposed to hike tax exemption on leave encashment on the retirement of non-government salaried employees to Rs 25 lakh from Rs 3 lakh.

Income tax budget highlights

  • An individual with an annual income of Rs 9 lakh will be required to pay only Rs 45,000. This is only 5 percent of his or her income. It is a reduction of 25 percent on what he or she is required to pay now, ie, Rs 60,000.
  • Similarly, an individual with an income of Rs 15 lakh would be required to pay only Rs 1.5 lakh or 10 percent of his or her income, a reduction of 20 percent from the existing liability of Rs 1,87,500.
  • Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500.

Budget 2023: Middle class woes memes flock the social media platforms

Budget 2023: Adequate funds allocated for replacing old government vehicles, says Nirmala Sitharaman

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PM Modi to inaugurate Rs 169-crore RBI data centre in Odisha on October 25

Prime Minister Narendra Modi is scheduled to visit Odisha on October 25 to inaugurate the Reserve Bank of India’s Rs. 169-crore data centre in Jatni, near Bhubaneswar.

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Prime Minister Narendra Modi is scheduled to visit Odisha on October 25 to inaugurate the Reserve Bank of India’s (RBI) Rs. 169-crore data centre at Info Valley-II in Jatni, on the outskirts of Bhubaneswar.

According to the tentative itinerary shared by the Odisha Chief Secretary’s office, the Prime Minister is expected to arrive at Biju Patnaik International Airport in Bhubaneswar at around 4:30 pm aboard a special Indian Air Force aircraft. He will then travel by helicopter to the Khurda helipad before proceeding by road to the RBI facility for the inauguration.

The Prime Minister is likely to spend around an hour at the facility before returning to Bhubaneswar and departing from the state at approximately 6:30 pm.

RBI data centre to strengthen financial infrastructure

Spread across 18.55 acres, the new data centre is designed to strengthen the RBI’s data management, disaster recovery, cybersecurity and business continuity capabilities.

The facility will support critical central banking functions, including currency management, payment and settlement systems, and regulatory operations. It is also expected to serve as a backup to the RBI’s existing data centre in Navi Mumbai.

The new facility will be the RBI’s second data centre of this kind, following its existing centre in Navi Mumbai.

Why the data centre is located in Jatni

The site at Info Valley-II was selected for its geographical stability. According to an official, its location away from seismically active zones and high-risk international border areas is intended to reduce exposure to natural disasters and geopolitical vulnerabilities.

The project is intended to help maintain the continuity of essential RBI operations while strengthening the security and resilience of India’s financial infrastructure.

The foundation stone for the facility was laid by then RBI Governor Shaktikanta Das on March 22, 2023.

PM Modi’s ninth Odisha visit since 2024

The October 25 programme is expected to be Prime Minister Modi’s ninth visit to Odisha since the BJP government was formed in the state in 2024, according to Odisha BJP vice-president Jatin Mohanty.

Chief Minister Mohan Charan Majhi and Chief Secretary Anu Garg have reviewed preparations for the Prime Minister’s scheduled visit.

The inauguration is part of efforts to strengthen Odisha’s digital infrastructure. The project is also expected to support the state’s ambitions in technology and electronics manufacturing, as stated by the BJP leader.

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Punjab strike hits public services as 3 lakh employees and roadways workers protest

Punjab is facing disruption to government work and public transport as over three lakh government employees participate in a mass leave protest and roadways workers continue their strike over pending demands.

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Public services in Punjab have been affected as government employees and transport workers continue their agitation over long-pending demands. The protests involve a mass casual leave programme by more than three lakh government employees and a separate strike by workers associated with state-run transport services.

The agitation has disrupted government office operations and public bus services, adding to the pressure on the Punjab government to address employees’ grievances.

Why Punjab government employees are protesting

Government employees have been pressing for the release of pending dearness allowance (DA) instalments and arrears, restoration of the Old Pension Scheme (OPS), regularisation of contractual workers and resolution of pay-related issues.

The demands also cover service conditions and benefits for workers employed across different government departments. Employee organisations have called for concrete decisions on these matters, arguing that several issues remain unresolved despite discussions with the state government.

The mass casual leave programme has affected the functioning of government offices and administrative establishments across the state.

Roadways workers’ strike affects bus services

Separately, workers associated with Punjab Roadways, PUNBUS and the Punjab Road Transport Corporation (PRTC) have continued their agitation over employment-related demands.

The transport workers’ protest has affected the availability of public buses, creating difficulties for commuters who depend on state-run services for their daily travel.

The transport workers’ demands include regularisation under applicable service rules, changes to employment arrangements for outsourced workers and action on cases linked to previous protests.

The government employees’ agitation and the transport workers’ strike are separate actions, although both concern outstanding demands and the state government’s response to employee organisations.

Talks fail to resolve the deadlock

Discussions between employee representatives and the state government have so far failed to produce a comprehensive resolution to the dispute.

Employee organisations have continued to seek assurances and concrete action on their demands. The continuation of the agitation reflects the lack of an agreement that would persuade the protesting groups to withdraw their actions.

The dispute has also placed the state government under pressure to restore normal public services while addressing the concerns raised by government staff and transport workers.

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PM Modi attacks Rahul Gandhi with failed product jibe 

Prime Minister Narendra Modi targeted Rahul Gandhi at the World Summit with a “failed product” jibe, renewing his criticism of the Congress leader.

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PM Narendra Modi

Prime Minister Narendra Modi took aim at Congress leader Rahul Gandhi, using the “failed product” remark to criticise the Congress and its repeated attempts to promote its political leadership.

The remark was part of Modi’s political attack on the Congress leader at the summit, which is being held in New Delhi on October 22 and 23 under the theme A World Between Orders. The two-day event brings together political leaders, policymakers, business executives and experts from technology and other fields.

PM Modi’s ‘failed product’ remark

The phrase “failed product” has featured in Modi’s criticism of the Congress before. In August 2023, while replying to the no-confidence motion debate in the Lok Sabha, he said the Congress had repeatedly tried to launch a “failed product”, with each attempt failing.

At the 2026 summit, the remark again became a point of political criticism directed at Rahul Gandhi.

The comment should be understood as a political jibe by the Prime Minister, rather than a factual assessment of Rahul Gandhi or the Congress.

World Summit 2026

The third edition of the World Summit is taking place in New Delhi on October 22 and 23. Its theme, “A World Between Orders”, focuses on changes in global power structures and the challenges facing countries as the international order evolves.

The summit’s discussions cover geopolitics, global strategy, economic developments, artificial intelligence, technology and India’s role in the changing world order.

Prime Minister Modi is among the prominent speakers at the event, which brings together voices from politics, diplomacy, business, science and culture.

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