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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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West Bengal government to stop welfare funds for imams and temple priests

West Bengal’s new government has announced the end of monthly honorariums for imams, muezzins and temple priests as part of a policy shift away from religion-based welfare schemes.

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The newly formed government in West Bengal has announced that welfare schemes linked to religious identity, including monthly honorariums for imams, muezzins and temple priests, will be discontinued from June.

The policy marks a major shift from the earlier Trinamool Congress government, which had introduced financial assistance programmes for religious functionaries after coming to power in the state.

According to reports, the first such scheme was launched in 2012, under which registered imams in West Bengal received a monthly honorarium of Rs 2,500. Similar support was later extended to muezzins and Hindu temple priests.

The new administration led by Suvendu Adhikari has maintained that government welfare initiatives should not be distributed on the basis of religion.

The announcement comes shortly after the BJP formed the government in West Bengal following the recent Assembly elections.

The decision is expected to trigger political debate in the state, as the honorarium schemes had remained a key issue in Bengal politics for several years.

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Delhi government announces collateral-free loans up to Rs 10 crore for women-led startups

The Delhi government will provide collateral-free loans of up to Rs 10 crore to women-led startups and self-help groups, with the state acting as guarantor for eligible beneficiaries.

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Rekha Gupta cm

The Delhi government has announced collateral-free loans of up to Rs 10 crore for women-led startups and self-help groups (SHGs), with the government set to act as guarantor for eligible applicants. The announcement was made by Delhi Chief Minister Rekha Gupta during the inauguration of a two-day Mega SHG Mela in Rohini.

The initiative is aimed at helping women entrepreneurs and small home-run businesses that often face difficulties in securing institutional credit due to the lack of collateral or financial guarantees.

According to the Chief Minister, the Delhi government itself will stand as guarantor for the loans extended to women-led startups and SHGs.

The announcement was made at the Mega SHG Mela organised near Rohini West Metro Station in northwest Delhi, where around 24 self-help groups showcased products including handicrafts, khadi items, crochet work, food products and household goods.

Focus on women entrepreneurship

The scheme is expected to benefit women entrepreneurs operating small businesses in sectors such as tailoring, handicrafts, beauty services, food processing and retail ventures. Many such businesses rely heavily on personal savings or informal borrowing because access to formal bank credit remains limited.

The Delhi government also said it plans to create dedicated retail opportunities for locally made products in malls and major shopping complexes across the capital to improve market access for women-led businesses.

During the event, Rekha Gupta highlighted initiatives such as “Vocal for Local” and “Atmanirbhar Bharat,” encouraging the promotion of indigenous products and local manufacturing.

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Passenger train catches fire at Bihar’s Sasaram station, short circuit suspected

A fire broke out in a coach of the Sasaram-Patna passenger train at Bihar’s Sasaram railway station early Monday morning, with officials suspecting a short circuit as the cause.

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A passenger train bound for Patna caught fire at Sasaram railway station in Bihar on Monday morning, with officials suspecting a short circuit as the likely cause of the blaze.

According to initial reports, the incident took place around 6 am when the Sasaram-Patna fast passenger train was stationed at platform number six shortly before its scheduled departure. Thick smoke was seen billowing out from one of the coaches as railway personnel and firefighters rushed to contain the fire.

The fire created panic among passengers present at the station, but no injuries or casualties were reported. Railway Police and fire brigade teams managed to bring the situation under control after emergency efforts at the spot. One coach of the train was reportedly completely damaged in the incident.

Railway authorities have started procedures to detach the damaged coach and conduct a detailed inspection before the train resumes operations. Officials said the exact cause of the fire is under investigation, though preliminary findings point towards a suspected electrical short circuit.

The incident comes a day after another fire was reported in a Delhi-bound Rajdhani Express in Madhya Pradesh’s Ratlam region. In that case too, passengers were evacuated safely and railway authorities later initiated a wider review of fire safety systems in coaches and railway infrastructure.

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