Budget 2023: No income tax on income up to Rs 7 lakhs, announces Nirmala Sitharaman

New Delhi : In a major announcement made today, Union Finance Minister Nirmala Sitharaman stated that individuals with an annual income of up to Rs 7 lakhs will no longer be required to pay any income tax. This announcement was made as part of the Budget 2023 and is aimed at providing relief to the middle-class and lower-income segments of the population. Till date the relaxation was limited to the annual income of Rs 5 lakhs.

The move is expected to bring significant relief to around 3 crore taxpayers who fall under this income bracket and will help to boost consumer spending, thereby providing a boost to the economy. The only condition to avail the benefit of tax exemption on an income of up to Rs 7 lakhs is that the tax payer would require filling the ITR as per new tax regime.

This announcement comes as a welcome change for the Indian taxpayers who have been facing increased financial burden in recent times due to inflation, rising cost of living and the economic slowdown. The Finance Minister also stated that this move is aimed at providing a stimulus to the economy and will help to increase consumer spending, which is a crucial component of economic growth.

In addition to this, the Finance Minister also announced various other measures aimed at boosting the economy, including measures to promote investment, increase the ease of doing business, and encourage entrepreneurship. The government has also increased its spending on infrastructure, which is expected to create job opportunities and provide a boost to the economy.

Overall, the Budget 2023 has been received positively by economists and industry experts, who believe that it will provide a much-needed boost to the economy. The no-income tax on income up to Rs 7 lakhs is expected to provide significant relief to the middle-class and lower-income segments of the population and will help to stimulate consumer spending, thereby providing a boost to the economy.

In conclusion, the Budget 2023 presented by Finance Minister Nirmala Sitharaman is a step in the right direction towards reviving the Indian economy and providing relief to the taxpayers. The government's commitment to boosting investment, increasing the ease of doing business and encouraging entrepreneurship is expected to provide a much-needed boost to the economy and create job opportunities in the future.