Budget 2023

New Budget 2023

If we look at the budget 2023, the new tax regime will now be implemented by default with the extension of exemption of annual income up to Rs 7 lakh, that is the person whose annual income is ₹ 7 lakh. Till then, there will be no income tax for them.

The rates of the new tax regime are as follows –

0 to ₹3 lakh – Nil
₹3 to 6 lakh – 5%
₹6 to 9 lakh – 10%
₹9 to 12 lakh – 15%
₹12 to 15 lakh – 20%
Above ₹15 Lakh – 30%

It is being told that for those who have invested in international shares, 20 percent tax collection at source (TCS) will be imposed on the money sent through LRS.

What will be expensive and what will be cheap?

Under Budget 2023, items made of gold bars, imitation jewelry, cigarettes, electronic vehicle imports, gold, silver, diamonds, etc. will be expensive.

EV industry components, batteries, mobile phones, televisions, electronic vehicles, toys, camera lenses will become cheaper.