Changes have been given to the new tax regime for the middle class. The new tax regime, which was optional till now, has now been defaulted, while the old tax regime has been made optional from this financial year. Taxpayers who want tax exemption through investment can adopt the old tax system. Explain that in the new tax system, the government has increased the tax exemption limit from five lakh rupees to seven lakh rupees.
Budget-2023 is dedicated to the vast middle class of India. Ahead of the second term of the NDA government and the upcoming general elections in 2024, Finance Minister Nirmala Sitharaman has tried to create many opportunities for the youth in her budget. There is complete emphasis on growth, job creation and stability of the entire economy.