Budget 2023 has introduced the standard deduction for the new tax regime, making it the default option. The basic exemption limit has been raised to £3 lakh in the new regime, with tax rebates available up to £7 lakh annually. Presumptive taxation limits have also been enhanced for businesses and professionals. These changes may reduce demand for housing loans and tax-saving investments like LIC.
Rs.50000 increased from Rs.2.5 lacs to Rs.3 lacs. An annual income of Rs. 7 lacs tax nil. The budget has certainly certain care of the deprived. But where are inflow details. Market borrowing 11.9 trillion ok that certainly quite optimistic but inflows.