<p><strong>Union Budget 2023 Memes LIVE:&nbsp;</strong>&nbsp;As India's Finance Minister&nbsp;Nirmala Sitharaman presented the 2023&nbsp;budget on Wednesday, February 1 with her most-anticipated speech, memes flooded social media. People started making memes way before the budget was presented in the Lok Sabha and Twitter was trending with hashtags like #Budget2023 and #IncomeTax, but what stood&nbsp;out among all these was the phrase, 'Middle Class'.</p>

<p>It was the fifth time that FM Nirmala Sitharaman presented the Union Budget and the taxpayers were hoping for a host of new tax measures and relaxations this time. The Parliament's Budget session started on Tuesday with the presentation of the Economic Survey by Finance Minister Nirmala Sitharaman. Later, the session was addressed by President Droupadi Murmu.&nbsp;</p>

<h2><strong>Here are some of the funniest and most creative memes trending on the 2023 Union Budget:</strong></h2>

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<p dir="ltr" lang="en">Smokers be like. <a href="https://twitter.com/hashtag/Budget2023?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2023</a> <a href="https://t.co/f5zluNu29W">pic.twitter.com/f5zluNu29W</a></p>
— Sagar (@sagarcasm) <a href="https://twitter.com/sagarcasm/status/1620679802192826371?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
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<p>As Finance Minister Nirmala Sitharaman announced the changes in the tax slabs in both the old and new tax regimes and increased the rebate limit from Rs 5 lakh to Rs 7 lakh, people went gaga on this announcement.&nbsp;</p>

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<p dir="ltr" lang="en">Changes in income tax slabs <a href="https://twitter.com/hashtag/Budget2023?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2023</a> <a href="https://t.co/2w70yti12V">pic.twitter.com/2w70yti12V</a></p>
— Sagar (@sagarcasm) <a href="https://twitter.com/sagarcasm/status/1620679017199435776?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
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<p>&nbsp;</p>

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<p dir="ltr" lang="en">Me feeling happy with Rs 575\- in my account, after Income tax- rebate extended on income from Rs 5 Lakhs to Rs 7 Lakhs.<a href="https://twitter.com/hashtag/Budget2023?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2023</a> <a href="https://t.co/HSfudD9f7p">pic.twitter.com/HSfudD9f7p</a></p>
— Krishna (@Atheist_Krishna) <a href="https://twitter.com/Atheist_Krishna/status/1620678393602932737?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
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<p>&nbsp;</p>

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<p dir="ltr" lang="en">Me working hard to earn some money.<br />
<br />
Meanwhile taxes:<a href="https://twitter.com/hashtag/Budget2023?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2023</a> <a href="https://t.co/PUZxfWxQ0h">pic.twitter.com/PUZxfWxQ0h</a></p>
— Finance Memes (@Qid_Memez) <a href="https://twitter.com/Qid_Memez/status/1620604529896214528?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
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<p>&nbsp;</p>

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<p dir="ltr" lang="en">People discussing about <a href="https://twitter.com/hashtag/BudgetSession2022?src=hash&amp;ref_src=twsrc%5Etfw">#BudgetSession2022</a>.....<br />
<br />
Me with zero knowledge of finance : <a href="https://t.co/rHtiZcnfnL">pic.twitter.com/rHtiZcnfnL</a></p>
— UmdarTamker (@UmdarTamker) <a href="https://twitter.com/UmdarTamker/status/1488377676800749568?ref_src=twsrc%5Etfw">February 1, 2022</a></blockquote>
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<p>&nbsp;</p>

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<p dir="ltr" lang="en">Middle class waiting for budget<a href="https://twitter.com/hashtag/BudgetSession?src=hash&amp;ref_src=twsrc%5Etfw">#BudgetSession</a> <a href="https://twitter.com/hashtag/Memes?src=hash&amp;ref_src=twsrc%5Etfw">#Memes</a> <a href="https://t.co/njrBF1tLiv">pic.twitter.com/njrBF1tLiv</a></p>
— Mohammad sameer (@Sameer_Abrham) <a href="https://twitter.com/Sameer_Abrham/status/1620473383061458944?ref_src=twsrc%5Etfw">January 31, 2023</a></blockquote>
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<p>&nbsp;</p>

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<p dir="ltr" lang="en">Government to tax paying middle class during every budget <a href="https://twitter.com/hashtag/Budget2022?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2022</a> <a href="https://t.co/bcui8qTRTA">pic.twitter.com/bcui8qTRTA</a></p>
— Finance Memes (@Qid_Memez) <a href="https://twitter.com/Qid_Memez/status/1487620786353745925?ref_src=twsrc%5Etfw">January 30, 2022</a></blockquote>
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<p>&nbsp;</p>

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<p dir="ltr" lang="en">Middle Class watching the Budget only for Income Tax Slab announcement. <a href="https://t.co/kWNZvSwWAH">pic.twitter.com/kWNZvSwWAH</a></p>
— Trendulkar (@Trendulkar) <a href="https://twitter.com/Trendulkar/status/1488388171402334209?ref_src=twsrc%5Etfw">February 1, 2022</a></blockquote>
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<p>&nbsp;</p>

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<p dir="ltr" lang="hi">Aaj 🤷🏻‍♂️❤️ Ismein sab badhiya ho bhagwan <a href="https://twitter.com/hashtag/Budget2023?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2023</a> <a href="https://t.co/RBGYozVeLB">pic.twitter.com/RBGYozVeLB</a></p>
— Adarsh♡̷̷ˎˊ˗𝘀𝘁𝗮n ʰᵉᵃᵛʸ ᵈʳⁱᵛᵉʳꨄ︎ (@Adarsh_Jha_07) <a href="https://twitter.com/Adarsh_Jha_07/status/1620627460470743041?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
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<p>&nbsp;</p>

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<p dir="ltr" lang="et">Scene on 1st February...<a href="https://twitter.com/hashtag/Budget?src=hash&amp;ref_src=twsrc%5Etfw">#Budget</a> <a href="https://twitter.com/hashtag/Memes?src=hash&amp;ref_src=twsrc%5Etfw">#Memes</a> <a href="https://t.co/ReQif9R9QK">pic.twitter.com/ReQif9R9QK</a></p>
— Pradeep Bajpai (@Pradeep_NF) <a href="https://twitter.com/Pradeep_NF/status/1620274232482750465?ref_src=twsrc%5Etfw">January 31, 2023</a></blockquote>
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<p>&nbsp;</p>

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<p dir="ltr" lang="en">1. No income tax upto Rs 7 Lakhs<br />
2. In new regime <a href="https://twitter.com/hashtag/Budget2023?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2023</a> <a href="https://t.co/ebi3yWhw5e">pic.twitter.com/ebi3yWhw5e</a></p>
— Sagar (@sagarcasm) <a href="https://twitter.com/sagarcasm/status/1620688790330437632?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
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<p>&nbsp;</p>

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<p dir="ltr" lang="en">Middle Class People Listening To Every Line Of <a href="https://twitter.com/hashtag/Budget2023?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2023</a> .. Waiting For Income Tax. <a href="https://t.co/Vw5MgKg4wt">pic.twitter.com/Vw5MgKg4wt</a></p>
— BHUBANANANDA NAYAK 🇮🇳 (@bhubana_nanda) <a href="https://twitter.com/bhubana_nanda/status/1620661888051990528?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
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<p>&nbsp;</p>

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<p dir="ltr" lang="en">*Budget 2023 exists*<br />
Me to my commerce friend <a href="https://twitter.com/hashtag/Budget2023?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2023</a> <a href="https://t.co/Sa05iYPbnC">pic.twitter.com/Sa05iYPbnC</a></p>
— Vivek Gautam (@Imvivek04) <a href="https://twitter.com/Imvivek04/status/1620662068360941569?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
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<p>&nbsp;</p>

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<p dir="ltr" lang="en">When you realise tax slabs have only been reduced in New Tax Regime.<a href="https://twitter.com/hashtag/Budget2023?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2023</a> <a href="https://t.co/xn7sJbqCPr">pic.twitter.com/xn7sJbqCPr</a></p>
— Nimo Tai 🇮🇳 (@Cryptic_Miind) <a href="https://twitter.com/Cryptic_Miind/status/1620692375978008576?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
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<p>&nbsp;</p>

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<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/Budget2023?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2023</a><br />
Middle class benefit in budget 2023 <a href="https://t.co/BN0F1tkOuT">pic.twitter.com/BN0F1tkOuT</a></p>
— 𝙋𝙖𝙬𝙖𝙣 𝘽𝙚𝙣𝙞𝙬𝙖𝙡 (@pkch0udhary) <a href="https://twitter.com/pkch0udhary/status/1620688317074538497?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
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<p>&nbsp;</p>

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<p dir="ltr" lang="en">Itc after every budget <a href="https://twitter.com/hashtag/cigarettes?src=hash&amp;ref_src=twsrc%5Etfw">#cigarettes</a> <a href="https://twitter.com/hashtag/itc?src=hash&amp;ref_src=twsrc%5Etfw">#itc</a> <a href="https://twitter.com/hashtag/Budget2023?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2023</a> <a href="https://t.co/lqFo4YLLuc">pic.twitter.com/lqFo4YLLuc</a></p>
— Dr. Anish Agarwal (@anishagarwal256) <a href="https://twitter.com/anishagarwal256/status/1620678109858254848?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
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<p>&nbsp;</p>

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<p dir="ltr" lang="en">Rich farmers watching the Budget every year <a href="https://twitter.com/hashtag/BudgetSession?src=hash&amp;ref_src=twsrc%5Etfw">#BudgetSession</a> <a href="https://t.co/Lf3kIFylrf">pic.twitter.com/Lf3kIFylrf</a></p>
— Gabbar (@GabbbarSingh) <a href="https://twitter.com/GabbbarSingh/status/1620672331277570051?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
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<p>&nbsp;</p>

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<p dir="ltr" lang="en">Every Indian on <a href="https://twitter.com/hashtag/Budget2023?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2023</a> <a href="https://t.co/rvi4qcT1H5">pic.twitter.com/rvi4qcT1H5</a></p>
— Ravi Prasad (RSP) 🇮🇳 (@Stockstudy8) <a href="https://twitter.com/Stockstudy8/status/1620621151264477186?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
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<p>Finance Minister Nirmala Sitharaman presented the last full budget of the Narendra Modi 2.0 administration before the 2024 Lok Sabha elections.</p>


Union Budget 2023 Memes LIVE: As India's Finance Minister Nirmala Sitharaman presented the 2023 budget on Wednesday, February 1 with her most-anticipated speech, memes flooded social media.

Union Budget 2023 Memes LIVE: As India's Finance Minister Nirmala Sitharaman presented the 2023 budget on Wednesday, February 1 with her most-anticipated speech, memes flooded social media. People started making memes way before the budget was presented in the Lok Sabha and Twitter was trending with hashtags like #Budget2023 and #IncomeTax, but what stood out among all these was the phrase, 'Middle Class'. It was the fifth time that FM Nirmala Sitharaman presented the Union Budget and the taxpayers were hoping for a host of new tax measures and relaxations this time. The Parliament's Budget session started on Tuesday with the presentation of the Economic Survey by Finance Minister Nirmala Sitharaman. Later, the session was addressed by President Droupadi Murmu. Here are some of the funniest and most creative memes trending on the 2023 Union Budget: Smokers be like. #Budget2023 pic.twitter.com/f5zluNu29W — Sagar (@sagarcasm) February 1, 2023 × As Finance Minister Nirmala Sitharaman announced the changes in the tax slabs in both the old and new tax regimes and increased the rebate limit from Rs 5 lakh to Rs 7 lakh, people went gaga on this announcement. Changes in income tax slabs #Budget2023 pic.twitter.com/2w70yti12V — Sagar (@sagarcasm) February 1, 2023 × Me feeling happy with Rs 575\- in my account, after Income tax- rebate extended on income from Rs 5 Lakhs to Rs 7 Lakhs.#Budget2023 pic.twitter.com/HSfudD9f7p — Krishna (@Atheist_Krishna) February 1, 2023 × Me working hard to earn some money. Meanwhile taxes:#Budget2023 pic.twitter.com/PUZxfWxQ0h — Finance Memes (@Qid_Memez) February 1, 2023 × People discussing about #BudgetSession2022..... Me with zero knowledge of finance : pic.twitter.com/rHtiZcnfnL — UmdarTamker (@UmdarTamker) February 1, 2022 × Middle class waiting for budget#BudgetSession #Memes pic.twitter.com/njrBF1tLiv — Mohammad sameer (@Sameer_Abrham) January 31, 2023 × Government to tax paying middle class during every budget #Budget2022 pic.twitter.com/bcui8qTRTA — Finance Memes (@Qid_Memez) January 30, 2022 × Middle Class watching the Budget only for Income Tax Slab announcement. pic.twitter.com/kWNZvSwWAH — Trendulkar (@Trendulkar) February 1, 2022 × Aaj 🤷🏻‍♂️❤️ Ismein sab badhiya ho bhagwan #Budget2023 pic.twitter.com/RBGYozVeLB — Adarsh♡̷̷ˎˊ˗𝘀𝘁𝗮n ʰᵉᵃᵛʸ ᵈʳⁱᵛᵉʳꨄ︎ (@Adarsh_Jha_07) February 1, 2023 × Scene on 1st February...#Budget #Memes pic.twitter.com/ReQif9R9QK — Pradeep Bajpai (@Pradeep_NF) January 31, 2023 × 1. No income tax upto Rs 7 Lakhs 2. In new regime #Budget2023 pic.twitter.com/ebi3yWhw5e — Sagar (@sagarcasm) February 1, 2023 × Middle Class People Listening To Every Line Of #Budget2023 .. Waiting For Income Tax. pic.twitter.com/Vw5MgKg4wt — BHUBANANANDA NAYAK 🇮🇳 (@bhubana_nanda) February 1, 2023 × *Budget 2023 exists* Me to my commerce friend #Budget2023 pic.twitter.com/Sa05iYPbnC — Vivek Gautam (@Imvivek04) February 1, 2023 × When you realise tax slabs have only been reduced in New Tax Regime.#Budget2023 pic.twitter.com/xn7sJbqCPr — Nimo Tai 🇮🇳 (@Cryptic_Miind) February 1, 2023 × #Budget2023 Middle class benefit in budget 2023 pic.twitter.com/BN0F1tkOuT — 𝙋𝙖𝙬𝙖𝙣 𝘽𝙚𝙣𝙞𝙬𝙖𝙡 (@pkch0udhary) February 1, 2023 × Itc after every budget #cigarettes #itc #Budget2023 pic.twitter.com/lqFo4YLLuc — Dr. Anish Agarwal (@anishagarwal256) February 1, 2023 × Rich farmers watching the Budget every year #BudgetSession pic.twitter.com/Lf3kIFylrf — Gabbar (@GabbbarSingh) February 1, 2023 × Every Indian on #Budget2023 pic.twitter.com/rvi4qcT1H5 — Ravi Prasad (RSP) 🇮🇳 (@Stockstudy8) February 1, 2023 × Finance Minister Nirmala Sitharaman presented the last full budget of the Narendra Modi 2.0 administration before the 2024 Lok Sabha elections.

LIVE Budget 2023 Memes & Reactions: Twitter flooded with classic, hilarious memes as budget is announced

<p><strong>Union Budget 2023 LIVE:&nbsp;</strong>Finance Minister Nirmala Sitharaman presented the Union Budget 2023 on Wednesday, February 1. This was the fifth time that the budget was presented by Sitharaman and also the last full one of the Modi-led government before the 2024 Lok Sabha elections. FM Nirmala Sitharaman called the 2023 Union Budget the 'First Budget in Amrit Kaal' and laid out the priorities of this year's budget.&nbsp;FM also mentioned that the Union Budget of 2023-24 symbolises the new inclusive India and will be a blueprint for India@100. One of the major highlights from Nirmala Sitharaman's speech was India's economic growth which is expected to be at 7% which is the highest among all the major growing economies.&nbsp;</p>

<p>The upcoming fiscal year will focus on seven priorities for the kick-off of the first year of the Amrit Kaal:</p>

<p>1. Inclusive development<br />
2. Reaching the last mile<br />
3. Infrastructure and investment<br />
4. Unleashing potential<br />
5. Green growth<br />
6. Youth Power<br />
7. Financial Sector</p>

<p>During her budget speech, Finance Minister Nirmala Sitharaman made announcements about some of the upcoming schemes and policies:&nbsp;</p>

<p>1.&nbsp;Pradhan Mantri Primitive Vulnerable Development Commission&nbsp;</p>

<p>2. New programme to promote research in pharmaceuticals</p>

<p>3. A national digital library for children and adolescents will be set up to facilitate quality books</p>

<p>4. The government also plans to set up massive decentralised storage capacity to help farmers&nbsp;</p>

<p>5. Facilities in select ICMR labs will be made available for research by public and private medical facilities&nbsp;</p>

<p>6. The government will set up a National Financial Information Registry to serve as a central repository of financial and ancillary information</p>

<p>7.&nbsp;To unleash innovation and research by Startups and Academia, a National Data Governance Policy will be brought out which will enable access to anonymised data</p>

<p>8.&nbsp;Three Centres of Excellences of Artificial Intelligence (AI) will be set up to in top educational institutions, leading industry players will partner in conducting interdisciplinary research, and develop cutting-edge applications and scalable problem solutions in the areas of health, agriculture and sustainable system.</p>

<p>9.&nbsp;A Mission to eliminate<b>&nbsp;</b>Sickle-Cell Anaemia&nbsp;by 2047 will be established. There will be screening of 7 crore people in the 0-40 years age group in affected tribal areas.&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

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Union Budget 2023 LIVE: Finance Minister Nirmala Sitharaman presented the Union Budget 2023 on Wednesday, February 1. This was the fifth time that the budget was presented by Sitharaman and also the last full one of the Modi-led government before the 2024 Lok Sabha elections.

Union Budget 2023 LIVE: Finance Minister Nirmala Sitharaman presented the Union Budget 2023 on Wednesday, February 1. This was the fifth time that the budget was presented by Sitharaman and also the last full one of the Modi-led government before the 2024 Lok Sabha elections. FM Nirmala Sitharaman called the 2023 Union Budget the 'First Budget in Amrit Kaal' and laid out the priorities of this year's budget. FM also mentioned that the Union Budget of 2023-24 symbolises the new inclusive India and will be a blueprint for India@100. One of the major highlights from Nirmala Sitharaman's speech was India's economic growth which is expected to be at 7% which is the highest among all the major growing economies. The upcoming fiscal year will focus on seven priorities for the kick-off of the first year of the Amrit Kaal: 1. Inclusive development 2. Reaching the last mile 3. Infrastructure and investment 4. Unleashing potential 5. Green growth 6. Youth Power 7. Financial Sector During her budget speech, Finance Minister Nirmala Sitharaman made announcements about some of the upcoming schemes and policies: 1. Pradhan Mantri Primitive Vulnerable Development Commission 2. New programme to promote research in pharmaceuticals 3. A national digital library for children and adolescents will be set up to facilitate quality books 4. The government also plans to set up massive decentralised storage capacity to help farmers 5. Facilities in select ICMR labs will be made available for research by public and private medical facilities 6. The government will set up a National Financial Information Registry to serve as a central repository of financial and ancillary information 7. To unleash innovation and research by Startups and Academia, a National Data Governance Policy will be brought out which will enable access to anonymised data 8. Three Centres of Excellences of Artificial Intelligence (AI) will be set up to in top educational institutions, leading industry players will partner in conducting interdisciplinary research, and develop cutting-edge applications and scalable problem solutions in the areas of health, agriculture and sustainable system. 9. A Mission to eliminate Sickle-Cell Anaemia by 2047 will be established. There will be screening of 7 crore people in the 0-40 years age group in affected tribal areas. WATCH WION LIVE HERE

India Budget 2023: Union govt’s ‘seven priorities’ and its new policies, schemes in the new fiscal

<p><strong>Union Budget 2023-24 LIVE:&nbsp;</strong>As the Union Budget 2023 was presented in the Indian Parliament on Wednesday, February 1 and Finance Minister Nirmala Sitharaman delivered her most-awaited Budget speech, all eyes were on the statements on taxes. The central, NDA-led government by Prime Minister Narendra Modi was widely expected to be giving the common person some tax relief this year, as its the&nbsp;last budget before the 2024 Lok Sabha elections.&nbsp;</p>

<p>On one hand, the slowdown in the economy is affecting tax receipts and on the other hand, state spending is increasing. The industries, business sectors and market analysts are earnestly hoping that the NDA government's final budget before the Lok Sabha polls will be on employment generation and inclusive growth.&nbsp;</p>

<p>The Economic Survey noted in its chapter on India's inclusive growth, "Both official and unofficial sources confirm that employment levels have risen in the current financial year, as the Periodic Labour Force Survey (PLFS) shows that the urban unemployment rate for people aged 15 years and above declined from 9.8 per cent in the quarter ending September 2021 to 7.2 per cent a year later (quarter ending September 2022). This is accompanied by an improvement in the labour force participation rate (LFPR) as well, confirming the emergence of the economy out of the pandemic-induced slowdown early in 2022-23".&nbsp;</p>

<h2><strong>Various types of tax slabs in India</strong></h2>

<p><strong>Individual taxpayers </strong>in India pay income tax based on a slab system. A <strong>slab system</strong> means that different tax rates are prescribed for different income ranges. It means that tax rates continue to rise as the taxpayer's income rises. This type of taxation allows the country to have <strong>progressive and equitable tax systems.</strong> These income tax slabs are subject to change with each budget. These slab rates differ for different types of taxpayers.</p>

<p>Income tax has <strong>three categories of "individual" taxpayers</strong>, including:</p>

<ol>
	<li>Individuals (aged less than 60 years), including residents and non-residents</li>
	<li>Resident Senior citizens (60 to 80 years of age)</li>
	<li>Resident Super senior citizens (aged more than 80 years)&nbsp;</li>
</ol>

<h2><strong>Income Tax </strong></h2>

<p>Income Tax is&nbsp;levied on a Hindu Undivided Family or an individual’s net taxable income&nbsp;during a fiscal year that begins on April 1 and ends on March 31 of the following year. It is&nbsp;calculated using an individual’s or a business’s net taxable income. The Government of India has set certain slab rates, i.e., higher and lower slab rates, for the convenience of its citizens.</p>

<h2><br />
<strong>Income Tax Slab rates announced in the Union Budget 2023-24</strong></h2>

<p>The personal Income Tax&nbsp;rebate limit increased to Rs 7 lakh, from earlier Rs 5 lakh in the new tax regime. People earning up to Rs 7 lakh, do not pay any income tax.</p>

<p>Finance Nirmala Sitharaman announced, "I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 Lakhs. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 Lakhs".&nbsp;</p>

<p>An individual with an income of ₹ 15 lakhs&nbsp;will have to pay ₹ 1.5 lakhs tax, down from ₹ 1.87 lakhs under the new tax structure.&nbsp;</p>

<table style="border-collapse:collapse; width:246pt; border:0.5pt solid windowtext" width="327">
	<colgroup>
		<col span="3" style="width:48pt" width="64" />
		<col style="width:102pt" width="135" />
	</colgroup>
	<tbody>
		<tr height="19" style="height:14.5pt">
			<td class="xl68" colspan="3" height="19" style="border:none; border-bottom:0.5pt solid windowtext; border-right:.5pt solid black; height:14.5pt; width:144pt; text-align:center; border-top:0.5pt solid windowtext; border-left:0.5pt solid windowtext; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap" width="192"><span style="font-size:11pt"><span style="font-weight:700"><span style="color:black"><span style="font-style:normal"><span style="text-decoration:none"><span style="font-family:Calibri,sans-serif">Annual Income&nbsp;</span></span></span></span></span></span></td>
			<td class="xl65" style="border:0.5pt solid windowtext; border-left:none; width:102pt; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap" width="135"><span style="font-size:11pt"><span style="font-weight:700"><span style="color:black"><span style="font-style:normal"><span style="text-decoration:none"><span style="font-family:Calibri,sans-serif">New Tax Regime&nbsp;</span></span></span></span></span></span></td>
		</tr>
		<tr height="19" style="height:14.5pt">
			<td class="xl66" colspan="3" height="19" style="border:0.5pt solid windowtext; height:14.5pt; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap"><span style="font-size:11pt"><span style="color:black"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none"><span style="font-family:Calibri,sans-serif">0-3 lakhs</span></span></span></span></span></span></td>
			<td class="xl67" style="border:0.5pt solid windowtext; border-top:none; border-left:none; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap"><span style="font-size:11pt"><span style="color:black"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none"><span style="font-family:Calibri,sans-serif">0%</span></span></span></span></span></span></td>
		</tr>
		<tr height="19" style="height:14.5pt">
			<td class="xl66" colspan="3" height="19" style="border:0.5pt solid windowtext; height:14.5pt; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap"><span style="font-size:11pt"><span style="color:black"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none"><span style="font-family:Calibri,sans-serif">3-6 lakhs</span></span></span></span></span></span></td>
			<td class="xl67" style="border:0.5pt solid windowtext; border-top:none; border-left:none; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap"><span style="font-size:11pt"><span style="color:black"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none"><span style="font-family:Calibri,sans-serif">5%</span></span></span></span></span></span></td>
		</tr>
		<tr height="19" style="height:14.5pt">
			<td class="xl66" colspan="3" height="19" style="border:0.5pt solid windowtext; height:14.5pt; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap"><span style="font-size:11pt"><span style="color:black"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none"><span style="font-family:Calibri,sans-serif">6-9 lakhs</span></span></span></span></span></span></td>
			<td class="xl67" style="border:0.5pt solid windowtext; border-top:none; border-left:none; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap"><span style="font-size:11pt"><span style="color:black"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none"><span style="font-family:Calibri,sans-serif">10%</span></span></span></span></span></span></td>
		</tr>
		<tr height="19" style="height:14.5pt">
			<td class="xl66" colspan="3" height="19" style="border:0.5pt solid windowtext; height:14.5pt; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap"><span style="font-size:11pt"><span style="color:black"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none"><span style="font-family:Calibri,sans-serif">9-12 lakhs</span></span></span></span></span></span></td>
			<td class="xl67" style="border:0.5pt solid windowtext; border-top:none; border-left:none; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap"><span style="font-size:11pt"><span style="color:black"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none"><span style="font-family:Calibri,sans-serif">15%</span></span></span></span></span></span></td>
		</tr>
		<tr height="19" style="height:14.5pt">
			<td class="xl66" colspan="3" height="19" style="border:0.5pt solid windowtext; height:14.5pt; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap"><span style="font-size:11pt"><span style="color:black"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none"><span style="font-family:Calibri,sans-serif">12-15 lakhs</span></span></span></span></span></span></td>
			<td class="xl67" style="border:0.5pt solid windowtext; border-top:none; border-left:none; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap"><span style="font-size:11pt"><span style="color:black"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none"><span style="font-family:Calibri,sans-serif">20%</span></span></span></span></span></span></td>
		</tr>
		<tr height="19" style="height:14.5pt">
			<td class="xl66" colspan="3" height="19" style="border:0.5pt solid windowtext; height:14.5pt; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap"><span style="font-size:11pt"><span style="color:black"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none"><span style="font-family:Calibri,sans-serif">Above 15 lakhs</span></span></span></span></span></span></td>
			<td class="xl67" style="border:0.5pt solid windowtext; border-top:none; border-left:none; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap"><span style="font-size:11pt"><span style="color:black"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none"><span style="font-family:Calibri,sans-serif">30%</span></span></span></span></span></span></td>
		</tr>
	</tbody>
</table>

<p>The Finance minister also reduced the highest surcharge in the country to 25% from the current 37%.&nbsp;</p>

<p><b>Direct tax proposals</b></p>

<ul>
	<li>Average processing time for ITRs reduced from 93 days to 16 days</li>
	<li>The&nbsp;government intends to roll out next-gen common IT Return forms and strengthen the grievance redressal mechanism</li>
</ul>

<h2><strong>Previous&nbsp;Income Tax Slab rates&nbsp;</strong></h2>

<p>The previous&nbsp;income tax slabs under the regular income tax regime were:</p>

<p><strong>Up to Rs 2,50,000 income</strong> - NIL tax rate<br />
<strong>Rs 2,50,001 - Rs 5,00,000 income</strong> - 5% tax rate<br />
<strong>Rs 5,00,001 - Rs 10,00,000 income</strong> - 20% tax rate<br />
<strong>Above Rs 10,00,000 income</strong> - 30% tax rate&nbsp;</p>

<h2>&nbsp;</h2>

<p><strong>WATCH WION LIVE HERE</strong></p>

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Union Budget 2023-24 LIVE: As the Union Budget 2023 was presented in the Indian Parliament on Wednesday, February 1 and Finance Minister Nirmala Sitharaman delivered her most-awaited Budget speech, all eyes were on the statements on taxes.

Union Budget 2023-24 LIVE: As the Union Budget 2023 was presented in the Indian Parliament on Wednesday, February 1 and Finance Minister Nirmala Sitharaman delivered her most-awaited Budget speech, all eyes were on the statements on taxes. The central, NDA-led government by Prime Minister Narendra Modi was widely expected to be giving the common person some tax relief this year, as its the last budget before the 2024 Lok Sabha elections. On one hand, the slowdown in the economy is affecting tax receipts and on the other hand, state spending is increasing. The industries, business sectors and market analysts are earnestly hoping that the NDA government's final budget before the Lok Sabha polls will be on employment generation and inclusive growth. The Economic Survey noted in its chapter on India's inclusive growth, "Both official and unofficial sources confirm that employment levels have risen in the current financial year, as the Periodic Labour Force Survey (PLFS) shows that the urban unemployment rate for people aged 15 years and above declined from 9.8 per cent in the quarter ending September 2021 to 7.2 per cent a year later (quarter ending September 2022). This is accompanied by an improvement in the labour force participation rate (LFPR) as well, confirming the emergence of the economy out of the pandemic-induced slowdown early in 2022-23". Various types of tax slabs in India Individual taxpayers in India pay income tax based on a slab system. A slab system means that different tax rates are prescribed for different income ranges. It means that tax rates continue to rise as the taxpayer's income rises. This type of taxation allows the country to have progressive and equitable tax systems. These income tax slabs are subject to change with each budget. These slab rates differ for different types of taxpayers. Income tax has three categories of "individual" taxpayers, including: Individuals (aged less than 60 years), including residents and non-residents Resident Senior citizens (60 to 80 years of age) Resident Super senior citizens (aged more than 80 years) Income Tax Income Tax is levied on a Hindu Undivided Family or an individual’s net taxable income during a fiscal year that begins on April 1 and ends on March 31 of the following year. It is calculated using an individual’s or a business’s net taxable income. The Government of India has set certain slab rates, i.e., higher and lower slab rates, for the convenience of its citizens. Income Tax Slab rates announced in the Union Budget 2023-24 The personal Income Tax rebate limit increased to Rs 7 lakh, from earlier Rs 5 lakh in the new tax regime. People earning up to Rs 7 lakh, do not pay any income tax. Finance Nirmala Sitharaman announced, "I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 Lakhs. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 Lakhs". An individual with an income of ₹ 15 lakhs will have to pay ₹ 1.5 lakhs tax, down from ₹ 1.87 lakhs under the new tax structure. Annual Income New Tax Regime 0-3 lakhs 0% 3-6 lakhs 5% 6-9 lakhs 10% 9-12 lakhs 15% 12-15 lakhs 20% Above 15 lakhs 30% The Finance minister also reduced the highest surcharge in the country to 25% from the current 37%. Direct tax proposals Average processing time for ITRs reduced from 93 days to 16 days The government intends to roll out next-gen common IT Return forms and strengthen the grievance redressal mechanism Previous Income Tax Slab rates The previous income tax slabs under the regular income tax regime were: Up to Rs 2,50,000 income - NIL tax rate Rs 2,50,001 - Rs 5,00,000 income - 5% tax rate Rs 5,00,001 - Rs 10,00,000 income - 20% tax rate Above Rs 10,00,000 income - 30% tax rate WATCH WION LIVE HERE

New Income Tax Slabs Changes 2023-24: Check all the updated tax slab rates

Union Budget 2023-24 New Tax Slabs: Finance Minister Nirmala Sitharaman presented the Union Budget for the year 2023 on Wednesday, 1 Feb and unpacked the surprises for the salaried class.

Union Budget 2023-24 New Tax Slabs: Finance Minister Nirmala Sitharaman presented the Union Budget for the year 2023 on Wednesday, 1 Feb and unpacked the surprises for the salaried class. The FM tweaked the slabs to provide some relief to the middle class, "It is proposed to increase the rebate for the resident individual under the new regime so that they do not pay tax if their total income is up to ₹7 lakh", Sitharaman said. The announcement was then followed by a hooting by the members of the house. She further said under the new personal tax regime, the number of slabs would be reduced to five. "I propose to change the tax structure in this regime by reducing the number of slabs to five and increasing the tax exemption limit to ₹3 lakh", Sitharaman said. Until now, a 5 per cent tax is levied on total income between ₹2.5 lakh and ₹5 lakh, 10 per cent on ₹5 lakh to ₹7.5 lakh, 15 per cent on ₹7.5 lakh to ₹10 lakh, 20 per cent on ₹10 lakh to ₹12.5 lakh, 25 per cent on ₹12.5 lakh to ₹15 lakh, and 30 per cent on above ₹15 lakh. Check here all the updated tax slabs in the new and old tax regimes: Union Budget 2023: New Tax Slabs No tax would be levied for income up to ₹3 lakh Income between ₹3-6 lakh would be taxed at 5 per cent Income between ₹6-9 lakh would be taxed at 10 per cent Income between ₹9-12 lakh at 15 per cent Income between ₹12-15 lakh at 20 per cent Income of ₹15 lakh and above will be taxed at 30 per cent. Annual Income New Tax Regime 0-3 lacs 0% 3-6 lacs 5% 6-9 lacs 10% 9-12 lacs 15% 12-15 lacs 20% Above 15 lacs 30% Union Budget 2023: Old Tax Slabs Income up to ₹2.5 is exempt from taxation under the old tax regime. Income between ₹2.5 to ₹5 lakh is taxed at the rate of 5 per cent under the old tax regime. Personal income from ₹5 lakh to ₹7.5 lakh is taxed at a rate of 15 per cent under the old regime Income between ₹7.5 lakh to ₹10 lakh is taxed at a rate of 20 per cent in the old regime Under the old regime personal income above ₹10 lakh is taxed at a rate of 30 per cent. Tax Slabs Old Tax Regime New Tax Regime after 2020 Less than 2,5 lakh No tax levied No tax levied 2.5 lakh to 5 lakh 5% tax levied 5% tax levied 5 lakh to 7.5 lakh 15% tax levied 10% tax levied 7.5 lakh to 10 lakh 20% tax levied 15% tax levied 10 lakh to 12.5 lakh 30% tax levied 20% tax levied 12.5 lakh to 15 lakh 25% tax levied More than 15 lakh 30% tax levied The income tax slabs have not been changed since 2014. The basic personal tax exemption limit was last revised in 2014. FM Sitharaman introduced a new income tax regime while presenting the budget 2020. However, the new tax regime remains optional for taxpayers.

Union Budget 2023: New vs old tax regime; which one is better?

<p><strong>Union Budget 2023 LIVE:&nbsp;</strong>Today on 1 February at <strong>11:00 am</strong>, Finance Minister Nirmala Sitharaman presented the Union Budget for the year 2023. This was&nbsp;the fifth consecutive time when Sitharaman presented&nbsp;the budget for the upcoming fiscal year, which will begin on 1 April. This was also&nbsp;Prime Minister Narendra Modi's government-led&nbsp;last full budget before the next general elections for 2024. The formal process to create and design the annual budget went underway back on 10 October 2022 and on 31 January, the Economic Survey was presented which set the stage for the Budget presentation.&nbsp;</p>

<p>The previous year, Niramala Sitharaman delivered the Union Budget speech for almost 92 minutes, which marked her shortest speech, compared to her speech of about 2 hours and 40 minutes, which became the longest Budget speech in India’s history.</p>

<p>Sitharaman has already reached the President's House with the paperless budget to officially start today's proceedings. Finance Minister presented the digital budget to <strong>President Droupadi Murmu</strong> in a tablet wrapped around a red jacket with the insignia of the national emblem on it. Previously, Sitharaman used a briefcase to present her budget, which was later replaced by the 'Bahi Khata' in 2019. Later on, the government switched to reading the budget from a tablet.</p>

<p>From a few hours from now, Finance Minister Nirmala Sitharaman will present the Union Budget to the world's biggest democracy. Check how and where you can watch the live streaming of the Union Budget 2023-24:</p>

<h2><strong>Where to watch the LIVE streaming of Union Budget 2023?</strong></h2>

<p>People can watch the LIVE presentation of Nirmala Sitharaman's Budget for the fiscal year 2023-2024 on <strong>Sansad TV and Doordarshan.</strong> The live telecast will also be available on their Youtube channels.&nbsp;<strong>Press Information Bureau (PIB)</strong> will also stream Budget 2023 on their online platforms.</p>

<h2><strong>When the LIVE streaming of Union Budget 2023 will start?</strong></h2>

<p>The LIVE streaming of the Union Budget on all YouTube channels will start at 11:00 am.&nbsp;</p>

<h2><strong>Which YouTube channels will show the LIVE streaming of Union Budget 2023 and FM Nirmala Sitharaman's speech?</strong></h2>

<p>Following channels <strong>YouTube handle</strong> will be streaming the Union Budget and the entire speech of Finance Minister Nirmala Sitharaman:</p>

<ol>
	<li>DD News</li>
	<li>Zee News&nbsp;</li>
	<li>WION News&nbsp;</li>
	<li>Sansad TV</li>
</ol>

<h2><strong>How to download the Budget and Finance Bill of Union Budget 2023?</strong></h2>

<p>The <strong>Union Budget Mobile App </strong>will allow Members of Parliament and the general public to easily access the 14 Union Budget documents, including the<strong> Annual Financial Statement</strong> (commonly known as the Budget), Demand for Grants (DG), Finance Bill, etc., as required by the Constitution, the finance ministry had announced in a statement.</p>

<p>The app will be accessible on both the Android and iOS operating systems and is bilingual (English and Hindi).&nbsp;</p>

<p>To read the LIVE updates and detailed analysis of the Union Budget, follow here&nbsp;<a href="https://www.wionews.com/business-economy/budget-2023-live-updates-nirmala-sitharaman-to-present-union-budghttps://www.wionews.com/business-economy/budget-2023-live-updates-nirmala-sitharaman-to-present-union-budget-2023-24-in-parliament-today-557696et-2023-24-in-parliament-today-557696">Budget 2023 LIVE Updates: Nirmala Sitharaman to present Union Budget 2023-24 in Parliament today</a></p>


Union Budget 2023 LIVE: Today on 1 February at 11:00 am, Finance Minister Nirmala Sitharaman presented the Union Budget for the year 2023. This was the fifth consecutive time when Sitharaman presented the budget for the upcoming fiscal year, which will begin on 1 April.

Union Budget 2023 LIVE: Today on 1 February at 11:00 am, Finance Minister Nirmala Sitharaman presented the Union Budget for the year 2023. This was the fifth consecutive time when Sitharaman presented the budget for the upcoming fiscal year, which will begin on 1 April. This was also Prime Minister Narendra Modi's government-led last full budget before the next general elections for 2024. The formal process to create and design the annual budget went underway back on 10 October 2022 and on 31 January, the Economic Survey was presented which set the stage for the Budget presentation. The previous year, Niramala Sitharaman delivered the Union Budget speech for almost 92 minutes, which marked her shortest speech, compared to her speech of about 2 hours and 40 minutes, which became the longest Budget speech in India’s history. Sitharaman has already reached the President's House with the paperless budget to officially start today's proceedings. Finance Minister presented the digital budget to President Droupadi Murmu in a tablet wrapped around a red jacket with the insignia of the national emblem on it. Previously, Sitharaman used a briefcase to present her budget, which was later replaced by the 'Bahi Khata' in 2019. Later on, the government switched to reading the budget from a tablet. From a few hours from now, Finance Minister Nirmala Sitharaman will present the Union Budget to the world's biggest democracy. Check how and where you can watch the live streaming of the Union Budget 2023-24: Where to watch the LIVE streaming of Union Budget 2023? People can watch the LIVE presentation of Nirmala Sitharaman's Budget for the fiscal year 2023-2024 on Sansad TV and Doordarshan. The live telecast will also be available on their Youtube channels. Press Information Bureau (PIB) will also stream Budget 2023 on their online platforms. When the LIVE streaming of Union Budget 2023 will start? The LIVE streaming of the Union Budget on all YouTube channels will start at 11:00 am. Which YouTube channels will show the LIVE streaming of Union Budget 2023 and FM Nirmala Sitharaman's speech? Following channels YouTube handle will be streaming the Union Budget and the entire speech of Finance Minister Nirmala Sitharaman: DD News Zee News WION News Sansad TV How to download the Budget and Finance Bill of Union Budget 2023? The Union Budget Mobile App will allow Members of Parliament and the general public to easily access the 14 Union Budget documents, including the Annual Financial Statement (commonly known as the Budget), Demand for Grants (DG), Finance Bill, etc., as required by the Constitution, the finance ministry had announced in a statement. The app will be accessible on both the Android and iOS operating systems and is bilingual (English and Hindi). To read the LIVE updates and detailed analysis of the Union Budget, follow here Budget 2023 LIVE Updates: Nirmala Sitharaman to present Union Budget 2023-24 in Parliament today

Budget 2023 Speech Live streaming for free: How to Watch Budget Live Stream on YouTube & Mobile App Platforms

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LIVE Budget 2023 Memes & Reactions: Twitter flooded with classic, hilarious memes as budget is announced

India Budget 2023: Union govt’s ‘seven priorities’ and its new policies, schemes in the new fiscal

New Income Tax Slabs Changes 2023-24: Check all the updated tax slab rates

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