Budget 2023 Income Tax: No Change in Slabs, Both New and Old Regimes to Continue | Key Takeaways

The processing time of tax returns has been reduced from 93 days in FY14 to 10 days; and refunds have been made faster, she said.

Written by: Victor Dasgupta Edited by: Victor Dasgupta

Updated: February 1, 2024, 3:17 PM IST

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Budget 2023 Income Tax: No Change in Slabs, Both New and Old Regimes to Continue | Key Takeaways

New Delhi: Finance Minister Nirmala Sitharaman on Thursday, while presenting the last budget before the 2024 polls, said there are no changes in tax rates for direct and indirect taxes, including import duties. She also said the number of tax filers has swollen 2.4 times and the direct tax collection has trebled since 2014.

The processing time of tax returns has been reduced from 93 days in FY14 to 10 days; and refunds have been made faster, she said. The government continues to be on the path of fiscal consolidation to reduce fiscal deficit to 4.5 pc in 2025-26. She added that the tax base of Goods and Services Tax (GST) has more than doubled since FY14.

Here are some of the key highlights:

• For direct and indirect taxes, including import duties
• For Corporate Taxes-22 percent for existing domestic companies, 15 percent for certain new manufacturing
companies
• No tax liability for taxpayers with income up to Rs 7 lakh under the new tax regime

Here are key announcements made in the Budget speech by FM Nirmala Sitharman on infrastructure development.

• Infrastructure outlay increased by 11.1% to ₹11.11 lakh crore
• 50-year interest-free loans to state governments extended for another year under Gati Shakti master plan
• Three major economic railway corridor programmes will be implemented. These are: (1) energy, mineral and cement corridors, (2) port connectivity corridors, and (3) high traffic density corridors.
• 40,000 normal rail bogies will be converted to the Vande Bharat standards to enhance safety, convenience and comfort of passengers.
• NAMO trains and metro rail services will be added in more cities