{"id":2743,"date":"2023-02-03T09:21:47","date_gmt":"2023-02-03T03:51:47","guid":{"rendered":"https:\/\/news.plantlipids.in\/plnews\/?p=2743"},"modified":"2023-02-09T14:41:44","modified_gmt":"2023-02-09T09:11:44","slug":"decoding-budget-2023","status":"publish","type":"post","link":"https:\/\/news.plantlipids.in\/plnews\/2023\/02\/03\/decoding-budget-2023\/","title":{"rendered":"Decoding Budget 2023"},"content":{"rendered":"<figure class=\"wp-block-post-featured-image\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1900\" height=\"600\" src=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/budget.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" style=\"object-fit:cover;\" srcset=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/budget.jpg 1900w, https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/budget-300x95.jpg 300w, https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/budget-1024x323.jpg 1024w, https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/budget-768x243.jpg 768w, https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/budget-1536x485.jpg 1536w\" sizes=\"(max-width: 1900px) 100vw, 1900px\" \/><\/figure>\n\n\n<style> \np {\ntext-align:justify !important;\n}\n<\/style>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Annual Budget 2023<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Union Finance Minister Nirmala Sitharaman has presented the Union Budget for the Financial Year 2023-24 on Wednesday, with a slew of announcements, including revision of income tax slabs, reduction of certain customs duty and sops for agriculture.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The annual budget&#8217;s most significant talking points is the change in income tax slabs for salaried employees. This year, the finance minister introduced new tax slabs for the new regime but kept the identical tax slabs for the old tax regime. So, employees must clarify which is better for them &#8211; the old or new tax regime.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This year, the tax rates for employees opting for new tax regimes are as follows:<br>0 to 3 lakhs &#8211; 0% tax<br>3 to 6 lakhs &#8211; 5% tax<br>6 to 9 lakhs &#8211; 10% tax<br>9 to 12 lakhs &#8211; 15% tax<br>12 to 15 lakhs &#8211; 20% tax<br>Above 15 lakhs &#8211; 30% tax<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Employees choosing the old tax regimes will pay the following tax rates:<br>0 to 2.5 lakhs &#8211; 0%<br>2.5 to 5 lakhs &#8211; 5%<br>5 to 10 lakhs &#8211; 20%<br>Above 10 lakhs &#8211; 30%<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, in the old tax regime, the employees could claim tax reductions under HRA, 80C and 80D in addition to the standard deduction of Rs.50,000. However, in the new regime announced this year, employees can only avail of a standard deduction of Rs.50,000, whereas in the last year, the new regime did not have any standard deduction. Further, under the new tax regime, employees get a rebate of Rs.7 lakhs implying that if their salary is less than or equal to Rs.7 lakhs, employees need not pay any tax.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For instance, an employee earns Rs.30 lakhs annual income (after PF deductions), and if he claims monthly HRA of Rs.18,000 along with deductions of 1.5 lakhs in 80C, 70,000 in 80D and 50,000 in NPS, he pays Rs.5,73,768 lakhs tax under old regime against Rs.6,08,400 tax under the new regime. Thus, the old tax regime is preferable to the new tax regime.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, when the employee earns a monthly salary of more than Rs.434,750 or an annual salary of Rs.52.17 lakhs (after PF deductions) and claims an Rs.18,000 monthly HRA (2,16,000 annual HRA) followed by deductions of 1.5 lakhs in 80C, 70,000 in 80D and 50,000 in NPS, he is better off with a new tax regime (pays Rs.13,00,104 as tax) against the old regime (Rs.13,92,019 as tax).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The government wants to make India a consumer-led economy, incentivizing citizens to spend more than save. More consumption at the expense of investments will lead to higher tax savings under the new tax regime.<\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-8 is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/1.jpg\"><img decoding=\"async\" width=\"639\" height=\"800\" data-id=\"2751\" src=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/1.jpg\" alt=\"\" class=\"wp-image-2751\" srcset=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/1.jpg 639w, https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/1-240x300.jpg 240w\" sizes=\"(max-width: 639px) 100vw, 639px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/2.png\"><img decoding=\"async\" width=\"639\" height=\"800\" data-id=\"2752\" src=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/2.png\" alt=\"\" class=\"wp-image-2752\" srcset=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/2.png 639w, https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/2-240x300.png 240w\" sizes=\"(max-width: 639px) 100vw, 639px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/3.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"639\" height=\"800\" data-id=\"2750\" src=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/3.jpg\" alt=\"\" class=\"wp-image-2750\" srcset=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/3.jpg 639w, https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/3-240x300.jpg 240w\" sizes=\"(max-width: 639px) 100vw, 639px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/4.png\"><img loading=\"lazy\" decoding=\"async\" width=\"639\" height=\"800\" data-id=\"2753\" src=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/4.png\" alt=\"\" class=\"wp-image-2753\" srcset=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/4.png 639w, https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/4-240x300.png 240w\" sizes=\"(max-width: 639px) 100vw, 639px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/5.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"639\" height=\"800\" data-id=\"2749\" src=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/5.jpg\" alt=\"\" class=\"wp-image-2749\" srcset=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/5.jpg 639w, https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/5-240x300.jpg 240w\" sizes=\"(max-width: 639px) 100vw, 639px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/6.png\"><img loading=\"lazy\" decoding=\"async\" width=\"639\" height=\"800\" data-id=\"2748\" src=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/6.png\" alt=\"\" class=\"wp-image-2748\" srcset=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/6.png 639w, https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/6-240x300.png 240w\" sizes=\"(max-width: 639px) 100vw, 639px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/7.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"639\" height=\"800\" data-id=\"2747\" src=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/7.jpg\" alt=\"\" class=\"wp-image-2747\" srcset=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/7.jpg 639w, https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/7-240x300.jpg 240w\" sizes=\"(max-width: 639px) 100vw, 639px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/8.png\"><img loading=\"lazy\" decoding=\"async\" width=\"639\" height=\"800\" data-id=\"2746\" src=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/8.png\" alt=\"\" class=\"wp-image-2746\" srcset=\"https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/8.png 639w, https:\/\/news.plantlipids.in\/plnews\/wp-content\/uploads\/2023\/02\/8-240x300.png 240w\" sizes=\"(max-width: 639px) 100vw, 639px\" \/><\/a><\/figure>\n<\/figure>\n<div class='epvc-post-count'><span class='epvc-eye'><\/span>  <span class=\"epvc-count\"> 185<\/span><span class='epvc-label'> Views<\/span><\/div>","protected":false},"excerpt":{"rendered":"<p>Annual Budget 2023 Union Finance Minister Nirmala Sitharaman has presented the Union Budget for the Financial Year 2023-24 on Wednesday, with a slew of announcements, including revision of income tax slabs, reduction of certain customs duty and sops for agriculture. The annual budget&#8217;s most significant talking points is the change in income tax slabs for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2744,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_front_end_style_editor":"no","ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"0","ocean_second_sidebar":"0","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"off","ocean_display_header":"off","ocean_header_style":"","ocean_center_header_left_menu":"0","ocean_custom_header_template":"0","ocean_custom_logo":1915,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"0","ocean_menu_typo_font_family":"0","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"off","ocean_display_footer_bottom":"off","ocean_custom_footer_template":"0","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"off","ocean_gallery_id":[],"footnotes":""},"categories":[35,26],"tags":[],"class_list":["post-2743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-awareness","category-updates","entry","has-media"],"publishpress_future_action":{"enabled":false,"date":"2026-10-09 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