Union Finance Minister Nirmala Sitharaman on Wednesday presented the Union Budget 2023, the fifth budget of Modi 2.0. In the last full-fledged Budget before the general elections next year, Nirmala Sitharaman said that the Indian economy is on the right path and heading towards a bright future. In a big boost for taxpayers and economy, Sitharaman announced major changes in tax slabs under the new tax regime and big hike in allocation for railways and capital expenditure.

Here follows a sector-wise detailed reading of the various measures Finance Minister Sitharaman announced in Budget 2023:

Income Tax payers:
* No changes in the old tax regime
* New tax regime to become the default tax regime. However, citizens can opt for the old tax regime.

* No tax on income up to Rs 7.5 lakh a year in the new tax regime (with the inclusion of standard deduction)
* Govt proposes to reduce the highest surcharge rate from 37% to 25% in the new tax regime

New Income Tax Slabs Under New Tax Regimes:
Rs 0-3 lakh: Nil
Rs 3-6 lakhs: 5%
Rs 6-9 lakhs: 10%
Rs 9-12 lakhs: 15%
Rs 12-15 lakhs: 20%

* An individual with an annual income of Rs 9 lakh will have to pay only Rs 45,000 in taxes: FM Sitharaman
* Income of Rs 15 lakh will fetch Rs 1.5 lakh tax, down from Rs 1.87 lakh
* A Rs 50,000 standard deduction to taxpayers has been introduced under the new regime
* Payment received from Agniveer Corpus Fund by Agniveers to be exempted
* Tax exemption removed in insurance policies with premiums over Rs 5 lakh
* For online games, govt proposes to provide for TDS and taxability on  ..
* Tax exemption on leave encashment on the retirement of non-government salaried employees hiked to Rs 25 lakh from Rs 3 lakh.
* A higher limit of Rs 3 crore for TDS on cash withdrawal to be provided to cooperative societies.
* Next-generation Common IT Return Form to be rolled out for taxpayer convenience
* Grievance redressal mechanism to be strengthened.
* TDS rate to be reduced from 30 percent to 20 percent on the taxable portion of EPF withdrawal in non-PAN cases.

Overall a good budget. 
AP Chambers & Mr O Naresh Kumar Garu recommendation to reduce interest rates on MSME loans and to give additional loans has been accepted.MSME units will be eligible for additional 2 lakh crores loans at reduced rates.
Reducing Tax Slabs, putting more money in the middle class, and also boosting public infrastructure spending by 10 lakh crores and another 2.4 lakh crores in Railways, will boost economic growth and create more jobs both in the formal and informal sectors.
Focus on Biofertilizers, is a most welcome step to reduce chemicals and provide good food to the population with additional loans for agriculture with green inputs, Creating 50 new airports/ heliports/water drones is a very good step to improve air connectivity.

IT employees with a monthly salary of 60,000 per month also will not be paying any tax. This is a very good help for service sector employees and middle-class employees with this 7 lakh per year, nil tax initiative