Budget 2024: Nirmala Sitharaman's announcements for middle class in 2023

Budget 2024: Here's a look at the important announcements in the Union Budget 2023-24 which aimed at benefitting the middle class

Published on: Jan 31, 2024, 16:03:11 IST

By HT News Desk

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The Union Budget 2023-24, presented on February 1, 2023, by Finance Minister Nirmala Sitharaman, brought many changes for the middle class. Here's a look at the important announcements in the Union Budget 2023-24 which aimed at benefitting the middle class:

Interim Budget 2024 Union finance minister Nirmala Sitharaman (File Photo)

Read more: Why is there so much secrecy around the preparation of Union Budget?

Tax changes: The rebate limit for personal income tax under the new tax regime was increased from ₹5 lakh to ₹7 lakh owing to which individuals earning up to ₹7 lakh per year will not have to pay any income tax.
Tax slabs: The number of tax slabs in the new tax regime was reduced from six to five and the tax rates were slashed significantly. Those with a yearly income of ₹0–3 lakh did not have to pay tax, from ₹3-5 lakh, the tax rate was five per cent, from ₹6–9 lakh, the tax rate was 10 per cent, from ₹12–15 lakh, the tax rate was 20 per cent.
Standard reduction: The standard deduction for salaried professionals and pensioners was increased from ₹50,000 to ₹52,500.
Investment limit for deduction under Section 80C: The limit for investment in tax-saving instruments under section 80C of the Income Tax Act was increased from Rs. 1.5 lakh to Rs. 2.5 lakh.
Education: The budget allocated more funds for education, including scholarships and funding for educational institutions.
Housing: The budget announced several measures to boost affordable housing, including increased tax benefits for developers and homebuyers.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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