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Union Budget 2023 Impact On Individuals
UNIQUE TIMES|February - March 2023
The Union Finance Minister in her speech whilst presenting the Union Budget 2023 constantly referred to the phrase “Amrit Kaal”, a term that was first used by the Hon’ble Prime Minister in 2021 during the 75th Independence Day Celebrations.
- Adv Sherry Samuel Oommen
Union Budget 2023 Impact On Individuals

1. An Introduction

For the unversed, the term “Amrit Kaal” originates from Vedic astrology and is known as the critical time when the gates of greater pleasure open for the inhuman, angels, and human beings. To start any new work, Amrit Kaal is considered the most auspicious time.

In this article, I intend to delve into some of the key personnel tax-related changes that have been proposed in the Union Budget 2023. I would leave it to the reader to determine whether the changes are a reflection of the “Amrit Kaal” or the “Rahu Kaal”.

2. Key changes

2.1 Increase in basic exemption limit

The basic exemption limit

has been increased from INR 250,000 to INR 300,000 under Section 115BAC of the Income-tax Act, 1961 (“the Act”), which governs the new tax regime. The new tax regime does not grant by deductions whilst boasting of lower tax rates. The proposed slab rates in the new tax regime are as follows:

Viewed in the above context, one would also need to consider the rates applicable under the old tax regime in order to separate the trees from the wood. For ease of reference, a comparative chart has been provided below:

This story is from the February - March 2023 edition of UNIQUE TIMES.

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This story is from the February - March 2023 edition of UNIQUE TIMES.

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