Union Budget 2023: Growth-oriented with tax stability and rationalisation

Budget 2023 has maintained the status quo on tax policies with more thrust on certainty, which is a step in the right direction

Union Budget 2023 delivers on the growth-oriented agenda and has sought to provide stability and continuity on the tax front. If one looks at the fine print, there are no glaring surprises and no tinkering with capital gains taxation. It has sought to rationalise tax provisions, some of which are discussed hereunder.

Middle-class taxpayers have a reason to cherish

Providing relief to individual taxpayers under the new regime (effective tax of only 10 per cent on an income of Rs 15 lakh), limiting surcharge under the new regime for individuals (resulting in an effective tax rate of 39 per cent