Watch: Got Questions on New Tax Slabs? Decode Budget 2023 With Raghav Bahl

The FM has increased the tax rebate limit from the existing Rs 5 lakh to Rs 7 lakh under the new tax regime.

The Union Budget presented by Finance Minister Nirmala Sitharaman on 1 February is being touted as one for the masses, with significant changes in the income tax slabs as well as sops for women and senior citizens.

(Photo: Deeksha Malhotra/The Quint)

The Union Budget presented by Finance Minister Nirmala Sitharaman on 1 February is being touted as one for the masses, with significant changes in the income tax slabs as well as sops for women and senior citizens.

In her last full Budget for the Modi 2.0 government, Sitharaman increased the tax exemption limit to Rs 3 lakh and increased the tax rebate limit from the existing Rs 5 lakh to Rs 7 lakh under the new tax regime.

Does this mean that people earning up to Rs 7 lakh per annum will have to pay zero income tax? Further, how will the decrease in surcharge from the existing 37% to 25% affect your salary? And what is the new tax benefit when you get your leaves encashed on retirement?

Besides, what does the government have in store for those working in startups and MSMEs? Will the cut in customs duty on lithium-Ion batteries make electric vehicles cheaper to buy in 2023?

Watch The Quint's Raghav Bahl answer these – and more.