At 11 am on Wednesday, Union finance minister Nirmala Sitharaman will present the annual budget in Lok Sabha. And when it comes to budget, salaried professionals look forward to announcements related to income tax slabs or rates. This budget assumes additional significance also because it is the last full budget of the Modi government before next year’s parliamentary elections, slated for April-May 2024.

UNION BUDGET 2023: FULL COVERAGE

In last year’s budget, Nirmala Sitharaman did not make any changes to the existing tax system. This meant that individuals would continue to pay their taxes under either of the current regimes, depending on which one they choose. Of the two, the second one was announced in budget 2020, and has been in effect since April 1, 2020, when fiscal 2020-21 started.