The Union Budget 2023 was presented by Finance Minister Nirmala Sitharaman in Parliament today.

Here are the crucial updates.

There will be no tax on income up to Rs 7 lakh a year in the new tax regime.

The income tax slabs have now been reduced to five and the new tax rates are as follows: – 0 to Rs 3 lakh - nil – Rs 3 to 6 lakh - 5% – Rs 6 to 9 lakh - 10% – Rs 9 to 12 lakh - 15% – Rs 12 to 15 lakh - 20% – Above Rs 15 lakh - 30%

The railways will be allotted a budget of Rs 2.4 lakh crore while the agricultural credit target has been increased to Rs 20 lakh crore.

Rs 15,000 crore will be allotted for safe housing, sanitation, drinking water and electricity for scheduled tribes over the next three years.

The new budget necessitates that all cities and towns be equipped for a 100 percent transition from manhole to machine hole mode for sewers and septic tanks.

To promote AI in India, 3 centres will be set up in top educational institutes. The goal will be “Make AI in India” and “Make AI Work for India”.

With regard to agriculture and climate, Rs 35,000 crore has been allotted for the energy transition to net-zero emission goals.

The Senior Citizen Savings Scheme cap has been increased from Rs 15 lakh to Rs 30 lakh.

The revamped Credit Guarantee Scheme for the MSME sector will be implemented from April 1 2023 with an infusion of Rs 9,000 crore.

The limit for presumptive taxation for MSMEs and certain professionals may be increased to Rs 3 crore and Rs 75 lakh, respectively.