India Union Budget for 2023-2024 Delivered

On 1 February 2023, India's Minister of Finance Nirmala Sitharaman delivered the Budget for 2023-2024. Some of the main direct tax measures include:

• A change in the default personal income tax regime so that the new (optional) personal income tax regime introduced in 2020 is made the default regime with the following brackets/rates, while individuals may still opt for the old regime:
  • up to INR 300,000 - 0%
  • INR 300,001 to 600,000 - 5%
  • INR 600,001 to 900,000 - 10%
  • INR 900,001 to 1,200,000 - 15…