In the Union Budget 2023, Finance Minister Sitharaman introduced significant changes in personal tax, with a new default tax option and reduced highest surcharge rate. The tax rate structure was revised, benefiting individuals earning up to Rs 15 lakh annually. Additional measures included tax rebates, standard deductions, and changes in TDS rates. The budget also focused on enhancing personal finance schemes, expanding job opportunities through skill development initiatives, and influencing consumer prices for various goods.
