Union Budget 2023 LIVE Updates:To give relief to highest tax payers, but also those that adopt to the new tax regime, the FM brought down surcharge in the highest income-tax bracket down to 25 percent, from 37 percent earlier.

Union Budget 2023 LIVE Updates: The FM in her Budget gave a rebate of income earned up to Rs 7 lakh, up from Rs 5 lakh earlier under new tax regime. The basic exemption limit in the regime has been raised to Rs 3 lakh, up from Rs 2.5 lakh earlier.Also, the number of slabs under the new IT regime has now come down to 5 from 6. For taxable income up to Rs 3 lakh, there is no liability. For incomes between Rs 3-6 lakh, it is 5 percent. For taxable income between 6-9 lakh, it is 10 percent

Budget 2023 LIVE Updates: Loss to exchequer

As a result of these proposals, revenue of about Rs 38,000 crore – Rs 37,000 crore in direct taxes and Rs 1,000 crore in indirect taxes – will be forgone while revenue of about Rs 3,000 crore will be additionally mobilized. Thus, the total revenue forgone is about Rs 35,000 crore annually.

Budget 2023 LIVE Updates: Fintech Sector update

Digital payments rose 76% in transaction and 91% in value terms in 2022

Rs 7,400 crore digital payments of Rs 126 lakh crore through UPI in 2022.

Fiscal support for digital public infrastructure (DPI) will continue in 2023-2024

The scope of documents available in DigiLocker for individuals will be expanded

An entity DigiLocker will be set up for use by MSMEs and large businesses

PM VIKAS scheme will now include access to digital payments and social security

Subsidy for UPI expected to jump two-folds to Rs 2,137 crore in FY23 over previous fiscal

Allocation for digital payments promotion remains stagnant at Rs 1500 crore for last three years