Budget 2023: Memes abound as FM announces tax relief, fines smokers

Union Budget 2023: The Government on Wednesday proposed to increase the rebate limit for personal income tax to Rs 7 lakh compared to Rs 5 lakh earlier. Thus, persons in the new tax regime, with income up to Rs 7 lakh, will not have to pay any tax.

Soon after the announcement, netizens took to Twitter to share their excitement. "Every Indian middle class right now is celebrating. Finally, dua kubool hui!!!! Tax-Free #IncomeTax Limit is raised to Rs 7 lakh in the new tax regime only. #Budget2023india," a user wrote.

Another took a jibe at the opposition and shared an image from the movie Welcome with the caption, "Opposition after knowing no tax upto 7 lakh income."

"No tax till 7 lakh income only if you dont opt for 80C which covers major deductions under tax slabs #Budget2023," tweeted another user.

A user shared a still of the movie Partner with the catchline "itni khushi".

"New Tax Regime after Income tax rebate extended on income from Rs 5 Lakhs to Rs 7 Lakhs. Meanwhile Congressman.. "Ye Nahi Ho Sakta" #Budget2023 #incometax 5.9% of GDP #middleclass #IndianEconomy".

Users also shared memes regarding the FM's announcement of 16 per cent increase in the customs duty on cigarettes.

It must be noted that the new Income Tax rates are:

No tax would be levied for income up to Rs 3 lakh

Income between Rs 3-6 lakh would be taxed at 5 per cent

Income between Rs 6-9 lakh would be taxed at 10 per cent

Income between Rs 9-12 lakh at 15 per cent

Income between Rs 12-15 lakh at 20 per cent

"Currently, those with income up to Rs 5 lakh do not pay any income tax in both old and new tax regimes. I propose to increase the rebate limit to Rs 7 lakh in the new tax regime," Finance Minister Nirmala Sitharaman said as she presented the Union Budget 2023-24.

Meanwhile, she also announced a 16 per cent increase in the customs duty on cigarettes. "Taxes on cigarettes will be hiked by 16 per cent," said the finance minister.

Also Read: Budget 2023 LIVE updates: FM Nirmala Sitharaman's media briefing to take place at 4pm

Also Read: Budget 2023: Cigarettes to become expensive after FM increases sin tax