<h1>Union Budget 2023-24: Middle Class Gains with New Tax Regime, Lower Rates, and Higher Exemptions.</h1> The Union Budget 2023-24 introduced significant changes to personal income tax to benefit the middle class. Key measures include increasing the tax rebate limit to Rs. 7 lakh under the new tax regime, reducing tax slabs to five, and raising the tax exemption limit to Rs. 3 lakh. The maximum tax rate is lowered to 39% from 42.74%, and the standard deduction benefit is extended to the new regime. Additionally, the tax exemption limit on leave encashment for non-government employees is increased to Rs. 25 lakh. The new tax regime becomes the default, with an option to choose the old regime.