Union Budget 2023-24 HIGHLIGHTS: FM Nirmala Sitharaman announces new tax slabs under new tax regime
Parliament House Adjourned till tomorrow 11 am
FM proposes to hike tax exemption on leave encashment on retirement of non-government salaried employees to Rs 25 lakh from Rs 3 lakh
Cheaper:
Proposal to extend Rs 50,000 standard deduction to salary earners under new tax regime: FM
Personal Income Tax from the Budget speech of Finance Minister Nirmala Sitharaman.
Govt proposes to cap deductions from capital gains on investments in residential houses to Rs 10 cr: FM Sitharaman
Govt proposes to reduce highest surcharge rate from 37 pc to 25 pc in new tax regime: FM
An individual with income of Rs 15 lakh will have to pay Rs 1.5 lakh tax down from Rs 1.87 lakh under new tax structure: FM
0 to Rs 3 lakhs - nil
Rs 3 to 6 lakhs - 5%
Rs 6 to 9 Lakhs - 10%
Rs 9 to 12 Lakhs - 15%
Rs 12 to 15 Lakhs - 20%
Above 15 Lakhs - 30%
Change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 Lakhs
Tax portal processed 6.5 crore returns, processing time cut; intend to strengthen grievance redressal mechanism: Sitharaman
Income tax limit rebate limit increased to 7 lakhs
PM VIKAS (Pradhan Mantri Vishwakarma Kaushal Samman), which was announced in Budget 2023, will include skilled people who are engaged in various traditional and skilled professions.
Custom duty on cigarettes increased: FM Nirmala Sitharaman
Monthly Income Scheme limit doubled to Rs 9 lakh and Rs 15 lakh for joint accounts
Tax receipts for next fiscal budgeted at Rs 23.3 lakh crore: FM
Senior Citizen Savings Scheme limit increased to Rs 30 lakhs from Rs 15 lakhs
The revised fiscal deficit is at 6.4% of GDP: FM Sitharaman
FY-2024 fiscal deficit target at 5.9% of GDP
Revamped credit guarantee scheme for MSMEs with infusion of Rs 9,000 cr to be launched from April 1: FM Sitharaman
To provide support to 47 lakh youths in 3 years, a Direct Benefit Transfer under a pan India national apprenticeship scheme will be rolled out: FM Sitharaman
Credit guarantee for MSMEs - Rs 9000 crores infused in the corpus which will allow additional collateral-free credit of Rs 2 lakh crores; to be effective from 1st April 2023: FM Sitharaman
Green credit programme will be notified under the Environment Protection Act: FM
For efficient administration of justice, Phase 3 of the eCourt's project will be launched with an outlay of Rs 7000 Crores: FM Nirmala Sitharaman
50 tourist destinations
will be selected through challenge mode to be developed as a whole package for
domestic and international tourism: FM Nirmala Sitharaman
Govt to bring another dispute resolution scheme under Vivad Se Vishwas-2 to settle commercial disputes: Sitharaman
To unleash Innovation
and research by Startups and Academia, a National Data Governance Policy will
be brought out. This will enable access to anonymized data: FM speaks
National Data Governance Policy will enable anonymised data; KYC process will be simplified by adopting risk-based system.
PAN will be used for common identifier for all digital systems of specified government agencies.
50 additional airports, helipods, water aero drones, advanced landing grounds will be revived to improve regional air connectivity: FM Nirmala Sitharaman
100 critical transport infrastructure projects have been identified for implementation: Finance Minister
Capital outlay of Rs 2.4 lakh cr provided for Railways; highest-ever allocation since 2013-14: FM
Expert committee to be set up to make infrastructure classification and financing framework suitable for Amrit Kaal.
All cities and towns will be enabled for 100% mechanical de-sludging of septics tanks & sewers to transition from manhole to machine hole mode
50-year interest free loan to State governments extended for one more year: FM Sitharaman
Capital investment outlay being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP: FM Sitharaman
Pradhan Mantri PVTG (particularly vulnerable tribal groups) Development Mission launched to improve socio-economic conditions of tribal groups
- National digital library for children, adolescents
- Health, education and skilling
- New programme to promote R&D in pharma will be launched
- 157 nursing colleges will be established
- 157 medical colleges established since 2014
PM Vishwa Karma Kaushal Samman-package of assistance for traditional artisans and craftspeople has been conceptualised, will enable them to improve quality, scale & reach of their products, integrating with MSME value chain: FM Nirmala Sitharaman in Parliament
Four transformative opportunities can be used be in Amrit Kaal for enhancing economic empowerment: FM Sitharaman
>Facilitating ample opportunities for citizens, especially youth
>Providing strong impetus to growth and job creation
>Strengthening macro-economic stability
9.6 cr LPG connections, 220 cr Covid vax for 102 cr people given, 47.8 cr JanDhan accounts opened: FM Sitharaman
Promotion of tourism will be taken up on mission mode with active participation of states, the convergence of Govt programs & public-private partnerships: FM Nirmala Sitharaman
The Indian economy has become more formalised as witnessed by a significant enhancement in digital payments: Finance Minister Nirmala Sitharaman
An Agriculture Accelerator Fund will be set up to encourage agri-startups by young entrepreneurs: Finance Minister Nirmala Sitharaman
Govt implementing scheme to supply free grains to poor under PMGKAY with expenditure of Rs 2 lakh cr from Jan 1: FM Sitharaman
Priorities of Budget 2023-24 - inclusive development, reaching the last mile, infra & investment, unleashing the potential, green growth, youth and financial sector: Finance Minister Nirmala Sitharaman
Our vision for the Amrit Kaal includes a technology-driven and knowledge-based economy, with strong public finances and a robust financial sector. To achieve this 'janbhagidari' through 'sabka saath, sabka prayaas' is essential: FM Nirmala Sitharaman
"Promotion of tourism will be taken up on mission mode," says Finance Minister Nirmala Sitharaman during Budget 2023-24 presentation.
India’s rising global profile is because of several accomplishments - Aadhaar, Cowin, UPI have contributed to improving India’s global profile. During pandemic, the government ensured no one went to bed hungry, " says Finance Minister during the Budget speech.
The world appreciates India's achievements, says FM
The world has recognized India as a bright star, our growth for current year is estimated at 7.0%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war: FM Sitharaman
Govt's efforts since 2014 have ensured for all citizens, a better quality of life & life of dignity. The per capita income has more than doubled to Rs 1.97 lakh. In these 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world: FM Sitharaman
In 75th year of Independence, world has recognised Indian economy as bright star FY23 GDP growth estimated at 7%," Nirmala Sitharaman
In these times of global challenges, India’s G20 presidency gives us a unique opportunity to strengthen India’s role in the world economic order: Finance Minister Nirmala Sitharaman
During the COVID pandemic, we ensured that nobody goes to bed hungry with a scheme to supply free foodgrains to over 80 crore persons for 28 months: FM Nirmala Sitharaman
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Indian economy on the right track, and heading towards a bright future: Finance Minister Nirmala Sitharaman
"This is the first Budget in Amrit Kaal," FM says while presenting Budget.
FM Nirmala Sitharaman presents Union Budget 2023-24 in Parliament
Union Cabinet approves Budget for 2023-24
Budget copies brought to Parliament, ahead of Budget presentation at 11am
Prime Minister Narendra Modi arrives at the Parliament ahead of Union Budget 2023-24.
Union Finance Minister Nirmala Sitharaman will present the Union Budget 2023 at the Parliament at 11 am
Union Budget 2023-24: As the countdown is over for the presentation of the Union Budget for fiscal 2023-24, Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament.
The budget session of the Parliament began with President's address at 11 am in a paperless format.
Also Read: FM Sitharaman to present Union Budget 2023-24 shortly
Union Budget is important time for every strata of society.
The Budget is usually presented at the beginning of the Budget Session and helps us know the government's financial as well as other plans for the next financial year.
Various measures to look out for in the budget are: Tax Tweaks, Social Sector, Manufacturing, compensation to oil retailers, defense budget, etc.
Major Highlight of Union Budget 2023-24 is the new tax slabs under new tax regime as Income tax limit rebate limit increased to 7 lakhs.
New tax rates are:
0 to Rs 3 lakhs - nil
Rs 3 to 6 lakhs - 5%
Rs 6 to 9 Lakhs - 10%
Rs 9 to 12 Lakhs - 15%
Rs 12 to 15 Lakhs - 20%
Above 15 Lakhs - 30%
This year's budget session is going to have 27 sittings till April 6 with a month-long recess to examine the budget papers. The first part of the session will conclude on February 13.
Parliament will reconvene on March 12 for the second part of the Budget Session and conclude on April 6.
Also Read: India’s Budget will be ray of hope for World, says PM Modi
The formal exercise to prepare the annual Budget for the next financial year (2023-24) commenced on October 10.
- PTC NEWS
