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Union Budget 2023-24 HIGHLIGHTS: FM Nirmala Sitharaman announces new tax slabs under new tax regime

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Shefali Kohli
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Union Budget 2023-24 LIVE UPDATES: FM Nirmala Sitharaman to present Budget shortly
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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. 

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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. 

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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. 

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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 

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Rs 3 to 6 lakhs - 5% 

Rs 6 to 9 Lakhs - 10% 

Rs 9 to 12 Lakhs - 15% 

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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. 

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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. 

  • Feb 01, 2023 13:31 IST

    Parliament House Adjourned till tomorrow 11 am 





  • Feb 01, 2023 13:24 IST
    Allocation to Defence for year 2023-24

    Defence Ministry has been allocated Rs 5.94 lakh crores for the financial year 2023-24.



  • Feb 01, 2023 13:06 IST

    FM proposes to hike tax exemption on leave encashment on retirement of non-government salaried employees to Rs 25 lakh from Rs 3 lakh



  • Feb 01, 2023 13:06 IST
    Union Budget 2023: Cheaper & Costlier

    Cheaper:

    • Parts for mobile phones
    • Parts for tv panels
    • Machinery for lithium ion batteries
    • Raw materials for EV industry



    • Costlier:
    • Cigarettes
    • Imitation jewellery
    • Silver
    • Electric kitchen chimney
    • Imported bicycles & toys
    • EV vehicle imports



  • Feb 01, 2023 13:00 IST

    Proposal to extend Rs 50,000 standard deduction to salary earners under new tax regime: FM



  • Feb 01, 2023 12:59 IST
    Union Budget 2023: Personal Income Tax

    Personal Income Tax from the Budget speech of Finance Minister Nirmala Sitharaman.









  • Feb 01, 2023 12:40 IST
    Union Budget 2023: Changes in investments in residential houses

    Govt proposes to cap deductions from capital gains on investments in residential houses to Rs 10 cr: FM Sitharaman



  • Feb 01, 2023 12:39 IST
    Union Budget 2023: Surcharge rate

    Govt proposes to reduce highest surcharge rate from 37 pc to 25 pc in new tax regime: FM



  • Feb 01, 2023 12:36 IST

    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



  • Feb 01, 2023 12:30 IST
    Union Budget 2023: New tax rates

    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%







  • Feb 01, 2023 12:29 IST
    Union Budget 2023: Change in tax structure

    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



  • Feb 01, 2023 12:25 IST

    Tax portal processed 6.5 crore returns, processing time cut; intend to strengthen grievance redressal mechanism: Sitharaman



  • Feb 01, 2023 12:23 IST
    Union Budget 2023: Income tax rebate

    Income tax limit rebate limit increased to 7 lakhs 





  • Feb 01, 2023 12:21 IST

    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.









  • Feb 01, 2023 12:18 IST
    Union Budget 2023: Rise in custom duty on cigarettes

    Custom duty on cigarettes increased: FM Nirmala Sitharaman



  • Feb 01, 2023 12:17 IST
    Union Budget 2023: Update for joint account holders

    Monthly Income Scheme limit doubled to Rs 9 lakh and Rs 15 lakh for joint accounts



  • Feb 01, 2023 12:16 IST

    Tax receipts for next fiscal budgeted at Rs 23.3 lakh crore: FM



  • Feb 01, 2023 12:13 IST
    Union Budget 2023: Senior Citizen Savings

    Senior Citizen Savings Scheme limit increased to Rs 30 lakhs from Rs 15 lakhs



  • Feb 01, 2023 12:09 IST
    Union Budget 2023: Fiscal deficit

    The revised fiscal deficit is at 6.4% of GDP: FM Sitharaman

    FY-2024 fiscal deficit target at 5.9% of GDP





  • Feb 01, 2023 12:08 IST
    Revamped credit guarantee scheme for MSMEs

    Revamped credit guarantee scheme for MSMEs with infusion of Rs 9,000 cr to be launched from April 1: FM Sitharaman



  • Feb 01, 2023 12:04 IST
    Union Budget 2023: Pan India

    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



  • Feb 01, 2023 12:02 IST

    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









  • Feb 01, 2023 12:01 IST

    Green credit programme will be notified under the Environment Protection Act: FM



  • Feb 01, 2023 12:00 IST
    Union Budget 2023: Law and Justice

    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



  • Feb 01, 2023 11:59 IST
    Union Budget 2023: Tourism

    50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism: FM Nirmala Sitharaman



  • Feb 01, 2023 11:56 IST
    Union Budget 2023: Govt's scheme to settle commercial dispute

    Govt to bring another dispute resolution scheme under Vivad Se Vishwas-2 to settle commercial disputes: Sitharaman



  • Feb 01, 2023 11:55 IST
    Union Budget 2023: Startups and Innovation

    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 



  • Feb 01, 2023 11:51 IST
    Union Budget 2023: FM speaks on digital process

    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.





  • Feb 01, 2023 11:49 IST
    Union Budget 2023-24: FM speaks on air connectivity

    50 additional airports, helipods, water aero drones, advanced landing grounds will be revived to improve regional air connectivity: FM Nirmala Sitharaman







  • Feb 01, 2023 11:47 IST
    Union Budget 2023: Transport infrastructure

    100 critical transport infrastructure projects have been identified for implementation: Finance Minister



  • Feb 01, 2023 11:45 IST
    Union Budget 2023: Capital outlay for Railways

    Capital outlay of Rs 2.4 lakh cr provided for Railways; highest-ever allocation since 2013-14: FM



  • Feb 01, 2023 11:42 IST
    Union Budget 2023-24: Urban planning and infrastructure

    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





  • Feb 01, 2023 11:40 IST

    50-year interest free loan to State governments extended for one more year: FM Sitharaman



  • Feb 01, 2023 11:37 IST

    Capital investment outlay being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP: FM Sitharaman



  • Feb 01, 2023 11:34 IST

    Pradhan Mantri PVTG (particularly vulnerable tribal groups) Development Mission launched to improve socio-economic conditions of tribal groups



  • Feb 01, 2023 11:30 IST
    Aims of Union Budget 2023-24

    - 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



  • Feb 01, 2023 11:30 IST

    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



  • Feb 01, 2023 11:25 IST

    Four transformative opportunities can be used be in Amrit Kaal for enhancing economic empowerment: FM Sitharaman



  • Feb 01, 2023 11:24 IST
    Union Budget 2023 aims



    >Facilitating ample opportunities for citizens, especially youth

    >Providing strong impetus to growth and job creation

    >Strengthening macro-economic stability



  • Feb 01, 2023 11:23 IST

    9.6 cr LPG connections, 220 cr Covid vax for 102 cr people given, 47.8 cr JanDhan accounts opened: FM Sitharaman



  • Feb 01, 2023 11:21 IST
    Promotion in tourism

    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



  • Feb 01, 2023 11:19 IST

    The Indian economy has become more formalised as witnessed by a significant enhancement in digital payments: Finance Minister Nirmala Sitharaman



  • Feb 01, 2023 11:18 IST
    FM Sitharaman speaks on Agriculture sector

    An Agriculture Accelerator Fund will be set up to encourage agri-startups by young entrepreneurs: Finance Minister Nirmala Sitharaman



  • Feb 01, 2023 11:17 IST

    Govt implementing scheme to supply free grains to poor under PMGKAY with expenditure of Rs 2 lakh cr from Jan 1: FM Sitharaman



  • Feb 01, 2023 11:16 IST
    Priorities of Budget 2023-24

    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



  • Feb 01, 2023 11:14 IST
    Union Budget 2023: 'Sabka saath, sabka prayaas is essential'

    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



  • Feb 01, 2023 11:13 IST

    "Promotion of tourism will be taken up on mission mode," says Finance Minister Nirmala Sitharaman during Budget 2023-24 presentation.



  • Feb 01, 2023 11:13 IST
    FM speaks on several accomplishments like Aadhaar, Cowin, UPI

    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.



  • Feb 01, 2023 11:11 IST
    FM speaks on India's achievements in Parliament

    The world appreciates India's achievements, says FM



  • Feb 01, 2023 11:11 IST

    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



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