Union Budget of India 2023. Check the Latest Income Tax Slabs, New Schemes, GDP Data, Fiscal deficit Data,
On day 1 of the Union Budget of India, Finance Minster Nirmala Sitharaman announced the first slab revision for the Income tax. The income rebate limit has now been increased to ₹7 lakh from ₹5 lakh.
The public seems happy with the announcement as they don’t have to pay income tax up to ₹7 Lakh from this financial year. The previous tax slab was the following one.
- 0-3 lakhs: nil
- 3 lakhs-6 Lakhs: 5%
- 6 lakhs – 9 lakhs: 10%
- 9 Lakhs to 12 Lakh: 15%
- 12 Lakhs – 15 Lakhs: 20%
- Above 15 lakhs @ 30%
Union Finance Minister Nirmala Sitharaman has proposed a new tax regime, under which the income tax rebate limit has been increased from ₹5 lakh to ₹7 lakh.
“I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from ₹2.5 lakh. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to ₹3 lakh,” she said.
Union Budget 2023 Live Updates Here
FY2024 fiscal deficit target at 5.9% of GDP
Maximum deposit scheme for senior citizens – ₹15 lakh to 30 lakh
₹2.4 lakh cr provided for Railways
GOBARDhAN: to promote circular economy. 200 biogas plants will include at investment of ₹10,000 cr
PAN will be used as common identifier for all digital systems of specified Government agencies.
In cases of failure by MSMEs, 95% of forfeited amount will be returned to them by govt
Capital investment increased by 33% to ₹10 lakh crore. This is 3.3% of GDP
11.7 cr household toilets under swachh bharat mission
9.6 cr LPG ujjwala yojana
A new Scheme to Supply Free Food Grain soon
Govt to recruit 38,800 teachers for Central Government Operated 740 Eklavya Model residential schools
PM Awas Yojana is being enhanced by 66% to over ₹79,000 crore