Indian Budget: Indian Budget has announced on Feb 2nd, 2023 by Home Finance Minister Nirmala Sitaraman; The Indian central cabinet approves the budget for 2023 in the morning session. Now, it reacher the Indian Parliamentary Bhavan to present.
Budget 2023 has more hope for the common people, the retail sector, and another important public-private transport sector. Especially when we talk about the railways, it needs more budget in 2023 for the development and new design.
The Indian Budget 2023 will begin at 12: 00 PM onwards in the parliamentary Bhavan by Home finance minister Nirmala Sitaraman.
Indian Budget 2023 Highlights
- No changes in the old tax regime.
- No tax upto 7 lakhs annual income
- Reduction of the highest surcharge from 37% to 25% in the new tax regime
New Tax Slabs
Some of India’s budget 2023 highlights are listed for candidates’ quick reference guide, check the official pdf below for more information;
- 0 – 3 Lakhs – No tax (Nil)
- 3 – 6 Lakhs – 5%
- 6 – 10 lakhs – 10%
- 9 – 12 lakhs – 15%
- 12 -15 lakhs – 20%
- Above 15 Lakhs – 30%
Budget highlights income tax
An individual who holds 9 lakhs income, they have to pay 45,000/- tax
50,000 standard deduction to taxpayers has been entered into the new tax regime.
Agniveers Corpus is exempted from tax rules.
The tax has been removed in insurance policies, which is less than 5 lakhs.
TDS rates have been reduced from 30% to 20% on the taxable portion of EPF in Non-_ PAN cards.
After New Budget 2023, Some of the effects of the below item;
- Imported bicycles and toys
- Important kitchen electric Chimney
- Important luxury cards and EV vehicles
- Mobile Phone
- Television (TV)
- Lithium batteries
- EV industry raw materials
Time Stamp: 10:00 PM – Cabinet Meeting on the discussion and approval of Budget 2023.
The important points were it available in the below list, candidates can download the complete Indian Budget 2023-24 report in below PDf document. Download and get the final pdf for exam preparation.
For the 2023-24 Financial Year Targets
We have some expectations on Budget 2023 income tax, it may reduce the tax on retail and digital products.
The complete and detailed Indian Budget PDF has given in below, download it for exam preparation purposes.