Presenting the Narendra Modi-led government’s last full budget before the next general elections, Finance Minister Nirmala Sitharaman in her speech to the Parliament today said Indian economy has grown from 10th to the 5th largest in the world in the last nine years, and per capita income of Indians has more than doubled.
Income tax slabs
Union Budget 2023-24 paves way for zero tax on income up to Rs 7 lakh, and proposed five Slabs In New Tax Regime
Rebate limit increased from Rs 5 lakh to Rs 7 lakh a year
Rs 0-3 lakh – no tax
Rs 3-6 lakh – taxed at 5%
Rs 6-9 lakh – taxed at 10%
Rs 9-12 lakh – taxed at 15%
Rs 12-15 lakh- taxed at 20%
Above Rs 15 lakh – taxed at 30%
Customs Duties amended
Basic customs duty cut from 21 per cent to 13 per cent and Customs duty relief on mobile phone parts extended for another year
Reduced customs duty on TV panel parts, cigarettes duty revised upwards
Provisions towards environment
Green Hydrogen Mission for reduced dependence on fossil fuel
Rs 35,000 crore for energy transition to net-zero emission goals
New “green credit” programme under Environment Protection Act
Announcements for education sector
157 new nursing colleges to be set up
Institutes of Excellence for mass teacher training
New national digital library for children
Also Three Centres of Excellence for Artificial Intelligence have been proposed to be set up in top educational institutions, said Union Finance Minister on Wednesday in her budget speech.
Announcement for startups
Agriculture accelerator funds for startups in rural areas
Carry forward of losses from 7 to 10 years since date of incorporation
100 joint commissioners for disposal of small appeals
