Nirmala Sitharaman, the finance minister, delivered the Union Budget 2023–24 to Parliament on February 01. This budget is presented in a paperless style and incorporates the Center’s forthcoming economic objectives for the new fiscal year. The Union Budget for 2023–24 provides significant personal income tax relief. Residents who earn up to Rs. 7 lahks in total income would not be subject to income tax under the new tax system.
Mahila Samman Saving Certificate, a one-time small savings program, was introduced by Sitharaman. The product will be offered for two years. 7.5% per year has been set as the interest rate. The utmost amount that can be invested is Rs 2 lakh. There will also be an option for a partial withdrawal.
According to Budget 2023, a single-stop solution would be built using the DigiLocker service and Aadhaar as the foundational identification to reconcile and update the identity and address of individuals stored by various governmental agencies, regulators, and regulated entities.
The new income tax regime | announcement 2023
1) An increase in the basic exemption threshold from Rs 2.5 lakh to Rs 3 lakh.
2) The section 87A rebate has increased from Rs. 5 lahks to Rs. 7 lahks.
3) The new income tax system’s income tax slabs are as follows:
- 0% tax up to Rs. 3 lakh
- 3 to 6 lakh rupees – 5% tax
- 10% tax on amounts between Rs. 6 and 9 lakh
- 15% tax on the first Rs. 9 lahks to Rs. 12 lakh
- 20% tax on amounts between Rs. 12 and Rs. 15 lakh
- Over Rs. 15 lahks, there is a 30% tax.
4) Under the new tax system, a standard deduction was made available to pensioners, retirees, and family pensioners.
5) Highest surcharge rate was reduced from 37 percent to 25 percent in the new tax regime.
In Budget 2020-21, the government introduced an optional income tax system that would tax individuals and Hindu Undivided Families (HUFs) at lower rates if they did not take advantage of certain exemptions and deductions, such as the house rent allowance (HRA), home loan interest, and investments made under Section 80C, 80D, and 80CCD. According to this, all income up to Rs. 2.5 lakh was exempt from tax.
Download Budget 2023 PDF
The official Union Budget web portal (www.indiabudget.gov.in), as well as the Android and iOS operating systems, both make it simple to download the Union Budget Mobile App. The same website also allows users to download the Budget Speech for 2023 by Finance Minister Sitharaman in PDF format. Additionally, the Union Budget Mobile App and PDF versions of the whole Budget paper are both accessible for download. The platform of this app is bilingual (English & Hindi), and it includes all 14 Budget documents.