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HomePersonal FinanceGeneral Budget 2023-24 in numbers - see full list

General Budget 2023-24 in numbers – see full list

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Income tax slabs have been reduced to five. The new rates are as follows – Zero tax on income up to Rs 3 lakh, 5 per cent on income between Rs 3 and 6 lakh, 10 per cent on income between Rs 6 and 9 lakh, 15 per cent on income between Rs 9 and 12 lakh. Per cent, 20 per cent on income between Rs 12 to 15 lakh, and 30 per cent on income above Rs 15 lakh.

  • Now, under the New Income Tax Regime, those earning up to Rs 7 lakh per annum will not have to pay any income tax, however, income tax will have to be paid if the income exceeds this. The new tax regime has been made the default regime, although the old tax regime will also remain intact.
  • Income tax slabs have been reduced to five. The new rates are as follows – Zero tax on income up to Rs 3 lakh, 5 per cent on income between Rs 3 and 6 lakh, 10 per cent on income between Rs 6 and 9 lakh, 15 per cent on income between Rs 9 and 12 lakh. Per cent, 20 per cent on income between Rs 12 to 15 lakh, and 30 per cent on income above Rs 15 lakh.
  • A person with an annual income of Rs 15 lakh will now have to pay income tax of Rs 1.5 lakh, while till now he had to pay Rs 1.87 lakh as income tax.
    An allocation of Rs 2.4 lakh crore has been made for the maintenance and betterment of the railways, which is the biggest ever.
    The defense budget has been increased to Rs 6.2 lakh crore – an increase of over 16 per cent over the previous year. Pensions are also included in this, which have increased a lot.
  • Agriculture credit target raised to Rs 20 lakh crore
  • Allocation for PM Awas Yojana increased by 66% to Rs 79,000 crore
  • Allocation for capital investment increased by 33 percent to 10 lakh crore, which will be 3.3 percent of GDP
  • The effective capital expenditure of the Center will be 13.7 lakh crores
  • The fiscal deficit target has been fixed at 5.9 per cent for the financial year 2024, and the target is to bring it down to 4.5 per cent by 2025-26. The fiscal deficit for FY23 is close to the target of 6.4 per cent.
  • Tax receipts for the next financial year are estimated to be 23.3 lakh crore.
  • 157 new nursing colleges will be set up in strategic areas, and a mission to eradicate sickle cell anemia by the year 2047.
  • 15,000 crore allocated for the next three years for safe housing, sanitation, drinking water and electricity for tribals
  • In all cities and towns, work will be done towards cleaning sewers and septic tanks with 100 percent machine mode.
  • For Eklavya Model Residential Schools, 38,800 teachers will be recruited in three years.
  • Three Centers for AI to be set up in top educational institutions – Goal to be: ‘Make AI in India’ and ‘Make AI work for India’
  • Rs 2,516 crore allocated for computerization of 63,000 credit societies
  • 100 labs to be set up to develop apps for 5G services
  • Green Hydrogen Mission to reduce dependence on fossil fuel: 35,000 crore allocated for net-0 target and energy conservation
  • 30 Skill India International Centers to be set up for youth
  • One crore farmers will be assisted to adopt natural farming
  • 50 places will be selected for tourism through challenge mode
  • Mahila Samman savings letter started, women will be able to deposit two lakhs for two years
  • Maximum limit of savings scheme for senior citizens increased from 15 lakhs to 30 lakhs
  • For Monthly Income Scheme (MIS), the maximum deposit limit for a single account has been increased to Rs 9 lakh, for a couple account the maximum limit has been increased to Rs 15 lakh
  • Credit guarantee of 9,000 crore will be given to small industries.
  • Basic custom duty reduced from 21% to 13%
  • Tax on cigarettes increased by 16 percent
  • Basic import duty on compound rubber was increased from 10% to 25%.
  • Custom duty on kitchen electric chimney increased from 7.5 per cent to 15 per cent.
  • 6.5 crore income tax returns were processed through the tax portal.
  • 5,300 crore will be given for the Upper Bhadra project in Karnataka, which is going to face elections.
  • In the new tax regime, the maximum rate of surcharge was reduced from 37 percent to 25 percent.

Pravesh Maurya
Pravesh Maurya
Pravesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ businessleaguein@gmail.com
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