- In the new tax system, which has been set the default, there is no tax on income up to Rs 7 lakh per year. However, citizens will still be able to take use of the benefits of the previous tax system.
- Five income tax slabs are now available. The new tax rates are 0% up to Rs. 3 lakh, 5% from Rs. 3 lakh to Rs. 6 lakh, 10% from Rs. 9 lakh to Rs. 12 lakh, 15% from Rs. 12 lakh to Rs. 15 lakh, and 30% from Rs. 15 lakh and above. In the new tax regime, the basic tax exemption level was raised from 2.5 lakh to 3 lakh.
- In the new tax system announced in Budget 2023, individuals with income of at least 15.5 lakh rupees are now entitled for the standard deduction of 52,500 rupees.
- According to the new tax code, a person making 15 lakh rupees will now only have to pay 1.5 lakh in taxes instead of 1.87 lakh.
- The defence budget increased by more than 16 percent from the previous year to 6.2 lakh crore, or Rs 2.4 lakh crore for railroads, the biggest amount ever. This includes dramatically increased pensions.
- Target for agricultural credit increased to 20 lakh crore.
- PM Awas Yojna funding increased by 66% to more than 79,000 crore.
- The amount invested in capital is expected to increase by 33% to 10 lakh crore, or 3.3% of GDP, in fiscal 2024.
- The center’s actual capital spending will be 13.7 lakh crore.
- Fiscal deficit target for fiscal 2024 is 5.9%, aim to reduce it to 4.5% by 2025-26. Fiscal deficit for fiscal 23 in line with 6.4% target. To finance fiscal deficit in 2023-24, net market borrowing from dated securities estimated at ₹ 11.8 lakh crore.
- Tax receipts for next fiscal budgeted at ₹ 23.3 lakh crore.
- 157 new nursing colleges in core locations, mission to eliminate sickle cell anaemia by 2047Rs 15,000 crore over next three years for safe housing, sanitation, drinking water, and electricity for scheduled tribes.
- All cities and towns will be enabled for 100 percent transition of sewers and septic tanks from manhole to machine hole mode.
- 3 centres for excellence for AI will be set up in top educational institutes with the goal “Make AI in India”, “Make AI Work For India”.
- Computerisation of 63,000 credit societies with ₹ 2,516 crore.
- Kitchen electric chimney now carries a 15 percent customs charge instead of the previous 7.5 percent.
- Tax site processed 6.5 billion returns, processing times were shortened, and the grievance redressal process was strengthened.
- The government wants to raise the assumed tax exemption threshold for MSMEs and some professionals to Rs 3 crore and Rs 75 lakh, respectively. This will provide Rs 5,300 crore in aid for the Upper Bhadra project in Karnataka, which is headed for elections.
- Up until March 2024, new cooperatives that start production will be eligible for a 15 percent tax reduction.
- The government will increase the cap on cash deposits and loans made by Primary Agricultural Credit Societies to 2 lakh per member.
- In the new tax system, the highest surcharge rate was cut from 37 to 25 percent.
- Changes in direct and indirect taxes resulted in a loss of net tax revenue of 35,000 crore.
- Government proposes to cap deductions from capital gains on investments in residential houses to ₹ 10 crore
- Engineering schools will set up 100 labs to create apps using 5G services.
- 4000 MWh of battery energy storage systems will be supported.
- Reduced 39,000 compliances for business ease.
- 30 There will be established international Skill India centres in several states.
- Help would be provided to 1 crore farmers to switch to natural farming.
- To increase regional air connectivity, 50 more airports, helipads, water aero drones, and advanced landing grounds will be revived as part of 100 essential transportation projects.
- For tourism, 50 destinations will be selected through challenge mode.
- The Finance Minister announced a one-time small savings scheme ‘Mahila Samman Saving Certificate’. It will be available for two years.
- The interest rate has been fixed at 7.5 per cent per annum. The maximum investment limit will be ₹ 2 lakh. A partial withdrawal option will also be available.
- Senior citizens savings scheme cap increased from ₹ 15 lakh to ₹ 30 lakh.
- Monthly Income Scheme limit doubled to ₹ 9 lakh and ₹ 15 lakh for joint accounts.
- The revamped Credit Guarantee Scheme for MSME sector will take effect from April 1, 2023 with an infusion of ₹ 9,000 croreBasic customs duty rates to be reduced from 21% to 13%.
- Taxes on cigarettes hiked by 16 percent.
- Basic import duty on compounded rubber increased to 25 percent from 10 percent.
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