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The 2023-24 Union Budget, presented on February 1, 2023
The total size of the 2023-24 Budget stood at Rs 45.03 lakh crore – a 7.5 percent jump over the revised estimate for 2022-23 – and to help meet the gap between its income and expenditure, the Centre will borrow a record Rs 15.43 lakh crore from the market through the issuance of bonds.
Budget 2023:Key Numbers
-FY24 food subsidy seen at Rs 1.97 lakh crore
-FY24 fertilizer subsidy seen at Rs 1.75 lakh crore
-FY24 divestment target at Rs 51000 crore
-FY23 growth estimated at 7%
-FY23 divestment target revised to Rs 50,000 crore
-FY24 capital expenditure proposed at Rs 10 lakh crore, up
-Agri credit target increased to Rs 20 lakh crore -To spend Rs 2200 crore for high-value horticulture
-FM raises PM Awas Yojana outlay by 66% to Rs 79,000 crore -Plan to spend Rs 15000 crore vulnerable tribal group (PVTG) over 3 years
-Outlay for 3rd phase of e-courts at Rs 7000 crore
-Rs 35000 crore investment planned in energy security, energy transition
-Green Hydrogen Mission aims for an output of 5MMT by 2030
-Sugar cooperatives to get the benefit of Rs 10,000 crore
-Import tax on compounded rubber upped to 25% from 10%
-Calamity-related duty on cigarettes raised by 16%
Know about new income tax slab: New Income Tax Slab for Budget 2023
What’s new in the new income tax regime
– Basic exemption limit is hiked from Rs 3 lakh to Rs 2.5 lakh
– Rebate under section 87A has been hiked from Rs 5 lakh to Rs 7 lakh
– The income tax slabs under the new income tax regime will be as follows:
a) Rs 0 to Rs 3 lakh – 0% tax
b) Rs 3 to 6 lakh – 5% tax
c) Rs 6 to 9 lakh – 10% tax
d) Rs 9 lakh to Rs 12 lakh – 15% tax
e) Rs 12 lakh to Rs 15 lakh – 20% tax
f) Above Rs 15 lakh above – 30% tax
– Standard deduction introduced in the new tax regime for salaried and pensioners in Budget 2023.
– Further, the new income tax regime becomes the default tax regime. However, the individuals will have the option to continue with the old income tax regime
