Union Finance Minister Nirmala Sitharaman presented the 2023-24 Budget on Feb 1, 2023. The speech lasted 1 hour 27 minutes.
Till Rs 3 lakh: No income tax
Rs 3-6 lakh: 5%
Rs 6-9 lakh: 10%
Rs 9-12 lakh: 15%
Rs 12-15 lakh: 20%%
Above Rs 15 lakh: 30%
Income tax rebate extended on income up to Rs 7 lakhs in new tax regime. If you earn Rs 7 lakh/year & opt for new tax regime, you don't have to pay income tax.
The new tax regime will now be the default tax regime. But: You can still choose the old tax regime and avail the tax benefits on it.
Bad news for smokers: Cigarettes will become more expensive now, with a 16% calamity cess added to the price of it.
Your PAN card will become the uniform identifier at specified government agencies. Govt is also working to further simplify the KYC process.PHOTO: representative
Government will expand the DigiLocker documentation depository service to the fintech sector. Currently, only individuals can use it.
The government will set up 100 labs in engineering institutions to develop apps using 5G services.
Common kitchen appliances like electric kitchen chimney are set to get expensive. Customs duty on electric kitchen chimney increased from 7.5% to 15%.PHOTO: unsplash
Customs duty on the import of materials required to manufacture lithium-ion batteries will be reduced, making made-in-India EVs cheaper.PHOTO: unsplash
Mobile phones are to get cheaper, with customs duty reduction on imports of mobile phone parts. However, headphones and high-end mobile phones will get costlier.PHOTO: unsplash
Government is embracing the advent of artificial intelligence by setting up three centres for AI in top institutions.PHOTO: unsplash
To make education accessible for all, a National Digital Library for children will be set up where high-quality literature & more will be available.
Focusing on health and education, 157 new nursing colleges will be set up.