Under the new system, a person making Rs 9 lakh will only be required to pay Rs 45,000 in taxes. In the current system, this represents only 5% of the income of a taxpayer. In the new tax system, a standard deduction of Rs 52,500 is available. The new tax system would be the default system, according to the FM. New income tax slabs 2023 – 24:u00b7 Up to Rs 3 lakh income there is 0% or NIL taxu00b7 From Rs 3 lakh to Rs 6 lakh the tax rate is 5%u00b7 From Rs 6 lakh to Rs 9 lakh the tax rate is 10%u00b7 From Rs 9 lakh to Rs 12 lakh the tax rate is 15%u00b7 From Rs 12 lakh to Rs 15 lakh the tax rate is 20%u00b7 Above Rs 15 lakh the tax rate is 30%
Nirmala Sitharaman, the finance minister, opened the presentation of the final complete budget of the Modi administration with the phrase This is the first Budget of Amrit Kaal. India’s economy has been hailed as a global success, according to the FM. India has the highest growth rate among major economies in the current fiscal year at 7%. Sitharaman stated in her budget address that the Indian economy is on the right track and is poised for a bright future.
Per capita income has increased to Rs 1.97 lakh. During the same period, India’s GDP increased from 10th to 5th largest in the world, as per Sitharaman’s speech during the Union Budget.
Video Courtesy: NDTV
The India Budget 2023 is being presented while the world’s major advanced economies struggle with a slowdown and may potentially be headed for a recession. In light of this, the Economic Survey continues to forecast that India’s GDP will rise by 6u20136.8%, preserving its position as the world’s fastest-growing economy. The Survey’s conclusion that India has fully recovered from the shock of the Covid-19 outbreak is encouraging news for expectations for GDP growth. For the first time ever, Indian Railways has received a capital outlay of Rs. 2.40 lakh crore. According to Sitharaman, this is the railways’ greatest capital expenditure.
Capital expenditures would significantly increase, according to Finance Minister Nirmala Sitharaman. The amount allocated for capital expenditures has increased by 33% to Rs 10 lakh crore in the Union Budget. This equates to 3.3% of the GDP. The FM also disclosed a significant expansion of the PM Awaas Yojana. Sithraman mentioned the continuance of the food security programme for another year in her statement on the budget. She also announced actions for agri startups, fisheries, and launched a programme for primitive, vulnerable tribal groups.
The essential issue for Sitharaman is to not only maintain the budget deficit aim of 6.4% but also to present a solid plan for reducing it in the upcoming years so that it approaches the FRBM target.
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