Union Budget updates: 'Income tax rebate hiked to income of Rs 7L'

Catch the Live updates of the Union Budget 2023
Union Budget updates: 'Income tax rebate hiked to income of Rs 7L'

Above 15 Lakhs - 30%

Rs 12 to 15 Lakhs - 20%

Rs 9 to 12 Lakhs - 15%

Rs 6 to 9 Lakhs - 10%

Rs 3 to 6 lakhs - 5%

0 to Rs 3 lakhs - nil

2) Number of slabs changed to 5.

1) Rebate limit increased to Rs 7L. Those within this limit need not pay income tax.

Personal income tax: Now, I come to what everyone is waiting for, says Nirmala

More measures for MSMEs and start-ups

FY24 total revenue estimated at Rs 27.2L crore

Custom duty on cigarettes increased: FM Nirmala Sitharaman

Average processing time for income tax returns reduced from 93 days to 16 days. The government intends to roll out next-gen common IT Return forms and strengthen grievance redressal mechanism: FM Sitharaman

I propose to reduce the number of basic custom duty rates on goods other than textiles and agriculture, from 21 to 13. As a result, there are minor changes in the basic custom duties, cesses & surcharges on some items including toys, bicycles, automobiles: FM Nirmala Sitharaman

Gold, silver and diamonds to be get costlier: FM

Processed more than 6.5 cr returns this year. 45% of the returns processed in single day.

Fiscal deficit is estimated at 5.9% of GDP. By 2025-2026, it has been planned to bring it down to below 4%.

The maximum deposit limit has been increased from Rs 15L to 30L for senior citizens, from Rs. 4.5L to 9L for individual account holders, from 9L to 15L for joint account holders.

100 labs for developing apps using 5G services will be set up in engg institutions. To realise new range of opportunities, business models&employment potential, labs will cover among others, apps like Smart Classrooms,Precision Farming,Intelligent Transports Systems & Healthcare: FM

A one-time new small saving scheme for a two-year period upto March 2025. A deposit facility in the name of a woman or girl at a fixed rate of 7.5% with partial withdrawal.

Infusion of 9,000 cr in corpus for MSME credit

To improve bank governance, Banking Regulation Act has been proposed. SEBI will be empowered more.

The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0: FM Nirmala Sitharaman

States will be encouraged to set up a mall in the capital city or financial capital to display GI/local products.

Mahila Samman Savings Certificate to allow maximum deposit of up to Rs 2 lakh having 7.5 pc interest: FM Sitharaman

Tourism: Focus on both domestic and foreign tourists. Theme-based tourism to be promoted. 50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism: FM Nirmala Sitharaman

Youth power: Lakhs of youth to be skilled in coding, AI, IOT, 3D Printing, drones and other soft skills. 30 Skill India International Centres to be set up.

Over the next 3 years, one crore farmers will get assistance to adopt natural farming. 10,000 bio input resource centres will be set up: FM Nirmala Sitharaman

To unleash Innovation and research by Startups and Academia, a National Data Governance Policy will be brought out. This will enable access to anonymized data: FM Nirmala Sitharaman

The total number of RAMSAR increased to 74, which was 26 in 2014. The government will promote conservative value: FM

Union Budget updates: 'Income tax rebate hiked to income of Rs 7L'
'Ramsar Sites in country increased nearly three times since 2014'

Rs 35,000 crores priority capital for the energy transition; Battery storage to get viability gap funding: FM Nirmala Sitharaman

Mangrove plantation to be taken up along the coastline wherever feasible.

National Hydrogen mission to have outlay of Rs 19,700 cr

Capital outlay of Rs 2.40 lakh cr for Railways in next financial year: FM Nirmala Sitharaman

Lab grown diamonds to be encouraged. A research and development grant to be provided to one of the IITs.

50-year interest free loan to State governments extended for one more year: FM Sitharaman

All cities and towns will be enabled for 100% mechanical de-sludging of septics tanks & sewers to transition from manhole to machine hole mode: FM Nirmala Sitharaman

To settle contractual disputes, a voluntary settlement scheme will be introduced: FM

PAN to be used as common number for those doing businesses.

For business establishments required to have Permanent Account Number, the PAN will be used as a common identifier for all Digital Systems of specified government agencies: FM Nirmala Sitharaman

KYC process to be simplified instead of one size fit all approach. One stop solution for identity and updating address maintained by various government agencies.

For realising the vision of Make AI in India and Make AI work for India, 3 Centres of Excellence for Artificial Intelligence will be set up in top educational institutions

Capital investment outlay being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP: FM Sitharaman

The outlay for PM Awaas Yojana being enhanced by 66% to over Rs 79,000 crores: FM Nirmala Sitharaman

Urban Development Establishment Fund for tier 2 and tier 3 cities. Rs 10,000 cr for this purpose will be allocated.

Eklavaya Model Residential Schools -in the next 3 years the Centre will recruit 38,800 teachers and support staff for 740 schools serving 3.5 lakh tribal students: FM Nirmala Sitharaman

50 additional airports, helipods, water aero drones, advanced landing grounds will be revived to improve regional air connectivity

A capital outlay of Rs 2.04L cr has been provided to the Railways. This highest-ever outlay is over 9 times higher made in 2013-2014

Infra & investment - After subdued period of pandemic, capital investment outlay will be increased steeply by 33% to Rs 10L crore, which would be 3.3% of GDP. This is will be three times more than that provided in 2019-2020.

PM PVTG (Particularly Vulnerable Tribal Groups)  developmental mission to be formed. This will provide safe housing, sustainable livelihood activities at Rs 15,000 cr.

157 new nursing colleges will be established in colocation with the existing 157 medical colleges established since 2014: FM Nirmala Sitharaman

PM Vishwa Karma Kaushal Samman-package of assistance for traditional artisans and craftspeople has been conceptualised, will enable them to improve quality, scale & reach of their products, integrating with MSME value chain: FM Nirmala Sitharaman in Parliament

Indian Institute of Millet Research will be supported as a centre of excellence: FM Nirmala Sitharaman in Parliament

National Digital Library for Children and Adolescents will be set up across genres. States will be encouraged to set up physical libraries. Infra will be provided to access national digital library: FM

The country offers immense attraction for domestic as well as foreign tourists. There is a large potential to be tapped in tourism. The sector holds huge opportunities for jobs and entrepreneurship for youth in particular: FM Nirmala Sitharaman

The agricultural credit target will be increased to Rs 20 lakh crores with a focus on animal husbandry, dairy and fisheries: FM Sitharaman

Facilities in select ICMR labs will be made available for research for public and pvt medical faculties

The country offers immense attraction for domestic as well as foreign tourists. There is a large potential to be tapped in tourism. The sector holds huge opportunities for jobs and entrepreneurship for youth in particular: FM Nirmala Sitharaman

India’s at the forefront of popularising Millets. We are the largest producer and second largest exporter of Sree Anna.

Agricultural accelerator funds for agri start-ups. The fund will aim at bringing affordable solutions with modern technology and increase productivity.

Digital public infra for farmers will be open with relevant information

Our vision for the Amrit Kaal includes a technology-driven and knowledge-based economy, with strong public finances and a robust financial sector. To achieve this 'janbhagidari' through 'sabka saath, sabka prayaas' is essential: FM Nirmala Sitharaman

Union Budget 2023 - Top 7 priorities: Inclusive development, Reaching the last mile, Infra and investment, Unleashing the potential, Green growth, Youth and Financial sector

Govt's efforts since 2014 have ensured for all citizens, a better quality of life & life of dignity. The per capita income has more than doubled to Rs 1.97 lakh. In these 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world: FM Sitharaman

The world has recognized India as a bright star, our growth for current year is estimated at 7.0%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war: FM Sitharaman

The efficient implementation of many schemes have resulted in inclusive development. This includes 220 cr Covid vaccine of 102 cr people, insurance cover for 44 cr people and cash transfer of ₹ 2.2L cr to over 11.4 cr farmers, says the FM

In these times of global challenges, India’s G20 presidency gives us a unique opportunity to strengthen India’s role in the world economic order: Finance Minister Nirmala Sitharaman

Per capita income has more than doubled to ₹ 1.79L. We have improved our position and moved upwards: Nirmala

During the COVID pandemic, we ensured that nobody goes to bed hungry with a scheme to supply free foodgrains to over 80 crore persons for 28 months, says FM

The Indian Economy is on the right track heading towards a bright future. We are sure that elders will bless us with joy as we go forward: FM

"This is the first Budget in Amrit Kaal," FM says.

The fruits of development from this Budget will reach all fronts including youth, women, SCs, STs: Nirmala Sitharaman

We don't think this Govt is giving any concession to salaried people. They are announcing the budget only for eyewash schemes. They did the same in previous budgets. This time, focussing on 2024 elections, some schemes & reliefs may be announced: K Suresh, Congress' LS Chief Whip

India's economy is expected to grow at 6.8%. It will be a pro-people #Budget that will support the growth of the economy: Karnataka CM Basavaraj Bommai

This will be the best budget. This will be a pro-poor, pro-middle class budget: Parliamentary Affairs Minister Pralhad Joshi, on #UnionBudget2023

Union Cabinet approves Budget 2023-24

A sniffer dog sniffs copies of #UnionBudget2023 that have been brought to the Parliament.

Copies of #UnionBudget2023 arrive at the Parliament.

Union Cabinet meeting chaired by PM Modi begins at Parliament.

After the Cabinet approves the Budget 2023, it will be presented in Parliament by FM Sitharaman at 11 am.

Union Home Minister Amit Shah and Defence Minister Rajnath Singh arrive at the Parliament.

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