Budget Highlights 2023-24

Budget Highlights 2023-24

• The FM announced a new tax regime where the tax rebate has been extended to Rs 7 lakh from earlier Rs. 5 lahks, meaning anyone with annual income up to that figure will not pay any tax.

New tax regime per year

1. Rs. 0-3 lakh: Nil
2. Rs. 3-6 lakh: 5 per cent tax
3. Rs. 6-9 lakh: 10 per cent tax
4. Rs. 9-12 lakh; 15 per cent tax
5. Rs. 12-15 lakh: 20 per cent tax
6. Above Rs. 15 lakh: 30 per cent tax

Note: Tax rebate upto announced upto Rs. 7 lakh

• For a senior citizen, the maximum deposit limit for the saving scheme will be enhanced from Rs 15 lakh to Rs 30 lakh.
• The Monthly income scheme (MIS) increased to Rs 9 lakh, up from Rs 4.5 lakh, for a single account. For joint accounts, the limit has gone up to Rs 15 lakh, up from Rs 9 lakh.
• Under the new budget, articles made of gold and platinum, silver, copper scrap, compounded rubber, cigarettes and imported electric kitchen chimneys will get costlier.
• Camera lenses for phones, laptops, DSLRs, parts of TV panels, Lithium-ion batteries, denatured ethyl alcohol, domestic manufacture of shrimp and seeds used in the manufacture of diamonds will be cheaper for the fiscal year 2023-2024.
• A one-time, new small savings scheme for women- Mahila Samman Savings Patra (certificate)- will be made available for a two-year period up to March 2025. This will offer a deposit facility for women/girls upto to 2 lahks for two years tenure at a fixed 7.5 per cent interest rate with a partial withdrawal option.
• 50 additional airports, helipads, water aerodromes and advanced landing grounds to be revived to improve regional air connectivity.
• 157 new nursing colleges will be established in core locations. A mission to eliminate sickle cell Anemia by 2047 will be launched, entailing awareness creation & universal screening of 7 cr. people in affected tribal areas.
• Three Artificial Intelligence (AI) research centres of excellence will be set up in top educational institutions for Make AI in India and Make AI Work for India. Leading industry players will partner in this research. FM emphasises on AI ecosystem for scalable problem solutions in health, agriculture and sustainable cities.
• 100 labs for developing applications using 5G services will be set up. It will enable smart classroom and precision farming, intelligent transportation and healthcare.
• Digilocker services will be expanded. PAN Cards will be used as a common business identifier.
• Govt to launch a Rs 2,200 crore Aatmanirbhar clean plan programme.
• The agriculture credit target expanded to Rs 20 lakh crore.

• ICMR labs will be made available for the private sector for collaborations