The union budget is presented by the Finance Minster every year on the 1st of February. The budget is presented on the 1st of February to materialise all the necessary things from the new financial year. The union budget is presented by Nirmala Sitharaman in 2023 in virtual mode (Bhahi Khata) form.
The key highlights or crux from union budget 2023 are as follows:
- Schemes and extensions in the budget: Various schemes are launched and in some schemes, the validity and investments are increased.
- The deposit for the monthly income scheme is doubled to 9 lakhs and 15 lakhs in the case of the joint account.
- Mahilla Samman Saving Scheme: The scheme is launched for the upliftment of women and girls in society. According to the scheme, an amount of up to 2 lakhs can be invested in the name of women or girls for the period of 2 years. The interest rate for which is 7.5 per cent and also the partial withdrawal is available for the users.
- Senior Citizen Saving Scheme: The investment limit for the scheme has been increased to 30 lakhs from 15 lakhs.
- Dekho Apna Desh Initiative: The initiative aims to establish 50 new desti unit malls in the state for the promotion of tourism.
- PM Awas Yojana: The budget for this yojana is enhanced by 66% to over 79000 Crore.
- Vivad se Vishwas 2 Scheme- The scheme is launched for easy settlement of commercial disputes bet
- New Tax slab: According to the new tax regime there is a rebate in tax for income up to 7 lahks. In simpler terms, taxpayers whose annual income is up to 7 lakhs are exempted from tax.
- The new tax slabs are as follows:
Up to 3 lakh- 0% tax
3-6 lakhs- 5% tax
6-9 lakhs- 10% tax
9-12 lakhs- 15% tax
12-15 lakhs- 20% tax
More than 15 lakhs – 30% tax
Standard deductions for salaried and individual taxpayers.
The surcharge rate reduced from 37% to 25%.
No exemption on proceeds of insurance policies with premiums more than Rs. 5 lakhs.