India Union Budget 2023 Highlights: FM Sitharaman announces big booster for taxpayers, railways, job creation & capex

Here follows a sector-wise detailed reading of the various measures Finance Minister Sitharaman announced in Budget 2023:

Union Budget 2023 India

New Income Tax Slabs Under New Tax Regimes: Rs 0-3 lakh: Nil Rs 3-6 lakhs: 5% Rs 6-9 lakhs: 10% Rs 9-12 lakhs: 15% Rs 12-15 lakhs: 20% Rs Over 15 lakhs: 30%

Union Budget 2023

Income Tax payers: – No changes in the old tax regime – New tax regime to become the default tax regime. However, citizens can opt for the old tax regime.

Union Budget 2023

– No tax on income up to Rs 7.5 lakh a year in the new tax regime (with the inclusion of standard deduction) – Govt proposes to reduce the highest surcharge rate from 37%.

Union Budget 2023

– An individual with an annual income of Rs 9 lakh will have to pay only Rs 45,000 in taxes: FM Sitharaman – Income of Rs 15 lakh will fetch Rs 1.5 lakh tax, down from Rs 1.87 lakh

Union Budget 2023

– A Rs 50,000 standard deduction to taxpayers has been introduced under the new regime

Union Budget 2023

– Payment received from Agniveer Corpus Fund by Agniveers to be exempted

Union Budget 2023

What gets cheaper – Mobile phones – TV – Lab-grown diamonds – Shrimp feed – Machinery for lithium-ion batteries – Raw materials for the EV industry

What gets Costlier: – Cigarettes – Silver – Compounded rubber – Imitation Jewellery – Articles made from gold bars – Imported bicycles and toys – Imported kitchen electric chimney – Imported luxury cars and EVs