Budget 2023
- Budget 2023 to 2024
- Speech of Nirmala sitaraman
- minister of finance
- February 1 2023
- Priorities of this budget
Adopts the following 7 priorities they complement each other and act as the sapta Rishi guiding us through the Amrit kal
- inclusive development
- reaching the last mile
- infrastructure and investment
- Unleashing the potential
- Green growth
- Youth power
- Financial sector
Agriculture accelerator fund
An agriculture accelerator fund will be set up to encourage agri – startups by young entrepreneurs in rural areas. The fund will aim at bringing innovative and affordable solutions for challenges faced by farmers. it will also bring in modern technologies to transform agriculture practice, increase productivity and profitability.
National digital library for children and Adolescents
A national digital library for children and Adolescents will be set up for facility availability of quality books across geographies, language, genres and levels and device agnosting accessibility. States will be encouraged to set up physical libraries for them at Panchayat and ward levels and provide infrastructure for the national digital library resources.
Personal income tax
- A.1 The new text regime for individual and huf introduced by the finance act 2020 is now proposed to be the default regime.
- A.2 This regime would also become the default resign for aop (other than cooperative) BOI and AJP.
- A.3. Any individual HuF, aop, BOI or ajp not willing to be taxed under this new regime can opt to be taxed under the old regime for those person having income under the head ‘profit and gains of business of profession’ and having opted for old regime can revoke that option only once and after that they will continue taxed under the new regime for those not having income under the head profit and gains of business or profession for all design maybe exercise in each year.
- A.4. Substantial relief is proposed under the new regime with new slabs and tax rates
Now I come to what everyone is waiting for: personal income tax. I have five major announcements to make in this regard that primarily benefit our hard working middle class.
The second proposal relates to middle class individuals I had introduced. In the year 2020, the new personal income tax regime with 6 income slabs starting from 2.5 lakh I propose to change the text structure in this regime to 5 and increase the text exemption limit to 3 lakh. New text rate are:
- 0-3 lakh Nil
- 3-6 lakh 5%
- 6-9 lakh 10%
- 9-12 lakh 15%
- 12-15 lakh 20%
- Above 15 lakh 30%
