Union Budget 2023 Explained | Summary, Analysis and Highlights (Download PDF Here)
Union Budget 2023: Finance Minister Nirmala Sitharaman in Union Budget 2023 has announced attractive incentives and rebates in the new income tax regime, a steep hike in capital investments and the biggest ever outlay in railways. (Here are 3 big takeaways of Budget 2023)
Union Budget 2023-2024 Analysis and Highlights include all the major points and objectives of the Budget. The summary of the Union Budget also includes expected questions related to UPSC IAS/ STATE PCS, and HPAS ALLIED Services Exam. Aspirants can Download the PDF to boost their preparation for the civil services exam.
Union Budget 2023 Tax Slabs
- Income of Rs 3 lakh: Non-Taxable
- Income between Rs 3 lakh- Rs 6 lakh: 5% tax
- Income between Rs 6 lakh-Rs 9 lahks: 10% tax
- Income between Rs 9 lakh-Rs 12 lakh: 15% tax
- Income between Rs 12 lakh- Rs 15 lakh: 20% tax
- Income of Rs 15 lakh or above: 30% tax
- To reduce the surcharge rate for those earning more than Rs 50 lakh from 37% to 25% in the new tax regime.
The union government has increased the income rebate limit to Rs 7 lakh from Rs 5 lakh under the new tax regime. The new tax regime will now be a default tax regime, but citizens can still avail of benefits under the old tax regime on an opt-out basis, said the finance minister Nirmala Sitharaman in her budget speech.
Union Budget 2023 Key Highlights
- Senior Citizen Savings Scheme: FM announces an increase in the maximum investment limit from Rs. 15 lakhs to Rs. 30 lakhs.
- The Pradhan Mantri Awas Yojana budget is being increased by 66% to over 79,000 cr.
- To serve 3.5 lakh indigenous students in 740 Eklavya Model residential schools, the Center will hire 38,800 teachers and other staff.
- The Green Hydrogen Mission will make it easier for the economy to change so that it imports fewer fossil fuels.
- ITR processing time decreased from 93 days to 16 days on average.
- The updated credit guarantee for the MSME plan will go into effect on April 1, 2023, with a corpus injection of 9,000 crores. To cut the cost of credit by 1%.
- According to Budget 2023, DigiLocker will now serve as a one-stop KYC maintenance solution for people, allowing you to make changes to one document that will be reflected in all of your documents linked to DigiLocker.
Union Budget 2023 Constitutional Provision
Our Constitution of India omits the word “budget.” According to Article 112 of the constitution, the annual financial statement is referred to as the union budget. It is a statement of the government’s estimated receipts and outlays for a given fiscal year. Includes the following in the budget:
- It provides the estimations of revenue and capital receipts,
- Provides the Ways and means to raise revenue,
- Estimation of expenditure,
- Details of the actual receipts and expenditure of the closing financial year and the reasons for any deficit or surplus in that year, and
- The economic and financial policy of the upcoming year, i.e., taxation proposals, prospects of revenue, spending programme and introduction of new schemes/projects.
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