Union Budget 2024 - Highlights 

On 3 February 2023, Union Finance Minister Nirmala Sitharaman announced the Union Budget for 2023-24.

Here are some of the key highlights -

Provisions Under Various Sectors

Impact on Income Tax

New Tax Slab vs. Old Tax Slab

New Tax Regime 2023-24 (Revised)

New Tax Regime 2022-23 

Old Tax Regime

Income

Tax Rate

Income

Tax Rate

Income

Tax Rate

Up to Rs. 3 lakh

Nil

Up to Rs. 2.5 lakh

Nil

Up to Rs. 2.5 lakh

Nil

Rs. 3 lakh to Rs. 6 lakh

5%

Rs. 2.5 lakh to Rs. 5 lakh

5%

Rs. 2.5 lakh to Rs. 5 lakh

5%

Rs. 6 lakh to Rs. 9 lakh

10%

Rs. 5 lakh to Rs. 7.5 lakh

10%

Rs. 5 lakh to Rs. 10 lakh

20%

Rs. 9 lakh to Rs. 12 lakh

15%

Rs. 7.5 lakh to Rs. 10 lakh

15%

Above Rs. 10 lakh

30%



Rs. 12 lakh to Rs. 15 lakh

20%

Rs. 10 lakh to Rs. 12.5 lakh

20%

Above Rs. 15 lakh

30%

Rs. 12.5 lakh to Rs. 15 lakh

25%

Above Rs. 15 lakh

30%

Employment Related 

Regarding Savings Schemes 

Expensive Vs. Economical

Here are some of the products that have either become dearer or cheaper based on the new budget -


Costlier

Cheaper

  • Imitation Jewelry

  • Cigarettes

  • Silver, Articles made from gold bars, Imported bicycles and toys, Compounded Rubber, Imported kitchen electric chimney, Imported luxury cars and EVs

Mobile phones, TV, Raw materials for EVs, Lab-grown diamonds, Shrimp feed, Machinery for lithium ion battery

Conclusion

This budget hopes to lead India to becoming more inclusive and prosperous. Despite COVID related repercussions and a war, the current year's economic growth is said to be 7% which is the highest among major economies.

Given above are just some of the highlights of the Union Budget 2023. If you wish to read, click here or here.

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