Live Updates and discussion on Union Budget 2023-2024

Revised estimate for 2022-23 fiscal deficit at 5.9% of GDP, says FM

States to be allowed 3.5% of GDP as fiscal deficit, says FM

#BudgetSession2023 

Maximum deposit scheme for senior citizens - ₹15 lakh to 30 lakh 

Indirect Taxation

Reduce Custom duties on Goods from 21% to 13% #budget2023

#Budget2023 

National Financial Information Registry
The government will set up a National Financial Information Registry to serve as a central repository of financial and ancillary information, said Finance Minister Nirmala Sitharaman.

National Data Governance Policy
To unleash Innovation and research by Startups and Academia, a National Data Governance Policy will be brought out. This will enable access to anonymized data: FM Nirmala Sitharaman

Integrated IT portal will be set up for reclaiming unclaimed shares and dividends: FM

FM Nirmala Sitharaman on total receipts Total receipts or receipts other than borrowing is Rs 24.3 lakh crore of which net tax receipts are Rs 20.9 lakh crore. The revised estimate of the total expenditure is Rs 41.9 lakh crore, of which the capital expenditure is about Rs 7.3 lakh crore

FM announces new savings scheme for women

Finance Minister Nirmala Sitharaman has announced a one-time small savings scheme ‘Mahila Samman Saving Certificate’. It will be available for two years. The interest rate has been fixed at 7.5 per cent per annum. #budget2023

Benefit of lower tax rate of 15% to new cooperative societies: FM

The maximum investment limit under 'Mahila Samman Saving Certificate' will be Rs 2 lakh. A partial withdrawal option will also be available.#budget2023

#FM Sitharaman

Gold, silver and diamonds to get expensive.The government proposes to increase customs duty on silver to align with duty on gold and platinum.

Cigarettes to get costlier as Budget proposes 16% hike in duty

Customs on kitchen chimneys to go down

The govt proposed Customs duty exemptions on the import of capital goods and machinery required for lithium-ion batteries. 

Basic import duty on compounded rubber increased to 25 percent from 10 percent.

Customs duty on parts of open cells of TV panels cut to 2.5 percent.

Govt proposes to reduce customs duty on import of certain inputs for mobile phone manufacturing.

Govt to reduce customs duty on shrimp feed to promote exports: FM Sitharaman

New I-T return form are being introduced for easier filing of returns: FM

#Budget2023 

Five major announcements for Income tax

Income rebate limit increased to Rs 7 lakh from Rs 5 lakh

The rebate under section 87A of new income regime hiked to Rs 7 lakh, says FM#Budget2023

#Budget2023
Tax slabs announced

0-3 lakh nil

3-6 lk 5%

6-9 lk 10%

9-12 lk 15%

12-15 lk 20%

above 15 30%