On Wednesday, the Indian government presented its last Budget ahead of the 2024 general elections. Nirmala Sitharaman, the Minister of Finance of India, announced that the new tax regime will now be the default tax regime.
While announcing Union Budget 2023, she also announced an increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh under the new tax regime. She reportedly said, “Currently, those with an income of Rs 5 lakh do not pay any income tax and I propose to increase the rebate limit to Rs 7 lakh in the new tax regime.”
Reportedly, a 5% tax will be levied on total income between Rs 3 lakh and Rs 6 lakh, a 10% will be levied on Rs 6 lakh to Rs 9 lakh, 15% will be levied on Rs 9 lakh to Rs 12 lakh, 20% will be levied on Rs 12 lakh to Rs 15 lakh and 30% on Rs 15 lakh and above.
She also proposed to reduce the highest surcharge rate from 37% to 25% in the new tax regime. Sitharaman also proposed to raise the capital expenditure target by 33% to Rs 10 lakh crore for the next fiscal year.
The Finance Minister also announced various programmes in the healthcare sector. She announced that a mission to eliminate Sickle-Cell Anaemia by 2047 will be established in the country. A new programme for research in pharmaceuticals has also been announced. As many as 157 new nursing colleges will be established in the country.
She also announced the government’s move to focus on lab-grown diamonds, which are produced using a specific technology. The minister announced a grant to IITs to support the growth of LDGs in the country.
She presented the Union Budget 2023-2024 in a paperless format on Wednesday.
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