FM Sitharaman presents Budget 2023: Income tax slabs changed under new tax regime

Finance Minister Nirmala Sitharaman delivered the budget speech today at 11 AM. This will be the last full Budget of the second Modi government ahead of general elections in 2024.

Nirmala Sitharaman at the Ministry of Finance ahead of the Budget presentation. Photo by Vipin Kumar

NH Digital

Updated: 01 Feb 2023, 2:38 PM

01 Feb 2023, 12:48 PM

Finance Minister Nirmala Sitharaman concludes the Budget 2023 presentation with a 1 hour 35 minute long speech.

01 Feb 2023, 12:45 PM

The New Tax Regime will now be the default tax regime, but citizens can still avail of benefits under the old tax regime on opt-out basis: FM

01 Feb 2023, 1:04 PM

The government has proposed to reduce the highest surcharge rate from 37% to 25% under new tax regime: FM Sitharaman

01 Feb 2023, 12:42 PM

Revised tax slabs under New Tax Regime:

1) Under the new tax regime, income of Rs 0-3 lakh is nil.

2) Income above Rs 3 lakh and up to Rs 5 lakh to be taxed at 5 percent under the new regime.

3) Income of above Rs 6 lakh and up to Rs 9 lakh to be taxed at 10 percent under the new regime.

4) Income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20 percent under the new regime.

5) Income above Rs 15 lakh to be taxed at Rs 30 percent.

01 Feb 2023, 12:27 PM

Income rebate limit to be increased to Rs 7 lakh from Rs 5 lakh in the New Tax Regime: FM

01 Feb 2023, 12:26 PM

I propose to reduce the number of basic custom duty rates on goods other than textiles and agriculture, from 21 to 13. As a result, there are minor changes in the basic custom duties, cesses & surcharges on some items including toys, bicycles, automobiles: FM

01 Feb 2023, 12:26 PM

The govt proposes customs duty exemptions on the import of capital goods and machinery required for lithium-ion batteries. The government also proposes to increase customs duty on silver to align with duty on gold and platinum. Basic customs duty on toys to be changed, TVs and mobile phones to get cheaper in wake of customs duty relief on parts, while duty on cigarettes will be increased by 16 per cent.

01 Feb 2023, 12:26 PM

Indirect tax proposals to promote exports, boost domestic manufacturing and encourage green mobility: FM

01 Feb 2023, 12:26 PM

Part A of Budget 2023 speech concludes. FM moves on to Part B, begininng with Indirect Tax Proposals.

01 Feb 2023, 12:27 PM

FM Sitharaman fixes fiscal deficit for 2023-24 at 5.9%. "I reiterate my intention to bring the fiscal deficit below 4.5% of GDP by 2025-26," says FM.

01 Feb 2023, 12:11 PM

Fiscal management: 50 year interest free loan to states, parts of outlay will be linked to following purposes: scrapping old govt vehicles, urban planning reforms, housing for police personnel, state share of capex of central schemes: FM

01 Feb 2023, 12:11 PM

Mahila Samman Bachat Patra: One time new small savings scheme/certificate will be made available for a 2 year period upto March 2025. Deposit of Rs 2 lakh for a tenor of 2 year with fixed interest rate of 7.5 per cent, the FM says.

01 Feb 2023, 12:14 PM

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.

01 Feb 2023, 12:21 PM

50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism: FM Nirmala Sitharaman

01 Feb 2023, 12:21 PM

To provide stipend to 47 lakh youth in 3 years, direct benefit transfer under a pan-India apprenticeship scheme will be rolled out: FM

01 Feb 2023, 12:10 PM

The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0, said FM Nirmala Sitharaman. In order to skill the youth for international opportunities, 30 Skill India International Centres, Skill India Digital Platform will be set up across different States: FM

01 Feb 2023, 12:13 PM

Over the next 3 years, one crore farmers will get assistance to adopt natural farming. 10,000 bio input resource centres will be set up: FM Nirmala Sitharaman

01 Feb 2023, 12:10 PM

This budget provides for 35,000 cr for priority investment towards energy transition and net-zero objectives: FM

01 Feb 2023, 12:02 PM

FM allocated Rs 19,700 crore to the National Hydrogen Mission. The objective is to reach the hydrogen production capacity of 5 metric million tonnes by 2030.

01 Feb 2023, 12:07 PM

Lab Grown Diamonds will be introduced to encourage their indigenous production, R&D grant to be given to one IIT for 5 years: FM

01 Feb 2023, 12:07 PM

5G services will be enhanced. 100 labs for developing applications using 5G services will be set up in engineering institutions, the labs will cover smart classrooms, precision farming, and healthcare applications: FM

01 Feb 2023, 12:05 PM

To enable more FinTech innovative services, the scope of documents available in DigiLocker for individuals will be expanded: FM

01 Feb 2023, 12:01 PM

For business establishments required to have Permanent Account Number, the PAN will be used as a common identifier for all Digital Systems of specified government agencies. Digilocker will be used as the one stop KYC maintenance system: FM Nirmala Sitharaman

01 Feb 2023, 11:59 AM

FM introduces the Centres of Excellence for Artificial Intelligence: For realising the vision of 'Make AI in India and Make AI work for India', three centres of AI will be set up in top educational institutions which will develop cutting-edge solutions in the areas of agriculture, health, and sustainable cities.

01 Feb 2023, 11:56 AM

Under Mission Karmayogi, capacity building plans for civil servants are implemented. The govt. has launched an integrated online training program called 'iGot Karmayogi' to provide continuous learning opportunities and upskilling of the govt. servants: FM

01 Feb 2023, 11:54 AM

All cities and towns will be enabled for 100 percent mechanical desludging of septic tanks and sewers to transition from 'manhole to machine-hole' mode: FM

01 Feb 2023, 11:49 AM

Fifty additional airports, heliports, water aerodromes, and advanced landing grounds will be revived for regional air connectivity: FM

01 Feb 2023, 11:47 AM

50-year interest free loan to State governments extended for one more year: FM

01 Feb 2023, 11:47 AM

Capital outlay of Rs 2.40 lakh crore will be provided for railways; 9x over FY14: FM

01 Feb 2023, 11:38 AM

Support for poor prisoners who are unable to pay bail or penalty will be provided financial assistance: FM

01 Feb 2023, 11:44 AM

The outlay for PM Awaas Yojana will be enhanced by 66% to over Rs 79,000 crores: FM

01 Feb 2023, 11:40 AM

Fifty additional airports and heliports will be revived for regional air connectivity: FM

01 Feb 2023, 11:39 AM

Eklavaya Model Residential Schools -in the next 3 years the Centre will recruit 38,800 teachers and support staff for 740 schools serving 3.5 lakh tribal students: FM

01 Feb 2023, 11:41 AM

To improve social-economic conditions of the Particularly Tribal Groups, PMPBTG Development mission will be launched, to saturate PBTG habitations with basic facilities. Rs 15,000 cr to be made available to implement scheme in next 3 years: FM

01 Feb 2023, 11:37 AM

The government has enhanced capital expenditure (capex) outlay by 33% to Rs 10 lakh crore which would be 3.3% of GDP. The amount is almost 3 times the outlay that was made by the government in 2020: FM

01 Feb 2023, 11:32 AM

The government will launch a sub-scheme under PM Matsya Sampada Yojana with an outlay of Rs 6,000 crore to further enable those involved in fisheries: FM

01 Feb 2023, 11:32 AM

PM Vishwa Karma Kaushal Samman will be introduced -- package of assistance for traditional artisans and craftspeople has been conceptualized, will enable them to improve quality, scale and reach of their products, integrating with MSME value chain: FM

01 Feb 2023, 11:30 AM

In election year, Karnataka to receive central funding for irrigation. Rs 5300 crore allotted for Upper Bhadra irrigation project in Karnataka: FM

01 Feb 2023, 11:29 AM

The Finance Minister announces a mission to eliminate Sickle Cell Anemia, prevalent among Scheduled Tribes by 2047.

01 Feb 2023, 11:25 AM

An agriculture accelerator fund to encourage agritech startups by young entrepreneurs in rural areas. Fund will focus on bringing innovative solutions for challenges faced by farmers: FM

01 Feb 2023, 11:24 AM

The government will launch the Atmanirbhar Clean Plant Programme to improve availability of disease-free quality planting material for high-value horticultural crops at an outlay of Rs 2,200 crore: FM

01 Feb 2023, 11:23 AM

Economy has become a lot more formalised as reflected by doubling of EPFO membership: FM

01 Feb 2023, 11:22 AM

Economic agenda focuses on three things: facilitating ample opportunity for citizens, especially the youth, providing a strong impetus to growth and job creation and third stabilising the macro economy: FM

01 Feb 2023, 11:29 AM

The FM lists seven priorities for Budget 2023:

1) Inclusive development

2) Reaching the last mile

3) Infra & investment

4) Unleashing the potential

5) Green growth

6) Youth power

7) Financial sector

01 Feb 2023, 11:15 AM

Economic empowerment for women in sync with Economic Survey 2023 recommendations to focus on Self Help Groups to increase women in the workforce: FM

01 Feb 2023, 11:13 AM

Government to implement free foodgrain scheme from January 1, 2023, for Antaodaya and priority households for the next one year: FM Sitharaman

01 Feb 2023, 11:12 AM

Sensex surges 600 pts, Nifty above 17,800 as Budget speech begins. Source: BSE

01 Feb 2023, 11:11 AM

During the COVID pandemic, we ensured that nobody goes to bed hungry with a scheme to supply free foodgrains to over 80 crore persons for 28 months: FM Sitharaman

01 Feb 2023, 11:09 AM

Finance Minister Nirmala Sitharaman begins the Budget speech by saying: "This is the first budget in 'Amrit Kaal'. This budget hopes to build on the foundation laid in the previous budget and the blueprint drawn for India@100. We envision a prosperous and inclusive India in which the fruits of development will reach all sections and citizens, especially the youth, women, farmers, OBCs, SCs and STs."

01 Feb 2023, 10:57 AM

Cabinet approves the last full Budget of Modi 2.0 government, FM Sitharaman's speech to begin 11 AM. Live stream can be viewed from PIB India's Facebook and YouTube channels.

01 Feb 2023, 10:31 AM

This year, all the 14 Union Budget documents, including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), and Finance Bill, will available on the 'Union Budget Mobile App' for hassle-free access by Members of Parliament and the general public. The document is bilingual (English & Hindi) and will be available on both Android and iOS platforms. The Budget documents will be available after the completion of the Budget speech by Sitharaman.

01 Feb 2023, 10:14 AM

Finance minister Nirmala Sitharaman is expected to announce a slew of measures to bolster the economy amid global worries.

01 Feb 2023, 10:14 AM

Indian markets have opened higher today on account of the Union Budget presentation by Finance Minister Nirmala Sitharaman in Parliament. The BSE Sensex is up by 450 points and crossed the 60,000 mark, while the broader Nifty is up 115 points at 17,777. Source: BSE

01 Feb 2023, 10:06 AM

Budget for FY23-24 is likely to bring back the focus on fiscal consolidation after being fiscally expansionary to support growth recovery after the Covid-19 induced pandemic. Analysts expect the fiscal deficit at 5.8 percent for FY24 from 6.4 percent as budgeted in FY23. Analysts also expect that the overall focus will continue on the growth agenda through higher capex allocation that will accelerate the investment cycle and employment.

01 Feb 2023, 9:35 AM

The Rupee opened marginally higher against the US dollar on Wednesday ahead of the Union Budget, which will be presented at 11 a.m. The Rupee opened at 81.78 to the Dollar, reaching a high of 81.76 and a low of 81.80. The domestic currency traded at 81.77 at 9:10 a.m., up 0.15 per cent from its previous close of 81.9238.

01 Feb 2023, 9:24 AM

Nirmala Sitharaman has reached the Ministry of Finance ahead of the Budget presentation. She is expected to meet President Draupadi Murmu shortly.

01 Feb 2023, 9:24 AM

Finance Minister Nirmala Sitharaman is expected to further give impetus to employment generation and job creation in the economy for Budget 2023.

01 Feb 2023, 9:09 AM

Finance Minister Nirmala Sitharaman to present her fifth Budget today at 11 AM. She is expected to continue with her focus on aiding economic growth with the help of public sector capital expenditure.

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