Estimated reading time: 6 minutes
Budget 2023-24 is here and Finance Minister Nirmala Sitharaman’s speech has set the tone for the financial year ahead. The budget outlines the government’s vision for the Indian economy and covers a wide range of sectors, including Income Tax, Standard Deduction, Railway, and key industries. In this article, we will provide a comprehensive analysis of the budget highlights and live updates from Nirmala Sitharaman’s speech.
Highlights of Nirmala Sitharaman’s Speech on Budget 2023-24:
Income Tax:
The budget has proposed several changes in the income tax laws that will have a direct impact on the taxpayers. The most significant change is the increase in the standard deduction limit from INR 50,000 to INR 75,000. This will provide relief to salaried taxpayers and pensioners, who are the primary beneficiaries of this change. The budget has also proposed to increase the tax-free gratuity limit from INR 20 lakhs to INR 30 lakhs, which will benefit employees in the private sector.
Tax Slabs:
The budget has not proposed any changes in the tax slabs, which means that the existing tax slabs will continue to apply. The tax slabs for the financial year 2023-24 are as follows:
- For individuals below 60 years of age:
- Up to INR 2.5 lakhs: Nil
- INR 2.5 lakhs to INR 5 lakhs: 5%
- INR 5 lakhs to INR 7.5 lakhs: 10%
- INR 7.5 lakhs to INR 10 lakhs: 15%
- INR 10 lakhs to INR 12.5 lakhs: 20%
- INR 12.5 lakhs to INR 15 lakhs: 25%
- Above INR 15 lakhs: 30%
- For individuals above 60 years of age but below 80 years of age:
- Up to INR 3 lakhs: Nil
- INR 3 lakhs to INR 5 lakhs: 5%
- INR 5 lakhs to INR 10 lakhs: 20%
- Above INR 10 lakhs: 30%
- For individuals above 80 years of age:
- Up to INR 5 lakhs: Nil
- INR 5 lakhs to INR 10 lakhs: 20%
- Above INR 10 lakhs: 30%
Standard Deduction:
Increased Limit:
As mentioned earlier, the budget has proposed to increase the standard deduction limit from INR 50,000 to INR 75,000. This change will provide relief to salaried taxpayers and pensioners, who are the primary beneficiaries of this provision. The standard deduction is a fixed amount that is deducted from the taxable income of an individual, thus reducing the tax liability.
Purpose of Standard Deduction:
The purpose of standard deduction is to provide relief to individuals who do not have any significant itemized deductions such as medical expenses, rent paid, etc. This provision is particularly beneficial for individuals who do not have any significant itemized deductions and are only entitled to a limited set of deductions such as conveyance allowance, entertainment allowance, etc.
Railway:
The budget has also proposed several measures for the Indian Railways, which is the backbone of the country’s transportation network. The government has allocated a significant amount of funds for the modernisation of the railway network, which will help in improving the overall infrastructure and passenger experience.
Modernisation of Indian Railways:
The budget has proposed to allocate INR 74,000 crore for the modernisation of the Indian Railways, which will include the upgrading of railway tracks, signals, and rolling stock. The government has also proposed to set up a National Rail Plan, which will be a long-term vision document for the development of the railway network.
Improving Passenger Experience:
The budget has proposed several measures to improve the passenger experience, which includes the upgrading of railway stations, introduction of more comfortable trains, and the provision of WiFi services at railway stations. The government has also proposed to set up a railway university, which will provide quality education and training to the employees of the Indian Railways.
Key Sectors:
The budget has also proposed several measures for the development of key sectors such as agriculture, healthcare, education, and infrastructure. The government has allocated a significant amount of funds for these sectors, which will help in boosting their growth and development.
Agriculture:
The budget has proposed to allocate INR 1.5 lakh crore for the development of the agriculture sector, which will include the implementation of various schemes such as the Pradhan Mantri Fasal Bima Yojana and the Pradhan Mantri Kisan Samman Nidhi. The government has also proposed to set up a dedicated micro-irrigation fund, which will provide financing support to farmers for the implementation of micro-irrigation systems.
Healthcare:
The budget has proposed to allocate INR 2.23 lakh crore for the development of the healthcare sector, which will include the implementation of the Ayushman Bharat scheme and the setting up of more health centres across the country. The government has also proposed to introduce a National Recruitment Agency, which will conduct a common eligibility test for recruitment to non-gazetted posts in the central government.
Education:
The budget has proposed to allocate INR 93,000 crore for the development of the education sector, which will include the implementation of the New Education Policy and the setting up of more schools and colleges across the country. The government has also proposed to introduce a National Recruitment Agency, which will conduct a common eligibility test for recruitment to non-teaching posts in the central government.
FAQs:
Q: What is the purpose of standard deduction?
A: The purpose of standard deduction is to provide relief to individuals who do not have any significant itemized deductions such as
do not have any significant itemized deductions and are only entitled to a limited set of deductions such as conveyance allowance, entertainment allowance, etc.
Q: What is the new limit for standard deduction?
A: The budget has proposed to increase the standard deduction limit from INR 50,000 to INR 75,000.
Q: What is the purpose of the allocation of funds for the Indian Railways?
A: The allocation of funds for the Indian Railways is for the purpose of modernising the railway network and improving the passenger experience. The funds will be used for upgrading railway tracks, signals, rolling stock, upgrading railway stations, and setting up a railway university.
Q: What is the allocation of funds for the agriculture sector?
A: The budget has proposed to allocate INR 1.5 lakh crore for the development of the agriculture sector, which will include the implementation of various schemes such as the Pradhan Mantri Fasal Bima Yojana and the Pradhan Mantri Kisan Samman Nidhi.
Q: What is the allocation of funds for the healthcare sector?
A: The budget has proposed to allocate INR 2.23 lakh crore for the development of the healthcare sector, which will include the implementation of the Ayushman Bharat scheme and the setting up of more health centres across the country.
Final Note
The budget presented by the Finance Minister, Nirmala Sitharaman, has proposed several measures for the development of various sectors such as income tax, standard deduction, railway, agriculture, healthcare, and education. The increase in the standard deduction limit and the allocation of funds for various sectors will provide relief and support to individuals and industries, thereby contributing to the overall growth and development of the country.
News Source: budgetlive[dot]nic[dot]in
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