No tax would be levied on annual income of up to Rs 7 lakh under the new tax regime.

Rs 50,000 standard deduction to taxpayers under the new regime, where assessees cannot claim deductions or exemptions on their investments.

Under the revamped concessional tax regime:

1) No tax would be levied for income up to Rs 3 lakh.

2) Income between Rs 3-6 lakh would be taxed at 5 per cent

3) Rs 6-9 lakh at 10 per cent

4) Rs 9-12 lakh at 15 per cent

5) Rs 12-15 lakh at 20 per cent

6) Rs 15 lakh and above will be taxed at 30 per cent.

tweaked the concessional tax regime, which was originally introduced in 2020-21, by hiking the tax exemption limit by Rs 50,000 to Rs 3 lakh and reducing the number of slabs to five.

MoD outlay 13.18% of Union Budget

• Rs 5,93,537-cr MoD Budget sees hike of 13.01% over present fiscal
• Rs 1,62,600 cr capital for new defence acquisitions
• Rs 9,500 cr allocated to border roads and bridges
• Rs 12, 850 cr earmarked for research & development
• Rs 90,000 cr provided for operational readiness

CAPITAL INVESTMENT OUTLAY INCREASED BY 33% TO Rs. 10 LAKH CRORE

EFFECTIVE CAPITAL EXPENDITURE AT 4.5% OF GDP

FISCAL DEFICIT ESTIMATED TO BE 5.9 % OF GDP IN BE 2023-24

REAL GDP TO GROW AT 7% IN FY2022-23

EXPORTS TO GROW AT 12.5% IN FY 2023

ATMANIRBHAR CLEAN PLANT PROGRAM WITH OUTLAY OF ₹2200 CRORE TO BE LAUNCHED TO BOOST AVAILABILITY OF QUALITY PLANTING MATERIAL FOR HIGH VALUE HORTICULTURAL CROPS

157 NEW NURSING COLLEGES TO BE ESTABLISHED

OUTLAY FOR PM AWAS YOJANA ENHANCED BY 66% TO OVER RS. 79,000 CRORE

HIGHEST EVER CAPITAL OUTLAY OF Rs. 2.40 LAKH CRORE PROVIDED FOR  RAILWAYS

URBAN INFRASTRUCTURE DEVELOPMENT FUND (UIDF) TO BE ESTABLISHED THROUGH USE OF PRIORITY SECTOR LENDING SHORTFALL

500 NEW ‘WASTE TO WEALTH’ PLANTS UNDER GOBARDHAN SCHEME TO BE ESTABLISHED AT TOTAL INVESTMENT OF Rs 10,000 CRORE

10,000 BIO-INPUT RESOURCE CENTRES TO BE SET-UP, CREATING NATIONAL-LEVEL DISTRIBUTED MICRO-FERTILIZER AND PESTICIDE MANUFACTURING NETWORK

MANTRI KAUSHAL VIKAS YOJANA 4.0 TO BE LAUNCHED

UNION BUDGET 2023-24 PROVIDES SUBSTANTIAL RELIEF FOR PERSONAL INCOME TAX

NEW SLABS ANNOUNCED UNDER THE NEW TAX REGIME

RESIDENT INDIVIDUAL WITH TOTAL INCOME UPTO ₹ 7 LAKH WILL NOT HAVE TO PAY ANY INCOME TAX UNDER NEW TAX REGIME

STANDARD DEDUCTION OF ₹ 50,000 WILL ALSO BE AVAILABLE TO SALARIED INDIVIDUALS UNDER THE NEW TAX REGIME

NEW TAX REGIME FOR INDIVIDUAL AND HUF WILL BE THE DEFAULT REGIME

LIMIT FOR TAX EXEMPTION ON LEAVE ENCASHMENT ON RETIREMENT OF NON-GOVERNMENT SALARIED EMPLOYEES INCREASED TO ₹ 25 LAKH

SLEW OF PROPOSALS ANNOUNCED FOR THE COOPERATIVE SECTOR

INDIRECT TAX PROPOSALS AIM TO PROMOTE EXPORTS, BOOST DOMESTIC MANUFACTURING, ENHANCE DOMESTIC VALUE ADDITION, ENCOURAGE GREEN ENERGY AND MOBILITY

NUMBER OF BASIC CUSTOMS DUTY RATES ON GOODS, OTHER THAN TEXTILES AND AGRICULTURE, REDUCED FROM 21 TO 13