{"id":22586,"date":"2023-02-01T19:38:33","date_gmt":"2023-02-01T14:08:33","guid":{"rendered":"https:\/\/northeastrising.in\/?p=22586"},"modified":"2023-02-01T19:40:58","modified_gmt":"2023-02-01T14:10:58","slug":"budget-2023-huge-income-tax-relief-infra-and-jobs-push-ahead-of-2024-understand-in-points","status":"publish","type":"post","link":"https:\/\/northeastrising.in\/test\/budget-2023-huge-income-tax-relief-infra-and-jobs-push-ahead-of-2024-understand-in-points\/","title":{"rendered":"Budget 2023: Huge Income Tax Relief, Infra, And Jobs Push Ahead Of 2024| Understand in Points"},"content":{"rendered":"<p><strong>New Delhi, Jan 01:\u00a0<\/strong>Finance Minister Nirmala Sitharaman announced big relief for taxpayers and a mega push for capital spending and infrastructure as she unveiled the government&#8217;s last full Budget before the 2024 national election on Wednesday.<\/p>\n<p><span style=\"text-decoration: underline;\"><strong>Here&#8217;s the cheat sheet on Budget 2023<\/strong><\/span><\/p>\n<ul>\n<li>The government has simplified the slabs in the new tax regime, which will be the default version. There will be no tax on income of up to \u20b9 7 lahks a year &#8212; up from \u20b9 5 lakh &#8212; and the highest applicable tax rate in India after surcharges has been reduced from 42.7 percent to 39. The new tax regime is <strong>&#8220;attractive as it gives a greater rebate. It also provides for simplified and smaller slabs,&#8221;<\/strong> the finance minister said.<\/li>\n<li>The tax slabs will be cut to five instead of seven in the new regime. There will be no tax for income up to \u20b9 3 lahks. Income between \u20b9 3-6 lakh will be taxed at 5 percent; those earning between \u20b9 6 and 9 lakh will be taxed at 10 percent, income of \u20b9 9-12 lakh will be taxed at 15 percent, for \u20b9 12-15 lakh income it will be 20 percent and those earning \u20b9 15 lahks and above will be taxed at 30 percent.<\/li>\n<li>The government will spend a record \u20b9 10 lakh crore on longer-term capital expenditure, an increase of 33 percent, extending its strategy to revive growth after Covid. This will be 3.3 percent of the GDP in 2023-2024.<\/li>\n<li>The government has outlined seven priority areas &#8211; including development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power, and the financial sector.<\/li>\n<li>The agricultural credit target has been increased to \u20b9 20 lakh crore and in another populist measure, the allocation for PM Awas Yojna increased by 66 percent to over \u20b9 79,000 crores. The government has also promised 50 new airports and helipads.<\/li>\n<\/ul>\n<hr \/>\n<h6><span style=\"color: #ff0000;\"><strong><span style=\"text-decoration: underline;\">Also Read<\/span>: <\/strong><\/span><a href=\"https:\/\/northeastrising.in\/ec-rejects-cpims-complaint-against-bjp-candidate-tripura-polls\/\"><span style=\"color: #000080;\"><strong>EC rejects CPI(M)\u2019s complaint against BJP candidate in Tripura polls<\/strong><\/span><\/a><\/h6>\n<hr \/>\n<ul>\n<li>For the railways, the minister announced an outlay of \u20b9 2.4 lakh crore &#8212; the highest in almost a decade and four times the last year&#8217;s budget. <strong>&#8220;This is about nine times the outlay made in 2013-14,&#8221;<\/strong> she said, comparing it with the last year of the Congress-led UPA governance.<\/li>\n<li>The Permanent Account Number (<span style=\"color: #ff6600;\"><a style=\"color: #ff6600;\" href=\"https:\/\/en.wikipedia.org\/wiki\/Permanent_account_number\">PAN<\/a><\/span>) will be used as a common identifier for all digital systems of specified government agencies. The KYC process will be simplified and a one-stop update of identity will be established through the Digilocker service and Aadhaar. A system of <strong>&#8216;Unified Filing Process&#8217;<\/strong> will be set up to streamline the current process of duplication for multiple departments for ease of business.<\/li>\n<li>To settle commercial disputes, the government will bring another dispute resolution scheme. There will be a one-stop solution for the reconciliation of IDs maintained by various government agencies, the minister added.<\/li>\n<li>With a focus on switching to green fuel, the government is targeting 5 MT of Green Hydrogen production by 2030, Sitharaman stated.<\/li>\n<li>The fiscal deficit target of 6.4 percent will be retained in the revised estimate for the current fiscal. For the next fiscal 2023-2024, it&#8217;ll be reducing\u00a0right all the way down to 5.9 percent of the GDP, Sitharaman said.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>New Delhi, Jan 01:\u00a0Finance Minister Nirmala Sitharaman announced big relief for taxpayers and a mega push for capital spending and infrastructure as she unveiled the government&#8217;s last full Budget before the 2024 national election on Wednesday. Here&#8217;s the cheat sheet on Budget 2023 The government has simplified the slabs in the new tax regime, which [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":22587,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"spay_email":""},"categories":[29,27],"tags":[3204,556,1455,3205,1454],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Budget 2023: Huge Income Tax Relief, Infra, And Jobs Push Ahead Of 2024| Understand in Points - North East Rising<\/title>\n<meta name=\"description\" content=\"Finance Minister Nirmala Sitharaman unveiled the government&#039;s last full Budget before the 2024 national election on Wednesday.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/northeastrising.in\/test\/budget-2023-huge-income-tax-relief-infra-and-jobs-push-ahead-of-2024-understand-in-points\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Budget 2023: Huge Income Tax Relief, Infra, And Jobs Push Ahead Of 2024| Understand in Points - 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