Here is a collection of the most important stories from the Union Budget 2023-23
New slabs, more rebate — 5 big personal income tax changes in Budget 2023
In a major boost to the new income tax regime, Budget 2023 increases rebate and exemption limits, rejig tax slabs and reduces tax slabs. Read here.
Budget 2023 maintains momentum on capital expenditure with Rs 10-lakh-cr outlay
The spending push is critical for crowding in private investment that could see some hesitancy as the pent-up demand slows in the next fiscal. The government continued with its plan to ramp up capital expenditure in Budget 2023-24, with a special focus on states’ spending on capital assets. Read here.
Taxpayers note — New income-tax regime will be default tax regime now
A major shift in the way income tax has been provisioned at the salary-payment stage and the return-filing stage has been proposed under the Union Budget 2023-24. The Government has proposed to make the new income tax regime as the default tax regime. Read here.
Budget 2023: What’s cheaper and what’s costlier. Here is the full list
Smartphones could become cheaper with the government’s announcement of customs duty relief for components like camera lens and lithium-ion batteries. Read here.
Union Budget 2023: ITC, other cigarette stocks see a sharp rebound; here is why
The stock fell as much as 6.5 percent intraday to hit a day's low of Rs 329 on the NSE after the FM said the National Calamity Contingent Duty (NCCD) on specified cigarettes is proposed to be revised upwards by about 16 percent. Read here.
Budget 2023: Finance Minister Nirmala Sitharaman announces new investment scheme for women
The scheme will have a tenure of 2 years and will offer a fixed rate of interest at 7.5 percent. The deposit can be made in the name of a woman or a girl child. The scheme will have a partial withdrawal facility as well. In this scheme, the maximum deposit amount is kept at Rs 2 lakh. Read here.
Budget 2023: Why insurance stocks took a beating after FM's speech
“(A) proposal…is to limit income tax exemption from proceeds of insurance policies with very high value,” Sitharaman said. From the new fiscal year 2023-24, earnings from insurance policies having an aggregate premium of more than Rs 5 lakh will not be exempt from income tax. Read here.
Budget 2023: Big bonanza for senior citizens
Finance minister Nirmala Sitharaman doubled the maximum limit under the Senior Citizen Savings Scheme (SCSS) to Rs 30 lakh from Rs 15 lakh. The scheme offers assured interest of 8 percent per annum. The interest is paid quarterly. Read here.
