BY NIRMALA SITHARAMAN

Big booster for taxpayers, railways, job creation

The highlights of the Budget are as follows:

The Budget adopts the seven priorities. They complement each other and act as the ‘Saptarishi’ guiding us through the Amrit Kaal.

The Union Government's focus on reforming the agriculture sector and an agriculture accelerator fund focused on youth in rural areas.

Cheaper : Mobile phones, TV, Lab-grown diamonds, Shrimp feed Machinery for lithium ion batteries, Raw materials for E industry

Costlier:  Cigarettes, Silver, Compounded rubber,  Imitation Jewellery, Articles made from gold bars Imported bicycles and toys, luxury cars and EVs Imported kitchen electric chimney

Budget 2023: New Initiatives Changes in personal income tax slabs Small savings scheme for women National co-op database in the works 100 labs to develop 5G Apps &157 new nursing colleges

FY23 growth estimated at 7% Govt To spend Rs 2200 crore for high value horticulture Capital outlay of Rs 2.40 lakh crore for Indian Railways

Green hydrogen, clean energy storage and transmission are the key drivers of the government's "Green Growth" priority sector.

0-3 lakh- nil 3-6 lakh -5% 6-9 lakh - 10% 9-12 lakh-15% 12-15 lakh -20% Above 15 lakh - 30%

Under the new personal tax regime, six income slabs have been reduced to six.

Currently, the highest rate is 42.74% income tax under the new regime. The FM has proposed to reduce the highest surcharge from 37% to 25% in the new tax regime, max rate of 39%.

Direct Tax Proposals on Budget 2023-2024 - The budget reduced the tax burden for individuals opting for the new tax regime.

maximum deposit limit for Monthly Income Account Scheme will be  9 lakh for a single account and 15 lakh for a joint account.

Direct Tax proposals aim to maintain continuity and stability of taxation, further simplify and rationalise various provisions provide tax relief to citizens.

Rebate limit of Personal Income Tax to be increased to Rs. 7 lakh. Thus, persons in the new tax regime, with income up to Rs. 7 lakh to not pay any tax.