FM Nirmala Sitharaman’s Budget speech today : India's Economy To Grow 6.5% In 2023-24

According to the Economic Survey, which the government released a day before announcing the Union Budget, India's economy will increase by 6.5% in fiscal 2024. Nirmala Sitharaman, the finance minister, presented the Economic Survey, her fifth since the year 2019. President Draupadi Murmu's address to the parliament was followed by the presentation of the Economic Survey.

President Murmu said as she addressed

As she spoke to a joint session of parliament on the first day of the Budget session, President Murmu praised the "fearless, determined government" that currently leads India. "Soon, the government will have served for nine years. The biggest shift now is that everyone in India is at their most self-assured. India is now emerging as a global problem-solver, "In her inaugural address, President Murmu stated.

A day before the Union Budget is presented to the House of Representatives, the Economic Survey will be presented. The Budget Session's first phase will end on February 13 and its second phase will run from March 13 to April 6.

Union budget 2023-24 Highlights

 1) How much may you deduct for housing loans?

The maximum amount that can be deducted for loan interest is roughly 2 lakh.

2) What is the current National Pension System (NPS) contribution?

Currently, a deduction under section 80CCD (1B) of the Act is permitted for a voluntary contribution of 50,000 rupees.

3) Do you know the number of taxpayers in India?

In India, where there are more than 80 million taxpayers, salaried workers make up the majority of tax payers.

4) Be aware of the seven income taxes that are now in effect.

Taxes are not due on annual income up to Rs. 2.5 lakh.

5 percent tax is due from anybody making between 2.5 lakh and 5 lakh.

Tax rates range from 10% for income between 5 and 7.5 lakh to 15% for income between 7.5 and 10 lakh.

Taxes are due at a rate of 20% for those making between $10 and $12.5 lakh, and 25% for those making between $12.50 and $15 lakh.

Taxes are levied at 30% on income beyond Rs. 15 lakh.

5) What is the basic exemption amount from income tax?

For individual taxpayers, the basic income tax cap now stands at 2.5 lakh. Both income tax systems allow for this exception. The baseline tax exemption threshold under the previous tax system was set at 3 lakh for senior citizens or people over 60. Under the previous tax system, the basic exemption threshold for super senior citizens—those above the age of 80—was set at 5 lakh

6) Budgetary pronouncements about income taxes: Exemption or Rebate?

The Centre did not make any new announcements for the Budget 2022–23 last year. However, by increasing the tax exemption or rebate ceiling, the 2023 Budget may provide relief to individual taxpayers. Currently, one of the main tax payers is the salaried workforce. Up to Rs. 2.5 lakh of their compensation is tax-exempt annually. Taxpayers are subject to income tax based on a slab structure.

7) When will the announcements regarding tax be made?

At 11 a.m., in Parliament, Finance Minister Nirmala Sitharaman will deliver her fifth budget speech. Announcements pertaining to tax are often made toward the end of the Budget speech.