Highlights of Union Budget 2023-24 | All you need to know

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman, while presenting the Union Budget 2023-24 in Parliament today said that Indian economy is on the right track, and despite a time of challenges, heading towards a bright future.

She also stated that India’s rising global profile is due to several accomplishments like unique World Class Digital Public Infrastructure namely, Aadhaar, Co-Win and UPI; COVID-19 vaccination drive in unparalleled scale and speed proactive role in frontier areas such as achieving the climate related goals, mission LiFE, and National Hydrogen Mission.

Highlights of Union Budget 2023-24 | Full Summary

At Engineers Corner we make sure that every Engineer, architects, students know about the facts and highlights of the budget

• 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

The Budget proposes to extend the date of incorporation for income tax benefits to start-ups from 31.03.2023 to 31.03.2024. It also provides the benefit of carry forward of losses on change of shareholding of start-ups from 7 years of incorporation to 10 years.