Key Highlights for the Union Budget

Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 before the Lok Sabha earlier in the morning today. Let's visit some of the highlights for the Union Budget:

Revised New Income Tax Updates

Surcharge rates dropped from 37% to 25% under the new tax regime.

Income Tax rebate extended to Rs 7 lakhs from 5 lakhs.

New Tax Slab rates FY24

Over Rs 15 lakh

Rs 12 lakh to Rs 15 lakh

Rs 9 lakh to Rs 12 lakh

Rs 6 lakh to Rs 9 lakh

Rs 3 lakh to Rs 6 lakh







Up to Rs 3 lakh

For the renewable energy sector

Allocation for the year is Rs 6,900.68 cr, which is a 45.3% increase over the revised estimate of Rs 7,033 crore.

Increment of 48% funding allocated for renewable energy.

Saving Scheme Updates

Monthly income scheme limit doubled to Rs 9 lakh for individual accounts and Rs 15 lakh for joint accounts

Deposit limit for Senior Citizen Savings Scheme doubled to Rs 30 lakh

Significant increase in funding the railways

The Indian Railways has received a budget allocation of Rs 2.4 lakh crore for FY24, which is nearly nine times more than the allocation in FY14.

FY23-24 Energy budget allocation

Rs 19,700 crore budget to support low-carbon transition in the economy

Rs 35,000 crore priority funding for the energy transition

Allocation has nearly doubled compared to what it was two years ago

The budget estimate increased to Rs 16, 549.04 crore from Rs 11,719.95 crore.

FY23-24 IT Budget Outlook

Agriculture Sector Gets Boost for FY24

11% hike in agriculture credit target to Rs 20 lakh crore

2% interest subsidy for short-term farm loans up to Rs 3 lakh at 7% effective rate

Explore more with

Click Here