Bullets

Answered by Rishabh
Hello Arun,

It appears that the government didn’t pay much heed to the insurance sector as there aren’t any new changes in it according to the Union Budget 2023-24. So, anything mentioned in the previous budget would still be applicable.

Answered by Abhishek
Hello Gitesh, Pragee, Subodh & Nikhil,

Yes, the standard deduction of ₹52,500 is allowed on salaried individuals with income above ₹15.5 Lakh.

Answered by Varsha
Hello Mehul,

The effective tax rate on the highest income slab of income above ₹2Cr was initially 42.74% (inclusive of surcharge). It will now come down to 39%.

Answered by Kirti
Hello Sachin,

Yes, the rebate limit has been extended from ₹5L to ₹7L under the new tax regime in Union Budget 2023-24. However, there have been no changes made to the old tax regime. 

Answered by Abhishek
Hello Rushabh! 

Slabs are- 

0-3 lakhs 0%
3-6 lakhs 5%
6-9 lakhs 10%
 
This is to ensure that the rebate stays exclusive for people earning up-to 7 lakhs annually. If your annual income crosses 7 lakhs even by Rs.1 then the mentioned brackets do apply and you have to pay 5% tax on the income between 3-6 lakhs and 10% on income above 6-9 lakhs
 

Answered by Kirti
Hello Abhilash & Kaushik,

No, there aren’t any new changes for the old tax regime subscribers- be it on tax slabs or on standard deductions. However, if you start following the new tax regime, and if your income is more than ₹15.5L, you’ll get a standard deduction of ₹52,500. 

Answered by Kirti
Hello Ravi,

No, the tax slabs slap us all, regardless of the sector or industry we work in. Talking about the tax reliefs for salaried individuals, the old tax regime has no changes. The rebate limit under the new tax regime has been raised from ₹5L to ₹7L. 

Answered by Deb
Hello Rahul,

There have been no updates on the PPF savings limit in this budget. So, the limits applicable till last year shall remain unchanged, and only annual deposits up to ₹1.5 Lakh shall be exempted from taxation.
 

Answered by Varsha
Hello Muskan,

Yes! Luckily the Union Budget 2023-24 has come up with several policies for Education:
1. 157 new Nursing Colleges would be established in India
2. A National Digital Library for children and adolescents would be set up to promote accessibility of digital and quality education material. 
3. Physical LIbraries and infrastructure for National Digital Library resources would be made available in all states.
 

Answered by Varsha
Hello Vipul, 

No, there have been no changes made to the old tax regime. You could still make the best out of the older benefits it provides such as the multiple kinds of deductions.

Answered by Rishabh,
Hello Rajesh, Pratham, Dinesh, Gajanan & Kunal,

There are no changes in the Old Tax Regime. Your choice among the two tax regimes would depend on your financial situation, exemptions, and the deductions that you’re eligible for. 

The old tax regime would suit you and lower your taxable income if you’re eligible for exemptions and deductions. And in case you aren’t eligible to benefit from these aspects, the new tax regime could be an appropriate choice!

Make sure to rely on proper research and analyse your finances before making this choice.

Answered by Roshan
Hello Sanskar, Solgrower, Raghav & Vivek, 

Seems like the government doesn’t wish to cut some slack for the Crypto traders and investors in India. as there have been no new changes in the domain. This means the rules and schemes under Union Budget 2022 are still applicable. So there would be no set-off of losses, the TDS would be applicable at the same rate, and there would be a 30% flat tax on cryptos.

Answered by Kirti
Hello Bhavesh,

Whether or not the rebate of ₹7 Lakh is good for you, depends on which tax regime you opt for. Because it’s only limited to the new tax regime. Moreover, there are several tax benefits that the New Tax Regime does not include. 

So, make sure to analyse which tax regime align better with aspects such as your salary structure and investments.

Answered by Varsha
Hello, Anand & Nikhar!

While there are absolutely no changes in the old tax regime, the rebate has increased from ₹5 Lakh to ₹7 Lakh under the new tax regime. The new tax slabs (under the new tax regime)  are:

Watch this space for a detailed explanation on the new tax regime's tax slab application.

Answered by Deb
Hello, Romji! 

The Indian Government is looking to push the Indian economy away from fossil fuels with constant renewable energy improvements. Another focus will be on the highly popular mobile phone production.

The budget has proposed the exemption of compressed natural gas from the levy of GST.

The levy of customs duty on li-ion batteries for EVs and mobile phones is also proposed to be reduced.

Answered by Varsha
Hello Mohit,

National Apprenticeship Promotion Scheme as stipend support for 47 lakhs youth in 3 Years.
Pradhan Mantri Kaushal Vikas Yojana 4.0 to upskill youths within the next 3 Years.
30 Skill India Centres to be established.

Mahila Samman Savings Certificate launched at 7.5% interest for 2 years tenure with a 2 Lakh limit.

Senior Citizen Savings Scheme deposit limit increased from 15 Lakh to 30 Lakh.

The FM announces that the Digilocker platform will be available for MSME industries to store and share documents. This will be one of the steps to make conducting business easier for MSMEs in India.

MSME sectors will be one of the primary points of focus for budget 2023-24 to increase employment and national output.

Answered by Abhishek and Varsha
Hello VSPA TMX!
We’re sure your question will provide answers to a lot of retail investors out there! The sectors that have the potential to benefit the most from the Union Budget 2023-24 are: 
Renewables & Green Energy, Infrastructure, Financial Sector, Agriculture & allied, Dairy & Fishery, Railways, Research and Development (Pharmaceuticals, CRAMS, CDMO), and Medical Devices Industry.

Answered by Deb

Hello Mohit,

In the budget speech, the finance minister declared that the Employees' Provident Fund Organisation (EPFO) saw a doubling in membership. The total membership doubled to 7 crores, highlighting an increase in employment.

The Budget 2022-23 set a goal of 60 lakh employments in the next 5 years. This change in number sets the direction in a positive tone for the same.