Union Budget 2023-24 news and live updates with Finance Minister Nirmala Sitharaman’s speech are here. Ahead of FM’s Budget 2023 speech at 11 am, after the Economic Survey 2023. Budget 2023 Live: Income tax rule change, No tax on income up to Rs 7 lakhs.
Here are the highlights of the latest and live updates on the Budget expectations related to income tax slabs, railways, health, agriculture, economy, subsidy, rebate and more.
No Income Tax Up to Rs 7 lakh: The proposal under the new income tax regime has come as a big relief to the common person. Relief in customs duty on import of certain parts like camera lens Government will provide relief in customs duty on import of certain parts like camera lens and concession on import of lithium ion batteries to further promote mobile phone production in India, the minister announced.
Basic customs duty on kitchen chimney increased, on TV panels reduced. Centre has proposed to increase the basic customs duty on kitchen chimney from 7.5% to 15% and that on heat coils reduced from 20% to 15%. It has also proposed to reduce basic customs duty on parts, TV panels to 2.5% in a bid to promote value addition on manufacture of TVs.
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