Budget 2023-24: Key takeaways in personal finance
Nirmala Sitharaman proposed that the maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for a joint account
New Delhi: Finance Minister Nirmala Sitharaman on Wednesday said the Budget for 2023-24 hopes to build on the foundation of the previous Budget and blue print for India@100. She added that the world has recognised India as a bright star as the country is recording healthy economic growth despite global uncertainties.
Key takeaways in personal finance –
1) In the last full Budget of the second term of the BJP-led NDA government ahead of the general elections in 2024, Sitharaman announced the decision to enhance the maximum amount of money, a senior citizen can invest in the senior citizen saving scheme (SCSS) to Rs 30 lakh compared to Rs 15 lakh previously.
2) Sitharaman also proposed that the maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for a joint account.
3) ‘Mahila Samman Saving Certificate’ has been announced with a fixed interest rate of 7.5 per cent for two years. The deposit can be made in the name of a woman or a girl child. The maximum deposit amount has been kept at Rs 2 lakh and the scheme will have a partial withdrawal facility as well.
4) The Finance Minister has tweaked the slabs to provide some relief to the middle class by announcing that no tax would be levied on annual income of up to Rs 7 lakh under the new tax regime. She also allowed a Rs 50,000 standard deduction to taxpayers under the new regime, where assessees cannot claim deductions or exemptions on their investments.
5) Under the revamped concessional tax regime, no tax would be levied for income up to Rs 3 lakh. Income between Rs 3-6 lakh would be taxed at 5 per cent; Rs 6-9 lakh at 10 per cent, Rs 9-12 lakh at 15 per cent, Rs 12-15 lakh at 20 per cent and income of Rs 15 lakh and above will be taxed at 30 per cent.
(With inputs from agencies)
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