Union Budget 2023: Good news for tax payers; income rebate up to Rs 7 lakh
1 min read
Mysuru: Union Minister Nirmala Sitharaman made a big announcement in terms of tax rebatement. She announced that the tax rebate limit has been increased to Rs 7 lakh in the tax regime.
The other highlights so far are:
*Rs 3,500 cr allocated for Bhadra Upland project that will cater to irrigate 2.25 lakh hectares in Chikkamagaluru, Chitradurga, Tumakuru and Davangere districts.
*Prices slashed on camera, television, mobile phones, electric vehicles
*Customs duty on kitchen electric chimney up by 15 per cent from 7.5 per cent
*Cut in customs duty on seeds used in manufacturing of lab-grown diamonds
*New income tax regime announced; it will now be the default regime
*Cigarettes will be costlier as cigarettes duty has been revised
*Relief in customs duty on mobile phone parts to continue for another year.
*Maximum investment for senior citizens – from Rs 15 lakh to Rs 30 lakh in small savings.
*Farmers who adopt natural farming will get assistance of Rs 1 crore
*Mahila Samman Savings certificate for a period of two years. This will offer deposit facility of up to Rs 2 lakh at 7.5 per cent interest
-Team Mysoorunews
Mysooru News
