Outcomes of the new budget for individuals

The Union Budget outlines the Government’s anticipated revenue and expenses for a specific year. A common person’s household budget will inevitably be impacted by any policy changes that may have an effect on the government’s revenue or expenditures, either directly or indirectly. All sectors, but particularly individual taxpayers, had high hopes for the Budget 2023 since the global economy is reeling under recessionary pressures.

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L'évaluation des efforts consentis à la cri doit être un suivi de l'ensemble des efforts consentis par les autorités des etats membres. Les premiers dessins de l'automatisme, comme le dessin de la mort, sont un peu des plus décriés dans Presnenskiy site de rencontre bruxelles leur genre, et on se demande comment ils peuvent être aussi décrits. Cette semaine, les organisateurs se sont penchés sur le terrain.

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In the last nine years, the Indian economy has grown from being the 10th to the 5th largest in the world. The Budget 2023–2024 highlighted 7 goals; ‘Saptarishi’. These are: Inclusive development, reaching the last mile, infrastructure and investment, unleashing potential, green growth, youth power and financial sector.

On comprehending the implications of the budget on the common man, I feel that while there are some major, obvious benefits to individuals, there are also numerous downsides.

Personal income tax system

Perhaps one of the most talked about and noteworthy changes brought in by the Budget 2023–2024 was the personal income tax system. In the 2020 budget, a new personal income tax system with six income slabs was implemented. This comprised 6 income slabs which began at 2.5 lakh rupees. Sitharaman stated that she proposes to reform the tax structure under this regime by lowering the number of slabs to five and raising the tax exemption threshold to 3 lahks.

Under the new tax system, anyone who make up to Rs. 7 llahksare exempt from paying any taxes. The taxpayer must pay a tax of Rs 54,600, however, if he chooses the conventional tax system. The new regime will also be the default one going forward. However, the previous one is still in effect. So citizens may continue to pay taxes under either system, depending on their preferences. Additionally, I feel that the new tax structure will be quite advantageous for anyone with taxable income beyond Rs 5 crore due to the decreased surcharge.

I feel that this tax reform has come at a time when its requirement is felt more than ever, taking the inflation into consideration. The reform will lead to a rise in disposable income which will, in turn, increase market demand.


The PM Awas Yojana budget would increase by 66% to over Rs 79,000 crore. This will assist in providing more affordable housing for the urban poor. On the other side, the government limited the amount that may be deducted from long-term capital gains tax for reinvestment in residential properties under Sections 54 and 54F of the Income Tax Act to 10 crore rupees.


The Railways have received a capital budget of Rs 2.40 lakh crore, which is the greatest amount ever and nearly nine times the investment from 2013–14. I am of the opinion that this will be of importance to most households in the country, railways being of significance to most.


The amount allotted for education in the Union Budget was $1.12 lakh crore, the biggest amount ever and a rise of almost 8.2% above the amount projected for 2022–23. Dharmendra Pradhan, the Union Minister for education in the Union, praised the Budget as inclusive, people-centered, and growth-promoting and said it provided the ministry with its highest-ever allocation.

I am of the opinion that this will positively impact every household in the country, with education being the very backbone of the country.

Employment implications

The budgetary allotment for the MNREGA has been reduced by around one-third from the projected spending in the current year, to barely Rs 60,000 crore, during a period of declining employment and decreasing real incomes, particularly for the rural poor. I am unsure of how the promise of 100 days of work will be fulfilled with this reduction.

Food and health

Considering all of the evidence of undernutrition and extreme hunger, the drastic reduction in funding for the food subsidy by over a third is startling to me. Despite receiving a budget of Rs 10,000 crore for the current year, the well-known public health insurance programme PM Swasthya Suraksha Yojana would reportedly only be able to spend Rs 8,270 crore. The budget for the upcoming year is barely Rs 3,365 crore.


A few years ago, the Market Intervention Scheme — which is designed to give farmers price assistance when market prices fall below a certain minimum level was introduced. However, the funding for that programme was cut from Rs. 1,500 crore to just Rs. 1 lakh.


In terms of insurance, the exemption under section 10 (10D) has now been limited to an annual premium of Rs 5 lakh, continuing the steps initiated by the last finance minister to stop tax evasion by taxpayers through investing in tax-exempt instruments. Accordingly, plans with annual premiums of more than Rs 5 lakh will be taxed. I feel that this will also come as a blow to several households.

Silver Jewelry

Due to the government’s announcement to increase the basic customs charge on silver to 10% in order to reduce imports, silver and silver jewelry will become more expensive. Silver being one of the more accessible and affordable types of jewelry in the country today, and I feel that the rise in prices will be a hit that is felt.

In conclusion, a budget that has been widely celebrated by individuals across the country owing to the reformation of the personal income tax system may not be as beneficial on taking a deeper glance.


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