Key Features of Union Budget 2023-2024
                     
The Union Budget of India also referred to as the Annual Financial 
Statement in Article 112 of the Constitution of India, is the annual 
budget of the Republic of India.
INTRODUCTION
Source: taxguru.in
The Government presents it on the first day of February so that it 
could be materialized before the beginning of the new financial 
year in April. Until 2016 it was presented on the last working day 
of February by the Finance Minister in Parliament.
UNION 
BUDGET: DATE
Source: taxguru.in
The budget division of the department of economic affairs (DEA) 
in the finance ministry is the nodal body responsible for producing 
the budget. 
It is presented by means of the Finance bill and the Appropriation 
bill has to be passed by Lok Sabha before it can come into effect 
on 1 April, the start of India’s financial year.
WHO IS 
RESPONSIBLE?
Source: taxguru.in
An interim budget is not the same as a ‘Vote on Account’. While a 
‘Vote on Account’ deals only with the expenditure side of the 
government’s budget. An interim budget is a complete set of 
accounts, including both expenditures and receipts.
INTERIM 
BUDGET 
Source: taxguru.in
An interim budget gives the complete financial statement, very 
similar to a full budget. While the law does not disqualify the 
Union government from introducing tax changes, normally during 
an election year, successive governments have avoided making 
any major changes in income tax laws during an interim budget.
NEED OF 
INTERIM 
BUDGET 
Source: taxguru.in
Capital budget accounts for government-related capital payments 
and receipts. Capital receipts include loans from the public or 
from the Reserve Bank of India (RBI), while capital payment 
includes expenses incurred towards health facilities, development 
and maintenance of equipment, as well as educational facilities.
CAPITAL 
BUDGET
Source: taxguru.in
As the name suggests, a revenue budget accounts for all the 
revenue expenditures and receipts. If the revenue expense is in 
excess of the receipts, the government suffers a revenue deficit.
REVENUE 
BUDGET
Source: taxguru.in
Union Finance Minister Nirmala Sitaraman, on February 1st, 2023, 
presented the Union Budget 2023. In a big boost for taxpayers 
and the economy, Sitharaman announced major changes in tax 
slabs under the new tax regime and a big hike in allocation for 
railways and capital expenditure.
UNION BUDGET 
2023-24
Source: taxguru.in
New tax regime to become the default tax regime. However, 
citizens can opt for the old tax regime. No tax on income up to Rs 
7.5 lakh a year in the new tax regime (with the inclusion of 
standard deduction).
Changes in the 
old tax regime
Source: taxguru.in
Cheaper: Costlier:
1. Mobile phones 1. Cigarettes 
2. TV 2. Silver 
3. Lab-grown diamonds 3. Compounded rubber 
Commodities 4. Shrimp feed 4. Imitation Jewellery 
5. Machinery for lithium- 5. Articles made from gold 
get Cheaper ion batteries bars 
6. Raw materials for the EV 6.  Imported bicycles and 
and Costlier industry toys
Source: taxguru.in