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The implementation of improved limits in tax slabs is said to provide significant relief to taxpayers under the new regime. For instance, an individual with an annual income of ₹9 lakh will only be required to pay ₹45,000, which amounts to a mere 5% of their income. This represents a 25% reduction from the current tax liability of ₹60,000.
Position / Pay Grade in the Government of India Level and Rank Order of Precedence (As per Presidential order) Equivalent Position or Designation in the State Government(s) 1 25500(6th pay Grade Pay-2400) in Pay Band-I Tax Assistant / Entry-level Assistant Sub Inspector of Police 2 Basic 35400 (6th pay Grade Pay-4200) in Pay Band-II
The Union Budget is the annual financial report of India; an estimate of income and expenditure of the government on a periodical basis. As per Article 112 of the Indian Constitution, it is a compulsory task of the government. [3] The first budget of India was presented on 18 February 1860 by Scotsman James Wilson. [4]
Position / pay grade in the Government of India Level and rank according to section 116 of Income Tax 1961(2023) Equivalent position or designation in Government of India Order of precedence (as per presidential order) 1 Inspectors of Income Tax: Assistant Section Officer 2 Income-Tax Officers / Tax Recovery Officers/Administrative officer
₹ 182,200 (US$2,100) (Minimum Pay) to ₹ 224,100 (US$2,600) (Maximum Pay) [20] [21] [20] [21] Principal Secretaries to State Governments; Members of State Public Service Commissions; Registrar Generals/Registrars of High Courts [20] [21] 26 Joint Secretaries to the Union Government; Major General and equivalent ranks in the Indian Armed Forces
The 2023 Union Budget of India was presented by the Minister of Finance of India on February 1, 2023. This was the fourth budget of Narendra Modi-led NDA government's second term, starting from 2020. The Economic Survey for 2022–2023 was released on January 31, 2023 before the budget.
Income Tax Department. The Income-tax Act, 1961 is the charging statute of Income Tax in India.It provides for levy, administration, collection and recovery of Income Tax. The Government of India brought a draft statute called the "Direct Taxes Code" intended to replace the Income Tax Act, 1961 and the Wealth Tax Act, 19
Expenditure State Budget (in crore rupees) FY Reference Andhra Pradesh ₹ 279,279 crore (US$33 billion) 2023-24 [1]Arunachal Pradesh ₹ 29,657 crore (US$3.5 billion) 2023-24