The Indian Budget session is an essential annual event where the government presents its financial plan for the upcoming fiscal year. The session includes the presentation of the Union Budget, which outlines the government’s revenue and expenditure plans, economic priorities, and policy initiatives. Key concepts include:

1. **Revenue Receipts:** Income generated from taxes (income tax, GST) and non-tax sources (dividends, interest).

2. **Expenditure:** The government’s spending on sectors like defense, infrastructure, health, and education.

3. **Fiscal Deficit:** The gap between the government’s expenditure and its revenue, often financed through borrowing.

4. **Capital Budget:** Allocations for asset creation like infrastructure projects.

5. **Subsidies and Social Welfare:** Funds allocated for schemes like food subsidies, healthcare, and rural development.

### Current Income Tax Slabs (FY 2023-24):

#### Under the New Tax Regime:

– **Up to ₹2.5 lakh:** Nil

– **₹2.5 lakh to ₹5 lakh:** 5%

– **₹5 lakh to ₹7.5 lakh:** 10%

– **₹7.5 lakh to ₹10 lakh:** 15%

– **₹10 lakh to ₹12.5 lakh:** 20%

– **₹12.5 lakh to ₹15 lakh:** 25%

– **Above ₹15 lakh:** 30%

#### Under the Old Tax Regime (with exemptions):

– **Up to ₹2.5 lakh:** Nil

– **₹2.5 lakh to ₹5 lakh:** 5%

– **₹5 lakh to ₹10 lakh:** 20%

– **Above ₹10 lakh:** 30%

Taxpayers can choose between the old regime, which offers deductions and exemptions, and the new regime, which has lower rates but no exemptions.