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April 23, 2024
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Budget 2023: Big relief to middle class and taxpayers in Nirmala Sitharaman’s budget, see what has become cheaper

NEW DELHI: Finance Minister Nirmala Sitharaman presented her fifth budget on Wednesday. Which is the last full budget of the second term of the Modi government.

In the beginning of the budget speech, Nirmala Sitharaman said that this is the first budget of Amritkal and it takes forward the picture which was made in the earlier budget. Its objective is to benefit all sections of the country.

Income Tax: No tax will have to be paid on income up to Rs 7 lakh

• Next generation tax form will be issued which will be simpler than before. Next generation tax form will be issued for easy tax filing.

• New companies starting work in the cooperation sector by March 31, 2024 will be given a rebate of 15 percent.

• At present, a person does not have to pay any income tax on income up to 5 lakhs annually. It has been proposed to increase this level to seven lakhs in the new tax regime.

• In the year 2020, the six rates given in the personal tax regime will be reduced to five levels.

• There will be no tax on income from Rs 0 to 3 lakhs.

• 5% tax will be levied on income between Rs 3 to 6 lakhs.

• 10% tax will be levied on income between Rs 6 to 9 lakhs.

• 15% tax will be levied on income between Rs 9 to 12 lakhs.

• 20% tax will be levied on income between Rs 12 to 15 lakhs.

• 30% tax will be levied on income above Rs 15 lakhs.

• A person will have to pay a tax of Rs 45,000 on income up to nine lakhs. On the other hand, Rs 1.5 lakh or 10 percent tax will have to be paid on the income of Rs 15 lakh.

• According to the Finance Minister, the new tax regime will now be the default tax regime.

Promotion of green energy, announcement of increase in custom duty on silver and cigarettes

• The Finance Minister talked about the importance of promoting green energy.

• Exemption given in custom duty on import of goods required for making Lithium Ion batteries will continue.

• Custom duty exemptions on imports of essential items used in mobile phone production, such as camera lenses and lithium-ion batteries, will continue.

• Proposal to remove custom duty on denatured ethyl alcohol.

• Proposal to reduce custom duty on crude glycerine from 7.5 to 2.5.

• The custom duty on silver will be increased so that it becomes equal to the custom duty on gold and platinum.

• The custom duty on cigarettes has not been increased for three years. It is proposed to increase it to 16 per cent.

Supply of free food grains to the poor extended for one year

• Under Pradhan Mantri Garib Kalyan Anna Yojana, Rs 2 lakh crore is being borne by the Central Government.

• The supply of free food grains to the poor has been extended for one year under the Antyodaya scheme.

• Work on the proposal to replace the Credit Guarantee Scheme for MSMEs will start from April 1 this year. A provision of 9000 crore corpus has been made for this.

• National Financial Registry for Financial Strategy will be created. A Central Pressing Center will be set up so that the documents being filed by the companies are processed quickly.

• 10 thousand crores will be allocated for Govardhan Yojana. Necessary relief will be given for this

• The government will motivate one crore farmers to adopt organic farming, for this 10,000 bio input research centers will be set up.

• Replacing polluting vehicles is a very important task, it is a big step in the path of sustainable energy. Help will be given to destroy the old vehicles and ambulances of the central government. For this, help will also be given to the state governments.

• Pradhan Mantri Kaushal Vikas Yojana 4.0 scheme will be launched in the next three years, in which focus will be on industry best curriculum.

• To prepare the youth for the international market, 30 Skill India International Centers will be set up in different states.

• A scheme will also be launched to help students under the Direct Benefit Scheme. This will help 47 lakh youth.

• Every effort will be made to promote tourism. Domestic tourism is being increased under the Dekho Apna Desh scheme, under which tourism will be promoted in the border areas.

• Cleaning of manholes or sewers should not be done by humans and it should be done through machines, efforts will be made to ensure that this work is done 100% by machines.

• Aadhaar card will also be accepted as proof of identity for digital transactions.

• There is a possibility of creating jobs in the diamond made in the lab. In this case, research work will be increased to reduce the dependence on imports.

• Seven thousand crores will be allocated for e-courts so that there is no delay in getting justice.

• Green credit program will be brought under environmental protection law.

• A new program named PM Pranam will be started, under which the use of natural fertilizers will be promoted by reducing the use of artificial fertilizers.

• Scientific methods will be adopted for disposal of wet and dry waste.

• To promote Make AI in India and Make AI Work for India, three centers of Artificial Intelligence will be set up which will be set up in three top institutes.

• These centers will be able to work closely with the experts of private companies for the direction in which AI should be used.

• KYC facility will be further simplified to make it easier for people to make name correction or change of address.

• PAN card will be accepted as a common identity for all types of digital work in all government departments.

• If the MSME has not been able to perform properly during Kovid, then 95% of the total amount under the contract will be returned to them.

• PM Awas Yojana will be increased by 66% and Rs.79 thousand crore will be allocated.

• The interest free loan given to the state governments for 50 years will be extended for one more year.

• Arrangements have been made to allocate 2.40 lakh crores for Indian Railways, which is the biggest ever. Earlier, the allocation made in 2013-14 is 9 times more than that.

• 50 more pads near airports, helipads and ports will either be built or they will be revived.

• Since 2014, 157 medical colleges have been set up. With these, 150 new nursing colleges will be built.

• In the research facilities available in ICMR, private institutions will also be allowed to research teachers so that more research can be possible in this sector as well.

• National Digital Library will be created for children and adults. To increase access to these, a library will also be made at the panchayat level so that children can read digital books from here.

• Pradhan Mantri PVTG (Specially Disadvantaged Tribal Groups) Development Mission will be launched.

• The government will recruit 38,000 new teachers and other staff for Eklavya schools built for tribal children.

During the budget speech, the Finance Minister said-

• The presidency of G20 has given India an opportunity to present its strong claim on the economic front at the global level.

• The per capita income has doubled and further increased to Rs 1.97 lakhs.

• Internationally, India used to be the tenth largest economy in the world, now it is on the fifth position.

• More than seven crore people of the country are connected with EPFO.

• Globally, the economies of countries are in trouble, but India’s growth rate is estimated to be up to 7 percent.

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