Union Budget 2023: Finance Minister Nirmala Sitharaman on Wednesday raised the personal income tax rebate limit, doled out sops on small savings, and announced one of the biggest hikes in capital spending in the past decade as she did a tightrope walk in the Union Budget between staying fiscally prudent and meeting public expectations in the year before general elections.
HERE ARE THE MAJOR TAKEAWAYS
- No tax for those with annual income of up to Rs 7 lakh under the new tax regime. People with annual income Rs 3 to 6 lakh will now be taxed at 5 per cent, from Rs 6 to 9 lakh at 10 per cent, Rs 9 to 12 lakh at 15 per cent and income above Rs 15 lakh at 20 per cent.
- For the savings of women, the Center has started the Mahila Samman Bachat Patra scheme, which will have a validity of two years and in this, women will get 7.5% interest on savings of Rs 2 lakh.
- For Green Revolution, the Center will provide assistance to 1 crore farmers for organic farming for three years with an investment of 35 thousand crores.
- Rs 79,000 crore has been allocated under the PM Awas Yojana to build houses for poor people. The government has increased 66% of the funds for this scheme.
- To promote tourism, 50 new airports will be built to make air travel easier.
- In the next financial year, 47 lakh youth will be given training in new courses. Scholarship will be provided to about 30 lakh youth for higher education and the government will open 30 Skill India International Centers.
- A loan of Rs 2 lakh crore will be given to MSMEs across the country. Under the new scheme, this loan will be available at an interest rate of less than 1 percent. The government will act as a guarantor for the banks to give loans easily. MSMEs whose annual turnover is up to 3 crores will be given tax exemption. Along with this, tax exemption will also be given to professionals earning 75 lakh per annum.
- PAN will be made the Common Business Identifier which will be used in all transactions. If you want to use it in digital payment, then you have to give PAN number.
- A total of Rs 2.4 lakh crore has been allocated to the Railways, in which work will be done on all the schemes.
- In the financial year 2023-24, the government will open special schools for tribals and for this the government has made a provision of Rs 15,000 crore.
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