New Delhi, 01 February: Union Finance Minister Nirmala Sitharaman on Wednesday placed the union Budget for the financial year 2023-24 on the table of Parliament. Presenting the Amrit Kaal budget in the Lok Sabha, Sitharaman said that the Indian economy is on the right track, moving towards a bright future. Giving great relief to the salaried, he announced to increase the exemption limit in income tax. With this, now those with an annual income of up to Rs 7 lakh will not have to pay any tax.
Sitharaman has increased the existing tax slab from Rs 5 lakh to Rs 7 lakh in the union Budget for the financial year 2023-24. Under the new system, after the announcement of exemption in tax slabs, now the new tax rate of personal income tax is zero from Rs 0 to 3 lakh, 5 percent from Rs 3 to 6 lakh, 10 percent from Rs 6 to 9 lakh, Rs 9 to 12 lakh 15 per cent, 20 per cent between Rs 12 to 15 lakh and 30 per cent above Rs 15 lakh.
Announcing the amendment in Income Tax, the Finance Minister said that in the year 2020, I have introduced a new personal income tax regime with 6 income slabs starting from Rs 2.5 lakh. I propose to change the tax structure in this system. The number of tax slabs has been reduced to 5 and the tax exemption limit has been raised to Rs 3 lakh.
The Finance Minister has announced tax exemption for micro industries with a turnover of Rs 3 crore. Sitharaman has announced the launch of Mahila Samman Bachat Patra Yojana. In this, women will get 7.5 percent interest on savings of Rs 2 lakh. Similarly, the Finance Minister in his budget speech announced to increase the limit of Senior Citizen Account Scheme from Rs.4.5 lakh to Rs.9 lakh.
Presenting the union Budget 2023-24 in Parliament on Wednesday, union Finance Minister Nirmala Sitharaman said that 157 new nursing colleges will be opened at these places along with the existing 157 medical colleges.
In his budget speech, the Finance Minister said that a mission has been set to eliminate sickle cell anemia by the year 2047. For this, universal screening of 7 crore people in the age group of 0 to 40 years in the affected tribal areas will be done and counseling will be provided to them.
In addition, to encourage innovation, facilities will be made available in selected ICMR laboratories for research by public and private medical college as well as private sector R&D teams.
New course for medical devices will be introduced. The number of ICMR will be increased across the country. Along with this, private investment in the medical sector will be encouraged.
Union Finance Minister Nirmala Sitharaman, during her budget speech in the Parliament on Wednesday, gave special importance to tourism and mentioned its immense possibilities. She said that the government has selected 50 places in the country to promote tourism.
In his budget speech, the union Finance Minister said that there is a lot of potential for tourism in the country. The government is going to work in mission mode regarding tourism. There will be a lot of employment opportunities in the field of tourism. She further said that in order to promote tourism, the government has selected 50 places in the country, where help will be given by the government. These places will be specially developed with modern facilities.
She further said that to promote domestic tourism- Dekho Apna Desh and Swadesh Darshan scheme, would be setup for border and village tourism. She said that there is a lot of potential in foreign and domestic tourism. There are huge opportunities for jobs and entrepreneurship in this sector especially for the youth.
The central government will recruit 38,800 teachers and support staff over the next three years in 740 Eklavya Model Residential Schools supporting tribal students.
Union Finance Minister Nirmala Sitharaman while presenting the budget in the Lok Sabha on Wednesday announced good news for the candidates applying for teacher jobs. In his budget speech, he said, the Center will recruit 38,800 teachers and support staff for 740 schools in Eklavya Model Residential Schools (EMRS).
In her fifth budget, Sitharaman announced major schemes for vulnerable tribal groups. He said, ?In order to improve the socio-economic conditions of Particularly Vulnerable Tribal Groups (PVTGs), the Pradhan Mantri PVTG Vikas Mission will be launched. This will provide basic amenities like safe housing, clean drinking water and sanitation to PVTG families and settlements.
