12:40 PM – Personal Income Tax : Big relief to Common Man
Finance Minister gave a big relief to the common man by slashing 6 slabs of income tax to 5. Those with an income up to Rs. 3 lakhs will not have to pay tax.
An income of Rs 0-3 lakh attracts nil tax.
An income above Rs 3 lakh and up to Rs 5 lakh is to be taxed at 5% under the new regime.
Income of above Rs 6 lakh and up to Rs 9 lakh is to be taxed at 10% under the new regime.
Income above Rs 12 lakh and up to Rs 15 lakh is to be taxed at 20% under the new regime.
Income above Rs 15 lakh is to be taxed at Rs 30%.
12:30 PM -Direct Tax Proposals: Aim to Maintain Stability in Tax Reforms & Relief to Tax Payers.
The aim is to Maintain Stability in Tax Reforms & Relief to Tax Payers, said Finance Minister Nirmala Sitharaman. FM Sitharaman proposes a new Income Tax form that will be easier to fill.
- The Government processed 6.5 Crores more IT Returns
- 72 Returns per day total to 5 Crores Returns
- Finance Minister proposes Rolling Out of New IT Return Forms
- Taxes lowered on higher digital payments
12:15 PM – Fiscal Deficit and Direct Tax Proposal
The fiscal deficit for the Fiscal Year 2023-24 is estimated to be 5.9%. talking about direct, the Government aims to Maintain Stability in Tax Reforms & Relief to Tax Payers, said Finance Minister Nirmala Sitharaman. Also, the Government introduced changes in tax slabs.
12:00 PM – Relief in customs duty on import of few things
The government will provide relief in customs duty on the import of certain parts like camera lenses and concession on the import of lithium-ion batteries to further promote mobile phone production in India, the minister announced.
11:50 AM – Credit guarantee for MSMEs: New scheme with an allocation of Rs 9,000 crore
Revamped credit guarantee scheme will take effect from April 1, 2023, through the infusion of Rs 9,000 crore in the corpus. This will enable additional collateral-free credit of Rs 2 lakh crore to MSMEs.
11:47 AM – Finance Minister announces 100 labs for developing apps using 5G services
The Finance Minister said that 100 labs for developing apps using 5G services will be set up in engineering institutions. “To realise a new range of opportunities, business models & employment potential, labs will cover among others, apps like Smart Classrooms, Precision Farming, Intelligent Transports Systems & Healthcare,” she added.
11:43 AM – Massive Boost to Regional Air Connectivity
Finance Minister Sitharaman announced that 50 additional airports, helipods, water aero drones, advanced landing grounds will be revived to improve regional air connectivity.
11:41 AM – 1 -Year Extension for Interest-Free Loans to States
The Finance Minister also had some good news for the states. She announced that the 50-year interest-free loans to the state governments will be extended for one more year.
11:40 AM – Focus on Tourism Industry
The Government focus on tourism development via the Dekho Apna Desh programme. Government to focus on domestic and international toruism.
11:36 AM – Announcements for Infrastructural Growth
While focusing on capital expenditure, Nirmala Sitharaman hikes capital investment outlay by 33 per cent to Rs 10 lakh crore for 2023-24.
- PM Awas Yojna enhanced by 66% to over Rs. 79, 000 Crores
- 10,000 Cr per Year for Urban Infra Vikas
- 50 More Airports to Set Up for Enhanced Connectivity
- KYC Process to be simplified
- Efficient Use of Resources
- Enhanced Availability and Affordability of Land
- Property Tax Government Reforms
11:32 AM – Finance Minister focus on Green Hydrogen Mission will facilitate transition of economy
FM Nirmala Sitharaman said that Green Hydrogen Mission will facilitate the transition of economy to reduce dependence on fossil fuel imports.
11:25 AM – Finance Minister Makes Announcement for Healthcare Sector
Finance Minister announces Measures to Strengthen Healthcare Sector.
- Establishment of 157 new nursing colleges in co-location with existing 157 med colleges established since 2015
- Mission to eliminate sickle cell anemia by 2047
- Facilities in select ICMR labs will be made available for research by public & pvt medical facilities
- A new programme to promote research & innovation in pharmaceuticals will be taken up by Centres of Excellence
11:23 AM – Finance Minister Introduces Saptarishi Plan for India’s Development in Amrit Kaal
While listing the top seven priorities of Modi Government to take the nation forward under the motto of Sabka Saath Sabka Vikas, FM said that the priorities inspired from Saptarishi in the Amrit Kaal will lead the way forward.
- Focus on Inclusive Development
- Agri Accelerator Fund to Boost Start Ups
- Infrastructure and Investment
- Unleashign the Potential
- Reaching the last Mile
- Green Growth
- Youth and Financial Power
11:18 AM – Vision to Make India Technology-Driven Nation in Amrit Kaal
Our vision is in Amrit Kaal is to make India a technology-driven nation. For the achievement of which we focus on:
1. Facilitating ample opportunities to Citizens
2. We are focusing on impetus to create job opportunities
3. Strengthen macro facilities
11:00 AM – Finance Minister tables Union Budget for Fiscal year 2023-24 in Lok Sabha
For the first time in ‘Amrit Kaal’, FM Nirmala Sitharaman tabled Union Budget for the fiscal year 2023-24. The Government is determined to ensure better quality of life.
Nirmala Sitharaman is presenting Union Budget for the fifth consecutive time. This budget is the blueprint of India @ 100. Also, it is the last full-fledged budget of the Modi Government 2.0, as country will go into General Assemble election next year.
