Union Budget 2023: Finance Minister Nirmala Sitharaman’s budget speech is over. During the speech which lasted for more than one and a half hour, the Finance Minister tried to touch all the aspects. During his speech there were many laughs, while there was applause more than 104 times in 1 hour.
Finance Minister Nirmala Sitharaman has made several announcements in her budget. Among them, he has announced a big relief for the taxpayers. According to the new rule, now income tax will not have to be paid on income up to Rs 7 lakh, which was Rs 5 lakh till now.
Opposition leaders welcomed
Congress MP Karti Chidambaram has praised the budget. He said that a major part of the budget is repetition of the President’s address and economic survey, but any kind of tax cut is welcome. Putting money in the hands of the people is the best way to boost the economy.
big relief on income tax
Finance Minister Nirmala Sitharaman announced the implementation of the new income tax system. Under this, no tax will have to be paid on income up to Rs 3 lakh. 5% tax will have to be paid on income between 3 to 6 lakh rupees. Income tax will be 10 per cent on income between Rs 6 to 9 lakh, 15 per cent on income between Rs 9 and 12 lakh, 20 per cent on income between Rs 12 and 15 lakh and 30 per cent on income above Rs 15 lakh.
emphasis on infrastructure development
Finance Minister Nirmala Sitharaman has made a provision of 10 lakh crores in the budget for capital expenditure. He emphasized on private investment in important sectors including rail, road and road. He informed that 157 new nursing colleges will be opened across the country.
Announcement under Mission Karmayogi
The Finance Minister said that under Mission Karmayogi, the Center and the States will jointly launch an online training platform. For this, the skills of government employees will be promoted and three centers of artificial intelligence will be established and research will be done through them.
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