Finance Minister Nirmala Sitharaman presented her 8th consecutive budget today. During this, she made many big announcements. She said that broadband connectivity will be improved and expanded. Broadband connectivity will be provided in all government schools in the country. National Manufacturing Mission will be created, in which clean technology will be promoted. IIT Patna will also be provided with funds.
The middle class has got a big relief from the government's announcement on income tax. Now even those earning Rs 1 lakh per month will not have to pay any tax. Earlier this limit was around 60 thousand rupees per month, in which it has been increased by 40 thousand rupees. In the 2023-24 budget, the government had fixed the tax exemption limit at Rs 7 lakh per annum, while earlier the limit was Rs 5 lakh per annum in 2019, Rs 2.5 lakh in 2014, Rs 2 lakh in 2012 and Rs 1 lakh per annum in 2005.
Tax slabs
The tax slabs have also been revised. Those earning Rs 12 lakh annually will not have to pay any tax, but those earning more than that will have to pay tax as per the slabs given below
Up to Rs 4 lakh: 0% tax
Rs 4 lakh to Rs 8 lakh: 5% tax
Rs 8 lakh to Rs 12 lakh: 10% tax
Rs 12 lakh to Rs 16 lakh: 15% tax
Rs 16 lakh to Rs 20 lakh: 20% tax
Rs 20 lakh to Rs 24 lakh: 25% tax
Above Rs 24 lakh: 30% tax
Big announcement for the middle class
Big announcement in tax slab, tax limit up to Rs 12 lakh per year. That is, no tax up to an annual income of Rs 12 lakh.
Some important announcements
Standard tax deduction for senior citizens increased from Rs 50 thousand to Rs 1 lakh.
Broadband connectivity in all government schools. Broadband connectivity will be provided to all government secondary schools and primary health centers to ensure better access to digital education resources.
Cess removed from 82 items
Mobile phones will become cheaper
Leather will become cheaper
LED/LCD will become cheaper
Clothing made in India will become cheaper
Cancer drugs will become cheaper
Medical devices will become cheaper.
Clothing made by weavers will become cheaper.
Rebate on lithium batteries, lithium iron batteries will become cheaper.
6 life-saving drugs will become cheaper.
Important announcements of the budget
36 cancer treatment drugs will be cheaper.
Medical devices will be cheaper.
Central KYC registry will be created.
Textile sector will get exemption.
State mining index will be created.
12 minerals like zinc will be exempted
1.5 lakh crores for development to states
Big announcement for electronic products. Large TV sets will become expensive.
Pencils, battery products will become cheaper.
Announcement of exemption on EV batteries, exemption will be given on EV battery production.
Cess was removed from 82 items in the budget.
Important announcement on insurance sector
FDI increased in insurance sector. Now 100 percent FDI instead of 75 percent.
Finance Minister's big announcement on income tax
A big announcement has been made on income tax. Income tax bill will be brought next week.
Read in Hindi Click Here
Big announcements for farmers in budget
At the beginning of the budget, the Finance Minister announced the Pradhan Mantri Dhan Dhanya Yojana for farmers. Along with this, it has been announced to increase the limit of Kisan Credit Card. The Finance Minister said that now the limit has been increased from 3 lakhs to 5 lakhs. While 100 districts with low yield will be included in it under the Dhan Dhanya Yojana. This will benefit 1.7 crore farmers.
Note:
Before adopting any health tips, consult a doctor. Because no one knows better than your doctor what is appropriate or how appropriate for your body
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Note:
Before adopting any health tips, consult a doctor. Because no one knows better than your doctor what is appropriate or how appropriate for your body