Finance Minister Nirmala Sitharaman presented the country’s general budget in the Parliament. People from common to special had expectations from the budget. This time the government gave a big relief to the people on the front of inflation and tax.
Union Finance Minister Nirmala Sitharaman presented the country’s general budget on Saturday. This was her eighth consecutive budget. She made some special announcements in the budget. The government gave many big reliefs to the people on the inflation and tax front. The biggest gift among these was the exemption in personal income tax. Finance Minister Nirmala Sitharaman started her budget speech at 11 am. Like the last four budgets and one interim budget, this budget was also paperless.
Key highlights of the budget:-
While announcing the tax exemption, Finance Minister Nirmala Sitharaman said that this change has been made under the new tax system. The deduction has been kept at Rs 75,000 only. But now 30 percent tax will be levied on annual income of Rs 24 lakh. There will be exemption of standard deduction up to Rs 75 thousand. Also, there will be a tax of 20 percent on income of 15-20 lakhs. Also, there will be a tax of 10 percent on income of 8 to 12 lakhs.
– There is no tax exemption on income up to Rs 12 lakh in the new tax regime.
There will be no tax on income up to Rs 0-4 lakh.
5% tax on income up to Rs 4-8 lakh
10% tax on income up to Rs 8-12 lakh
15% tax on income up to Rs 12-16 lakh
20% tax on income up to Rs 16-20 lakh
25% tax on income up to Rs 20-24 lakh
There will be 30 percent tax on income above Rs 24 lakh.
– Big announcement on tax exemption for senior citizens. Senior citizens will be able to file updated returns for four years.
What’s in the budget for women?
A special loan scheme has been started for MSME women entrepreneurs of Scheduled Caste and Scheduled Tribe.
Women becoming entrepreneurs for the first time will get a term loan of Rs 2 crore.
What is cheap, what is expensive
- Leather goods will be cheaper.
- Electronic goods will be cheaper.
- Mobile phones and mobile batteries will become cheaper.
- Electric cars will be cheaper.
- Clothing items will be cheaper.
- LED TV will also be cheaper.
36 cancer medicines will be completely tax free. Custom duty will be removed from many medicines.
Deep Tech Fund announced in the general budget. Under this, the central government will give 10 thousand fellowships for tech research in IITs and IIS in the next five years.
New income tax bill will come next week. New bill will come for the convenience of tax payers.
Finance Minister Sitharaman said that we will run a National High Yield Seed Mission. Research, high yield, more than 100 varieties of seeds will be made available. She said that India is the second largest producer in fish farming. The market is worth Rs 60 thousand crores. Under the Cotton Productivity Mission, productivity will increase substantially and long fiber varieties of cotton will be promoted.
– Loan for startups will be increased from Rs 10 crore to Rs 20 crore. Guarantee fee will also be reduced.
– Loan guarantee cover for MSME increased from Rs 5 crore to Rs 10 crore, loan up to Rs 1.5 lakh crore will be available.
– Small airports will be built in hilly areas.
– One lakh incomplete houses will be constructed.
– States will create mining index.
– Nuclear energy mission worth Rs 20 thousand crores
– 200 new cities to be connected through new flight plan
– Many big announcements have been made for Bihar. Capacity of Patna airport will be increased. Connectivity will increase for Udan Yojana. New Greenfield airports will open.
– Rs 20,000 crore allocated for R&D for nuclear energy.
– Jal Jeevan Mission will be extended till 2028.
– 75000 seats in medical colleges
– One lakh crore allocated for Urban Challenge Fund. Emphasis on increasing the income of urban poor
– 3 AI Excellence Centers will open.
– 200 day care cancer centres will open in the country.
– IIT Patna will be funded.
– Loan up to Rs 10 crore to MSME.
– Support scheme for Indian toys. Plan to open global toy hub. Loan of Rs 20 crore to startups.
– Kisan Credit Limit is Rs 5 lakh. Loan of Rs 5 lakh to farmers at cheap interest rate. Five year package to cotton farmers.
– A urea plant will be set up in Assam. A urea plant with an annual capacity of 12.7 lakh metric tonnes will be opened.
– 1.7 crore farmers benefit from agricultural schemes.
– Five Year Mission for Cotton Productivity
– Special announcement for the farmers of Bihar. Target of self-sufficiency in pulses and oilseeds.
– Announcement in the budget for Makhana farmers. Makhana board will be formed.
– Finance Minister Nirmala Sitharaman said that PM will run Dhan-Dhanya Krishi Yojana. The scheme will be run in 10 districts. The scheme will be started in areas with low yield.
– Announcement of a six-year mission for self-sufficiency in edible oil.
– Announcement of a comprehensive program for fruits and vegetables.
– Union Finance Minister Nirmala Sitharaman is presenting the general budget in Parliament on Saturday. While beginning her budget speech, she said that under the leadership of the Prime Minister, the country’s economy has gained momentum and will continue to do so.
– Finance Minister Nirmala Sitharaman is presenting the country’s general budget in the joint session of Parliament.
– According to sources, Prime Minister Narendra Modi told his cabinet colleagues that this budget is for the common man. This is the budget of aspirations of poor farmers, women and youth. It is the budget of knowledge (poor youth, farmers and women power).
– JDU MP Sanjay Jha, while reacting to the saree of Union Finance Minister Nirmala Sitharaman, said that he is thankful to her for wearing a Madhubani painting saree. Dulari ji had gifted her this saree. Today Nirmala ji has worn this saree. A good message has been sent for Madhubani painting. Thanks to Nirmala ji on behalf of Mithila.
– Samajwadi Party President Akhilesh Yadav, while reacting to the budget to be presented, said that the budget is coming but SP’s priority is Kumbh. People are not able to find their loved ones. The dead bodies are still there. But the government is hiding the figures. So much money was spent on publicity. People were called but no arrangements were made.
– The budget was approved in the cabinet meeting.
– Finance Minister Nirmala Sitharaman has reached Parliament House.
– The white Madhubani saree worn by Finance Minister Nirmala Sitharaman was gifted to her by Padmashree Dulari Devi. Dulari Devi had requested Finance Minister Sitharaman to wear this saree on the day of the budget. Dulari Devi, a resident of Madhubani district, was awarded the Padma Shri by President Ram Nath Kovind in 2021. She was awarded the Padma Shri for her contribution in the field of art.
– Finance Minister Nirmala Sitharaman reached Rashtrapati Bhavan and handed over a copy of the budget to him.
– The copy of the budget has reached the Parliament House.
– A cabinet meeting will be held in Parliament House at 10.25 am, in which the budget will be approved.
– Finance Minister Nirmala Sitharaman reached the Finance Ministry around 8.45 am. From here she will go to Rashtrapati Bhavan, where she will hand over a copy of the budget to President Draupadi Murmu.
What can be the big announcements in this budget:-
The reduction in excise duty can reduce the prices of petrol and diesel. Currently, the duty on petrol is Rs 19.90 and on diesel, Rs 15.80.
Along with this, import duty on gold and silver can be increased. Currently, 6% duty is levied on it. This can increase the prices of gold and silver.
Import duty on parts related to consumer electronics may be reduced. Currently, 20 percent duty is levied on it. This may make items like mobile phones cheaper.
