Finance Minister Nirmala Sitharaman made the most important announcement regarding income tax for the middle class. Income tax slab has also been reduced in the budget announcement, now it has been reduced from 6 to 5.
Jaipur. Just a day before the budget, the government presented the Economic Survey. Due to which it was being speculated that this budget would be special for taxpayers and people would get relief. The same happened in the budget. Presenting the budget 2023-24, the central government has increased the income tax exemption limit to 7 lakhs. Before the new income tax method, those with annual income up to ₹ 5 lakh were not required to pay any tax, whereas now this limit has been increased to ₹ 7 lakh.
Chamber of Commerce President Dr. KL Jain told that as expected, this budget will not only promote productivity. Rather it will be promoting industries through digitalization. There has been talk of creating a new guarantee scheme to promote MSMEs. So that the availability of loans from banks becomes available to the MSME sector. Along with this, steps have been taken to promote investment in both the government sector and the private sector
Income tax exemption was given as expected. If people have budget, then demand will increase, if demand increases, manufacturing will increase, service sector will increase and generation of employment will be more. Similarly, to promote new artificial intelligence, startups have been given the benefit again for 1 year. This thing has been said keeping in mind the unicorn youth. As expected, expenditure has been increased in the field of agriculture. On all other sources, increased provisions have been made on education and health as well.
This budget has been prepared according to the report of the International Monetary Fund which mentioned the growth of the Indian economy. So that more and more investment is made in India. Steps have also been taken in the direction of self-reliant India. Custom duty has been increased on the materials which needed to be curbed. At the same time, so that India becomes self-sufficient and the manufacture of goods can be completed here, custom duty has been reduced on them.
The 6 slabs of income tax have been reduced to 5 slabs. As expected, the slab up to three lakhs has been made tax free. Because until the middle class people do not have money in their hands, their wellness standard will not be able to increase. Keeping in mind the wellness, education, health, drinking water, housing, toilets, Swachh Bharat Abhiyan, the prime minister’s scheme related to all these, has been increased keeping them intact. Rajasthan Chamber of Commerce described this budget as thinking.