Relief for Middle-Income Group, No Tax on Income up to Rs 7 Lakh
The Union Finance Minister, Nirmala Sitharaman has presented a very appreciable budget today in which she has kept the focus on every segment. FM described the Union budget 2023 as ‘the first budget of Amrit Kaal’.
FM has Taken Care of Every Segment in the Budget
In her fourth consecutive finance budget, Sitharaman has taken care of every segment. Youth, women, elderly persons, businessmen, and all other sections were in the center of the budget. The budget also offers an incentive for corporate in India including start-ups, MSMEs, and private players to participate in India’s growth story.
Significant Changes in the Income Tax Slabs
Significant changes in the Government have made significant changes in the income tax slabs in the new tax regime whereby the government has made the new income tax regime more attractive for the taxpayers. Keeping in mind the middle-income group, changes have also been made in the tax slab, which is directly related to the common man. The new income tax regime is offering greater rebates. There is no income tax on income up to Rs 7 lakh which is a very substantial relief for the middle-income group.
Budget Aims to Speed up the Country
Steps like setting up 100 new labs for 5G and supporting start-ups show that the Government of India is moving fast with the times. New steps are being taken for the skill development of the youth. She has said that the World has recognized the Indian economy as a bright spot. The Indian economy has grown from 10th to 5th largest in the World in the last decade.
Funds for Strengthening Transport System
Funds have been set for the establishment of the new airports and huge expenditure on railways and transport infra. This will work to speed up the country. The Indian Economy is on the right track and promises to have a bright future.
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