Budget 2023: Boosting the real sector.. Nirmalamma’s budget Full details..
Unemployed.. Farmers.. Employees.. Traders.. Industrialists.. People belonging to all sectors have many expectations on the budget brought by the government every year. .
Budget is coming which means everyone is very interested from the common man to the common man.. Everyone is waiting for what kind of support the government will give them. Unemployed.. Farmers.. Employees.. Traders.. Industrialists.. People belonging to all sectors have many expectations on the budget brought by the government every year. .
Finance Minister Nirmala Sitharaman presented the budget in the Lok Sabha on Wednesday (February 1). And has this budget reached everyone’s expectations? How much good did Nirmalamma do to whom? Who got what in this budget.. Now let’s know in detail..
In the case of tax payments..
It can be said that everyone has got a big relief in the matter of tax.. because the government has not given any relief to the tax payers for 8 years. This time, however, Nirmalamma showed mercy on that category.. The tax details announced in the budget are as follows..
The income tax exemption limit has been increased from Rs.3 lakh to Rs.7 lakh and those earning up to Rs.7 lakh annually do not need to pay any tax. But here is another thing to know. Those who earn more than seven lakhs come under the tax ambit.
- 5% tax is payable on income of 3-6 lakh rupees
- 10% payable on income of 6-9 lakh rupees
- 15% tax is payable on income of Rs 9-12 lakhs
- 12-15 lakhs income will be taxed at 20%
- 30% tax on income above 15 lakhs
- Also now the average processing time of income tax returns has been reduced from 93 days to 16 days
Real estate sector
- There is a budget to give a boost to the real estate sector as well.
- Investment in Pradhan Mantri Awas Yojana increased by 66% to Rs 79,000 crore
- 50 new airports, helipads, drones and landing grounds to be built to increase air connectivity
- Cleaning of manholes and septic tanks will be fully mechanized in all cities and towns.
- The FM has recommended capping the exemption from capital gains on residential property investment under section 54, 54F to Rs 10 crore. Limits income tax deduction from the proceeds of high value insurance policies.
- The FM also suggested incorporating guidelines for calculating capital gains in the form of check or other form of payment in case of joint property development.
- The FM proposed that the rules for computing capital gains in cases of development of joint property should take into account the amount paid by check or other mode of payment.
- By ring-fencing user charges on urban infrastructure, it has taken steps to implement property tax regime reforms.
- Like the RIDF, the Urban Infrastructure Development Fund (UIDF) is said to be established by utilizing the priority sector loan shortage.
A relief to the employment sector
- Big decision on Agniveer Fund, its fund will be rated ‘EEE’
- A voluntary scheme will be introduced to end disputes related to contract workers
- By 2023, 157 new nursing colleges will be established in the country
- The Prime Minister will launch the Kaushal Vikas Yojana 4.O
- 30 Skill India National Sectors will be opened for skill development
- Tourism sector has huge employment/employment opportunities for youth
Blessings to farmers..
- Creates digital public infrastructure for agriculture
- Priority will be given to start-ups related to agriculture in the country
- Pradhan Mantri Life Yojana starts adopting alternative methods for fertilisers
- 500 new plants will be set up under the Govardhan scheme
- In next 3 years, 1 crore farmers will be assisted in organic farming
- 10,000 bio input resource centers will be set up for natural farming
- Artisans and artisans get PM Vishwakarma Kaushal Samman Package
- The loan target for animal husbandry, dairy and fisheries industries has increased to Rs.20 lakh crore
- 5,300 crores will be given to Karnataka Upper Bhadra Project
- PMPBTG development mission scheme for tribals will be launched
- 15,000 crores will be available for PMPBTG Development Mission Scheme over 3 years
- An agricultural promotion fund will be set up to launch agri start-ups in rural areas
- An Agriculture Accelerator Fund will be set up for agri-startups by young entrepreneurs
- A sub-scheme was launched under the Pradhan Mantri Matsya Sampada Yojana. It will involve an investment of 6000 crores
- Union Budget 2023 announces opening of 157 new nursing colleges
- Children will establish a national digital library for adolescents
- An institute of excellence for teachers will be started
- 3 Centers of Excellence for Artificial Intelligence
- 30 Skill India International Centers will be set up in the country
- Agniveer Fund will be given ‘EEE’ status
Huge allocations for railways..
- The Finance Minister said that they are giving Rs.2.40 lakh crores to the Railways, which is the highest budget allocated to the Railways.
- This is 9 times more than the budget allocated in 2014.
Focus on technology sector..
Similarly, special schemes have been introduced for the development of technology. This will contribute to the further development of the technology sector in the country.
- The third phase of the e-court scheme will start with Rs.7,000 crore
- 100 labs will be set up to make 5G apps
- An annual production target of 5 MMT by 2030 has been set for the Green Hydrogen Mission
- An integrated IT portal will be created to claim shares dividends
- Exemption on import of mobile parts, camera lenses
- Exemption on import of lithium-ion batteries to increase mobile phone production Custom duty on TV panels reduced
It can be said that this budget is a bit tight. Prices of many commodities have increased. Tax has been increased especially on cigarettes.
Electric kitchen chimney expensive, custom duty hiked from 7.5 to 15% Cigarettes cost hiked, duty on cigarettes hiked by 16% Custom duty on textiles, non-agricultural goods reduced from 21% to 13% Tax exemption for small scale industries with turnover of Rs 3 crore due to pandemic Relief provided to distressed MSMEs MSMEs can also take advantage of PM Vishwakarma Kaushal Samman Yojana
For older women
- Mahila Samman Bachat Patra Yojana announced
- In this women will get 7.5% interest on 2 lakh savings
Cheap expensive items..
- Custom duty on TV panels open cell parts reduced from 5% to 2.5%
- Custom duty has been reduced on certain components for manufacturing mobile phones
- Tax on cigarettes increased by 16%.
- Custom duty increased on silver items.
Overall, this budget seems to be popular. As it was an election year, the impact was seen well on the budget, according to experts. Here we have provided information related to the budget as much as possible.