Income Tax Slabs 2023: The Indian government announced a major overhaul of the income tax slab rates for the 2023-2024 fiscal year in the Union Budget. One of the key changes under the new regime is an increase in the basic exemption limit, which has been raised from its previous level to INR 3,00,000. This increase in the exemption limit will provide some much-needed relief to taxpayers who are struggling to make ends meet during these challenging times.

In addition to the increased exemption limit, the government has also made changes to the income tax rebate available to salaried and individual taxpayers. The rebate limit has been raised from INR 5,00,000 to INR 7,00,000, which is another welcome change for taxpayers who are looking for ways to reduce their tax liability.

Income Tax Slabs 2023: Tax slabs & rates for New Income Tax Regime:

These changes to the income tax slab rates are likely to be well-received by the public, as they will provide much-needed relief to taxpayers who are struggling to make ends meet. The increased exemption limit and higher rebate limit will allow taxpayers to keep more of their hard-earned money and use it to meet their various financial obligations.

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It’s important to note that the new income tax regime is just one part of the government’s broader economic plan, which is aimed at boosting economic growth and creating jobs. By providing relief to taxpayers, the government is hoping to encourage greater consumer spending and investment, which will in turn stimulate the economy and drive growth.

Income Tax 2023: Frequently Asked Questions

Union Finance Minister Nirmala Sitharaman delivered her Union Budget 2023 speech on Wednesday, and in it, she announced a major recruitment drive for the education sector. The Centre plans to recruit 38,800 teachers and support staff for the 740 schools in the Eklavya Model Residential Schools (EMRS) over the next three years. This move is aimed at improving the educational opportunities for the tribal students who attend these schools.

In addition to the recruitment drive, the Finance Minister also outlined key plans for the improvement of the socio-economic conditions of the Particularly Vulnerable Tribal Groups (PVTGs) in India.

The Pradhan Mantri PVTG Development Mission will be launched to improve access to basic facilities such as safe housing, clean drinking water, and sanitation, as well as improved access to education, health, nutrition, roads, telecom connectivity, and sustainable livelihood opportunities.

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An amount of ₹15,000 crore will be made available over the next three years to implement the mission as part of the development action plan for the Scheduled Tribes.

The Finance Minister’s focus on the education sector and the improvement of the conditions of the tribal communities is a positive step towards creating a better future for India. With the recruitment drive for teachers and support staff, the Eklavya Model Residential Schools will be better equipped to provide quality education to the tribal students, and the Pradhan Mantri PVTG Development Mission will ensure that the tribal communities have access to basic necessities and opportunities for growth and development.

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Union Finance Minister Nirmala Sitharaman Announces the Establishment of an Agriculture Accelerator Fund in Budget 2023

On February 1st 2023, Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023 in the Parliament of India. The budget speech serves as an annual update on the country’s economic performance and outlines the government’s spending plans and policies for the upcoming fiscal year.

In her speech, the Finance Minister announced the establishment of an Agriculture Accelerator Fund with the aim of encouraging agri-startups by young entrepreneurs in rural areas. The Minister emphasized the importance of promoting entrepreneurship in agriculture and stated that this fund will provide support to young entrepreneurs who are looking to start new ventures in the agricultural sector.

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In addition to the Agriculture Accelerator Fund, the Finance Minister also announced an increase in the agricultural credit target. The target has been increased from ₹18 lakh crore to ₹20 lakh crore, a YoY increase of 11.11%. This increase in agricultural credit is aimed at providing financial support to farmers and ensuring the growth and development of the agricultural sector.

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This Budget 2023 is the last full-fledged Union Budget of the Modi government before the 2024 Lok Sabha elections. The budget speech reflects the government’s commitment to promoting entrepreneurship and providing support to farmers, two critical components of a thriving and sustainable economy.

Finance Minister Nirmala Sitharaman Delivers the 2023-24 Union Budget Speech: Highlights the Growth of the Indian Economy

On Wednesday, February 1st 2023, Finance Minister Nirmala Sitharaman delivered the 2023-24 budget speech in the Parliament of India. The budget speech serves as an annual update on the country’s economic performance and outlines the government’s spending plans and policies for the upcoming fiscal year.

In her speech, the Finance Minister highlighted the impressive growth of the Indian economy over the last nine years. According to her, the size of the Indian economy has increased from the tenth position to the fifth largest in the world. The Minister attributed this growth to the government’s efforts to create a conducive environment for economic development and entrepreneurship.

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The Minister also emphasized the importance of building on the foundation of the previous budget and the blue print for [email protected] She stated that the world has recognized India as a “bright star” and that the country’s growth for the current year is estimated at 7.0 per cent, which is the highest among all major economies. The Minister added that the per capita income has increased to ₹1.97 lakh, indicating an improvement in the standard of living for all citizens.

In her speech, the Finance Minister announced the government’s plans to spend ₹2 lakh crore on free food grains for all priority households under the PM Garib Kalyan Yojana. This initiative is aimed at improving the standard of living for the poor and marginalized sections of society. The Minister stated that the government is committed to inclusive and sustainable economic growth and will continue to take measures to improve the lives of all citizens.

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