Today, Finance Minister Nirmala Sitharaman delivered the Union Budget for 2023-24. (Feb 1, 2023). As the union Budget is the annual financial report for the upcoming fiscal year 2023-24, it contains an excessive number of provisions. Here, we have compiled the top six money-related norms announced today that can affect your finances.

Wednesday, Finance Minister Nirmala Sitharaman declared that the new tax system is now the default. During the presentation of the union budget statement for the fiscal year 2023–24, Sitharaman informed Parliament that the government will take a number of steps to improve the voluntary tax regime for those forgoing income.

Nirmala Sitharaman has announced a significant change to the current system of income taxation for salaried workers. She has proposed increasing the income tax rebate for those opting for the new tax system from Rs 5 lakh to Rs 7 lakh.

According to Union Finance Minister Nirmala Sitharaman, the new tax rates are as follows: “From Rs 0 to Rs 3 lakhs, there is no tax; from Rs 3 to Rs 6 lakhs, there is a 5% tax; from Rs 6 to Rs 9 lakhs, there is a 10% tax; from Rs 9 to Rs 12 lakhs, there is a 15% tax; from Rs 12 to Rs 15 lakhs, there is a 20% tax; and above Rs 15 lakhs, there is

The new tax code now includes a standard deduction of Rs. 45,000 for salaried individuals and retirees. A person earning Rs 9 lakh per year will now pay Rs 45,000 in tax, or 5% of their income, down from Rs 60,000 previously.

Union Finance Minister Smt. @nsitharaman to address press conference post presentation of Union Budget 2023-24 in Parliament, at 03.30 PM, National Media Centre, on 1st Feb. 2023.

Watch Live 👇

📺 https://t.co/L49R7iYXp0@nsitharamanoffc @DDNewslive @airnewsalerts @PIB_India

— Ministry of Finance (@FinMinIndia) January 31, 2023

Today, finance minister Nirmala Sitharaman raised the limit on the Post Office Monthly Income Scheme’s small savings programme (POMIS). The new limits would be Rs 15 lakh as opposed to Rs 9 lakh for joint account holders and Rs 9 lakh as opposed to Rs 9 lakh for individual accounts.

Also read this:Budget 2023-2024: Revamped stations, more Vande Bharat trains: Railways’ Rs 2.41 lakh cr Budget

According to FM, MSMEs are the economic growth drivers. Micro businesses with revenues up to Rs 2 crore and certain professionals with revenues up to Rs 50 lakh are eligible for presumptive taxation. I propose increasing the respective limits for taxpayers with cash receipts of slightly more than 5 percent to Rs 3 crore and Rs 75 lakh.

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The Union Cabinet on Wednesday approved the National Green Hydrogen Mission. It aims to make India a global hub for the production, use and export of green hydrogen. The Green Hydrogen Mission will gradually lead to decarbonisation of the industrial, transport and energy sectors. At the same time, there will be a reduction in dependence on imported fossil fuels.

The Union Cabinet on Wednesday approved the National Green Hydrogen Mission. It aims to make India a global hub for the production, use and export of green hydrogen. The Green Hydrogen Mission will gradually lead to decarbonisation of the industrial, transport and energy sectors. At the same time, there will be a reduction in dependence on imported fossil fuels.

Emphasis on reducing imports

Explain that India meets a major part of its energy needs through imports. With the approval of this green hydrogen mission, it is being seen as an opportunity to reduce the dependence on imported fuel. Initially Rs 19,744 crore has been approved for the Green Hydrogen Mission, which includes research and development activities.

Many hopes from green hydrogen

Under this mission, the government aims to increase annual green hydrogen production to 5 million tonnes, add about 125 GW of renewable energy capacity, attract investments of over Rs 8 lakh crore and create lakhs of jobs. Also, a cumulative reduction in the import of fossil fuels by more than Rs 1 lakh crore has to be made. The mission is expected to help reduce greenhouse gas emissions by about 50 million tonnes.

Finance Minister had proposed

During the budget speech in the year 2021-22, Finance Minister Nirmala Sitharaman proposed to start a National Hydrogen Mission to generate hydrogen from green energy sources. At the same time, the country’s Prime Minister Narendra Modi had announced the launch of the National Hydrogen Mission on August 15, 2021 in his Independence Day speech.

#Cabinet led by Hon'ble PM Shri @narendramodi ji approves National Green Hydrogen Mission with an initial outlay of Rs 19,744 crore.#CabinetDecisions pic.twitter.com/8FI87oOhWc

— Praful Pansheriya (मोदी का परिवार) (@prafulpbjp) January 4, 2023

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Budget 2023-24: Finance Minister Nirmala Sitharaman is holding a pre-budget meeting with different stakeholders regarding the budget to be presented for the financial year 2023-24. Even after the end of the Corona epidemic, this meeting is happening virtually. A virtual meeting is also going to be held with the trade unions on November 28, 2022, regarding which the country’s major unions have expressed strong opposition.

Expressed protest by writing a letter to the Finance Minister
On behalf of the Central Trade Unions, writing a letter to the Finance Minister has expressed unhappiness over the pre-budget meeting being held virtually. In the letter, these unions have told the Finance Minister that this meeting has been called in a virtual manner despite complete relaxation of the restrictions from Corona. These unions have also objected to the fact that 12 trade unions are participating in the pre-budget consultation, yet only 75 minutes have been fixed for the meeting. It has been written in the letter that according to the Ministry of Labor, there are a total of 12 trade unions in the country and if the opening speech is added according to custom, then each trade union was given 5 minutes or less to present its point of view. Is.

Demand for physical meeting
Central Trade Unions told the Finance Minister that such a meeting in a democratic polity with key stakeholders like labor unions who represent the most productive section of the society, who are actually creating the biggest value to the GDP and the economy To what extent it is reasonable to do so. In such a situation, we express our strong protest against the customary approach of the government. The trade unions have urged the Finance Minister to reconsider the decision and hold face-to-face talks with the trade unions with proper time-allocation for effective consultation in the pre-budget meeting.

The meeting will be only for 75 minutes
This letter to the Finance Minister has been written on behalf of 10 organizations including INTUC, AITUC, HMS, CITU, except the Bharatiya Mazdoor Sangh. A pre-budget meeting with trade unions has been called on 28 November 2022 from 11 am to 12.15 pm.

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