In the Union Budget 2023-24, the railroads were allotted Rs 2.41 lakh crore, which is the most money that has ever been spent on capital expenditures for the sector. On Wednesday, following the introduction of Budget 2023 by Finance Minister Nirmala Sitharaman, Union Railroads Minister Ashwini Vaishnaw gave a speech regarding how the railways intended to use the budget that was allotted to them.

According to Ashwini Vaishnaw, 1,275 stations are undergoing renovations, while the manufacturing process for Vande Bharat trains is undergoing an overhaul.

“A budget of 2.41 million crore rupees has been been aside for the Railways. This is a significant adjustment, and it will allow passengers’ hopes and dreams to be realised. The ‘Amrit Bharat Station’ initiative is responsible for the renovation of 1,275 stations around the country. Ashwini Vaishnaw, the Minister of Railways, announced on Wednesday that there will be a revision of the production of Vande Bharat trains.
He went on to say that the production of Vande Bharat trains would now also take place in Sonipat, in the state of Haryana, and in Latur, in the state of Maharashtra.
It will fulfil Prime Minister Modi’s dream of connecting every corner of the country with Vande Bharat trains, and now, in addition to ICF Chennai, Vande Bharat trains will be manufactured in Haryana’s Sonipat and in Maharashtra’s Latur “Ashwini Vaishnaw, the Minister of Railways, made this statement. He went on to say that the production of Vande Bharat trains would now also take place in Sonipat, in the state of Haryana, and in Latur, in the state of Maharashtra.
It will fulfil Prime Minister Modi’s dream of connecting every corner of the country with Vande Bharat trains, and now, in addition to ICF Chennai, Vande Bharat trains will be manufactured in Haryana’s Sonipat and in Maharashtra’s Latur “Ashwini Vaishnaw, the Minister of Railways, made this statement.

Also read:- Budget 2023: Revised tax slab, Infrastructure and Job push | 10 points

In addition, Ashwini Vaishnaw mentioned that the nation will have passenger trains that are powered by hydrogen by the end of this year in December.
The hydrogen train is scheduled to arrive in India by the end of the year 2023 and will be designed and constructed there. According to Ashwini Vaishnaw, “Initially, it will operate on heritage circuits like Kalka-Shimla, and later on, it would be spread to other locations.”

Revamped stations, more Vande Bharat trains: How Railways plans to use Rs 2.41 lakh cr Budget pic.twitter.com/lUQMlal0Qt

— Times No1 (@no1_times) February 1, 2023

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Web Desk for India Today In less than three weeks, Finance Minister Nirmala Sitharaman will present the Union Budget 2023, and she pledged that the federal government will continue to support the middle class. According to Sitharaman, who is from a middle-class family and is aware of the challenges they confront, the BJP-led NDA government has not yet added any new taxes for the middle class in any budget.

“I identify as middle class and belong to the middle class so that I can understand them. According to Sitharaman, the Modi administration has not yet included a new tax on the middle class in a budget. She went on to say that those with incomes up to Rs. 5 lakh are not subject to taxes.

The government will continue to “work for the middle class” in the 2019 budget, the finance minister added.

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“We brought the Metro to 27 locations, and the middle class uses public transportation the most. We’re concentrating on the objective of smart cities as many middle class people relocate to cities in quest of employment. Sitharaman remarked, “We will keep working for the middle class.

Delhi| I belong to middle class & identify myself as middle class so I can understand them. Modi govt has not levied any new tax on middle class in any budget so far. No tax levied on people who earn salary up to Rs 5 Lakhs: Nirmala Sitharaman, Finance Minister (15/01) pic.twitter.com/SGu8KF1uW4

— ANI (@ANI) January 16, 2023

The majority of India’s population, the middle class, has great hopes for the 2019 budget, which will be announced on February 1. Expectations are mostly focused on tax relief, healthcare reform, and employment since it will be the current government’s final comprehensive budget before the general elections in 2024.

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Budget 2023: Tax experts have said that in order to make the Optional Tax Regime attractive in the upcoming general budget, PPF and other tax savings schemes will be included in it.
Deduction through should be allowed. Along with this, he has also demanded to increase the limit of maximum 30% tax slab to Rs 20 lakh.

Tax slabs in the new tax system

The government had introduced the Optional Tax Regime in the General Budget 2020-21 in which Individuals and Hindu Undivided Families (HUFs) were taxed at lower rates. However, other tax exemptions like house rent allowance (HRA), home loan interest and investments under 80C, 80D and 80CCD are not given in this regime. Under this, the total income up to Rs 2.5 lakh is tax free.

Thereafter 5% on total income from Rs 2.5 lakh to Rs 5 lakh, 10% on total income from Rs 5 lakh to Rs 7.5 lakh, 15% on income from Rs 7.5 lakh to Rs 10 lakh, from Rs 10 lakh Income up to Rs 12.5 lakh is taxed at 20%, income from Rs 12.5 lakh to Rs 15 lakh is taxed at 25% and income above Rs 15 lakh is taxed at 30%. However, this scheme did not attract much attention from the taxpayers, as in many cases taxpayers had to pay more tax on adopting it.

Deductions should be included in the optional tax regime

Experts believe that in order to make the Optional Tax Regime more attractive, Finance Minister Nirmala Sitharaman should increase the limit of tax-free income and peak tax rate in the upcoming budget, as well as some popular tax deductions. should be included.

Rakesh Nangia, chairman of Nangia Andersen India, said that the government should make tax rates more rational in the optional tax regime. He advocated to make it in line with the previous deductions or exemptions.

This deduction can be given

Expressing a similar view, Deloitte India partner Sudhakar Sethuraman said the government may consider allowing some deductions. He said that this should be done without complicating the process. He said that life insurance premium, home loan repayment and other deductions can also be given in this scheme.

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