Finance Minister Announces Six Major Money-Related Reforms

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.

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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.