During the entire budget, people’s attention is mainly focused on tax exemption and what is cheap and what is expensive. But apart from this, a lot happens in the budget. You would also like to know what you got in tax. So what is the delay, know here immediately.
The government led by Prime Minister Narendra Modi country’s budget has been introduced. Finance Minister nirmala sitharaman Called it the budget of Amrit Kaal in the Parliament. Describing it as historic, Prime Minister Narendra Modi said that this budget will create a strong foundation to fulfill the grand vision of a developed India. He said that this budget fulfills the dreams of the village, the poor, the farmers and the middle class.
At around 11 am, the Finance Minister presented the country’s budget on the table of the Parliament and since then till now you have seen, heard, read it for hours and also heard the reactions of the experts. Despite this, many questions must be roaming in your mind. Those questions, which mean a lot to you, but you could not find their answers in your language. Here, through 10 questions, we have told all those important things in easy language, which are useful for you.
Question: How much tax benefit will the salaried class people get?
answer: No relief has been given in the old tax regime. There has been no change in its tax slab. Now coming to the new tax regime. For those opting for this, the rebate limit has been increased to Rs 7 lakh, which was earlier Rs 5 lakh. Another advantage for the salaried class is that it also includes a standard deduction of Rs 50,000. That is, if your salary is Rs 7.5 lakh or less, then you do not have to pay tax.
If you are not from the salaried class then the new tax slab will be applicable. That is, no tax on income up to Rs 3 lakh. 5% on income of Rs 2 to 6 lakh, 10% on income of Rs 6 to 9 lakh, 15% on income of Rs 9 to 12 lakh, 20% on income of Rs 12 to 15 lakh and above 15 lakh 30% tax will have to be paid. Learn in detail here.
Question: What’s new in the skill development scheme, how will the unemployed get benefit?
answer: Special emphasis has been laid on the skill development of the youth in the budget. In this, the government bears the cost of training the youth. New courses like coding, AI, robotics and 3D printing will be included in the syllabus of the fourth phase of this scheme. The demand is high in these sectors right now.
In Pradhan Mantri Kaushal Vikas Yojana, priority is given to such youth, who are either less educated or who have left their schooling in the middle. Under this, youth are given training for three months, six months and one year. After completion of the course, he is given a certificate, which is valid for the whole country. Any youth can apply online by visiting http://pmkvyofficial.org website.
Question: How will 47 lakh youth get benefited from the National Apprenticeship Mission?
answer: In the budget, the government has also emphasized on the National Apprenticeship Mission. The objective of this scheme is to provide practical training to the students passed out from about 10,000 ITIs, engineering colleges and other such institutions of the country. According to estimates, their number is close to 47 lakhs. Under the National Apprenticeship Scheme, 47 lakh youth will be given scholarship for 3 years.
Question: What will be the benefit of the savings scheme to the elderly-senior citizens?
answer: In the budget, the limit of savings scheme for senior citizens has been increased from Rs 15 lakh to Rs 30 lakh. The Finance Minister has said that the maximum investment limit in the Senior Citizen Savings Scheme has been increased to Rs 30 lakh. That is, senior citizens will now be able to invest up to Rs 30 lakh and they will get more interest than the common people. (According to the interest rate applicable for the quarter).
Question: How will small industries get relief from the pandemic?
answer: Important announcements have been made in the budget to promote the country’s micro, small and medium industries. The Finance Minister has said that the Credit Guarantee Scheme for MSMEs will be revamped and implemented from April 1, 2023. An allocation of Rs 9 thousand crore has been made for this. MSMEs with a turnover of up to three crores will not be required to be audited, but there will be a condition that the cash transaction should not exceed 5 percent. Entrepreneurs with income up to Rs 30 lakh will also get this relief.
Question: How to get relief on household items?
answer: Custom duty on open sale parts has been reduced from 5 per cent to 2.5 per cent. This will make TV panels cheaper. Mobile phones will be cheaper due to reduction in custom duty on import of mobile parts and lithium-ion batteries. On the other hand, reduction in custom duty on heat coil from 20 per cent to 15 per cent will make induction, microwave, press, heater, hair strainer, geyser etc. cheaper.
Question: How will cosmetic products become cheaper for women?
answer: In the budget, Finance Minister Nirmala Sitharaman has reduced the custom duty on crude glycerine from 7.5 per cent to 2.5 per cent. That is, a direct relief of 5 percent. They are used in cosmetic products. Along with this, custom duty has been abolished on the cleaning agent denatured ethyl alcohol. Apart from cleaning, they are also used in cosmetics. That is, it is clear that after such a huge relief from tax, the cost of making cosmetic products will also reduce. And it is certain that if the cost is less then its rates in the market will also be reduced.
Question: How will the EV buyers get relief?
answer: In the budget, the Finance Minister has said that the prices of electric vehicles will come down. Import duty on goods used in making lithium-ion batteries has been reduced. Due to this, the battery used in EV will be cheaper. Since the entire focus of the government is on controlling pollution and reducing dependence on conventional fuel. In such a situation, the government is giving subsidy to promote EV purchase. EV manufacturers are also being given tax exemption. Union Minister Nitin Gadkari had also said during a program that within a year the price of electric vehicles would be equal to the price of petrol vehicles in the country. In such a situation, it is expected that the prices of electric vehicles will come down.
Question: No new announcement on employment, yet how to expect?
answer: No new announcement has been made regarding employment in the budget, but many such announcements have been made, due to which employment is possible. With the opening of Data Center and National Digital Library, there will be new recruitments. If 157 new nursing colleges will be opened, teaching and non-teaching staff will be reinstated in them. Startups related to agriculture will also create employment. With the investment of 6000 crores in the new sub-scheme of Matsya Sampada, new jobs will be created. 10,000 Bio-Input Resource Center will also provide employment.
Question: How will DigiLocker make business easier?
answer: In the budget, a target has been set to expand the service of DigiLocker. The Finance Minister has said that DigiLocker service and Aadhaar will be developed for matching and updating of identity and address of individuals maintained by various government agencies, regulators and regulated entities.
The scope of documents available in DigiLocker will also be increased. Under this, all digital infrastructure including Aadhaar, PM Jan Dhan Yojana, Video KYC, India Stack and UPI have been facilitated for fintech services. Under the new initiative, digital documents will also be made available for businesses. The process of license, company registration etc. for shops and business will be very easy.
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