When Will India Have 'China Pe Charcha': Kharge

Nothing For Poor But Election Speech: Kharge

Congress president Mallikarjun Kharge on Wednesday said that the Budget 2023 was prepared keeping an eye on the upcoming Assembly elections adding that it has nothing to offer for the poor people of the country.

He further said that the ruling government has failed to control inflation and the budget is not for common people.
Finance Minister Nirmala Sitharaman presented the Union Budget 2023 today in Lok Sabha. This was the third time in a row that the government presented the budget in a paperless form.

Speaking to ANI, the Congress President said that no steps have been taken for jobs, to fill government vacancies and MNREGA.

“The budget was presented by the Modi government keeping in view the upcoming Assembly polls in three-four states. This was an election speech and they had prepared that 15 days ago. There is nothing in the budget for poor people and to control inflation. No steps for jobs, to fill government vacancies and MNREGA,” said Kharge on Union Budget 2023.

Lambasting the BJP at the Centre for not presenting any vision to create jobs, Kharge said that the government failed to fill vacancies at existing government offices.

Congress General Secretary KC Venugopal said that the Budget 2023 does not reflect the real sentiments of the people such as unemployment and price rise.

He further said that the Union Budget is filled with fancy announcements whose implementation is under question.

“This budget is not addressing the real sentiment of the country that is unemployment and price rise. It only had fancy announcements that were made earlier too but what about implementation? Only insurance companies were benefited from PM Kisan Yojana not farmers,” said KC Venugopal.

Highlights of the budget presented by the Union Finance Minister included big incentives under the new income tax regime. The IT rebate limit in the new regime has been increased from

Rs 5 lakh to Rs 7 lakh and the new tax regime will be the default tax regime, the Finance Minister said. Capital expenditure outlay has been increased by 33 per cent to Rs 10 lakh crore, accounting for 3.3 per cent of the GDP.

Meanwhile, Prime Minister Narendra Modi hailed the “first budget of Amrit Kaal” and said that it would lay a strong foundation for building a developed India.

The Prime Minister said that the budget gives priority to the deprived and will fulfill the dreams of the aspirational society, the farmers and the middle class.

“The first budget of Amrit Kaal will build a strong foundation for building a developed India. It gives priority to the deprived. This budget will fulfil the dreams of an aspirational society including poor people, middle-class people, and farmers. I congratulate Nirmala Sitharaman and his team for this historic budget,” PM Modi said in a televised address.

Noting that PM Vishvakarma Kaushal Samman will bring a huge change in the lives of ‘Vishvakarmas’, the Prime Minister said that for the first time schemes relating to their support has been incorporated into the budget. (ANI)

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default tax regime

Budget 2023: Income Tax Rebate Increased, No Tax On Income Upto Rs 7L

Union Finance Minister Nirmala Sitharaman on Wednesday announced an increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh stating that the new tax regime will now be the default tax regime.

The Finance Minister also proposed to change the tax structure in this regime by reducing the number of tax slabs to 5 and increasing the tax exemption limit to Rs 3 lakh.
On personal income tax, the FM announced that “Tax for income of Rs 0-Rs 3 lakh is nil, for income above Rs 3 lakh and up to Rs 5 lakh will be taxed at 5 per cent, for income of above Rs 6 lakh and up to Rs 9 lakh will be taxed at 10 per cent and for income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20 per cent and above 15 lakh at Rs 30 per cent.”

For pensioners, the finance minister announced extending the benefit of standard deduction to new tax regime. Each salaried person with an income of Rs. 15.5 lakh or more will benefit by Rs. 52,500.

Sitharaman, while presenting the Union Budget in Parliament today said, “A person earning Rs 9 lakh a year will now be paying just Rs 45,000 instead of Rs. 60,000 currently. Similarly, a person earning Rs 15 lakh will now pay only 10 per cent of this as tax.”

The finance minister also said: “The limit of Rs 3 lakh for tax exemption on leave encashment on government salaried employees. That was set in 2002 when government salaries were lower and is now being raised to Rs 25 lakh.”

She also added, “The new income tax regime will now become the default option, but people will still have the option to go for earlier regime.”

The average processing time for income tax returns has been reduced from 93 days to 16 days.(ANI)

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