Union Finance Minister Nirmala Sitharaman&nbsp;addressed&nbsp;a press conference after presenting the Union Budget 2023-24, with its&nbsp;focus&nbsp;on&nbsp;empowering women, promoting&nbsp;tourism, PM's&nbsp;Vikas scheme, and&nbsp;green growth.&nbsp;Sitharaman spoke to the press and said that the country has been waiting for a direct tax system that is straightforward and simple to follow.

"We are not compelling anybody. Those who want to remain in the old tax regime can still remain there. But, the new one is attractive because it gives a greater rebate. It also provides for simplified and smaller slabs, lower rates of taxation and also slabs which are nicely broken down,” said Sitharaman.

The Budget's proposed reforms would exempt individuals with yearly incomes of up to Rs 7 lakh from paying taxes under the new system, but they would not affect people who continue to pay taxes under the previous system, which offers tax breaks and deductions for investments and expenses like HRA.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/budget-2023-pm-modi-says-steps-taken-to-empower-middle-class-ensure-ease-of-living-557883">Budget 2023: PM Modi says steps taken to empower middle class, ensure ease of living</a>

The finance minister in her Budget for 2023–24 permitted a basic deduction of Rs. 50,000 under the new regime, in what is perceived as an attempt to persuade the salaried class to transfer to the new tax system where no exemptions on investments are offered.

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In the Union Budget 2023-24, the Allocation for the Welfare of Scheduled Castes has been increased from ₹ 1,42,342.36 Crore to ₹ 1,59,126.22 Crore.<a href="https://twitter.com/hashtag/AmritKaalBudget?src=hash&amp;ref_src=twsrc%5Etfw">#AmritKaalBudget</a> <a href="https://twitter.com/hashtag/UnionBudget2023?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2023</a> <a href="https://twitter.com/PMOIndia?ref_src=twsrc%5Etfw">@PMOIndia</a> <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> <a href="https://twitter.com/AmitShah?ref_src=twsrc%5Etfw">@AmitShah</a> <a href="https://twitter.com/FinMinIndia?ref_src=twsrc%5Etfw">@FinMinIndia</a> <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> <a href="https://twitter.com/Drvirendrakum13?ref_src=twsrc%5Etfw">@Drvirendrakum13</a> <a href="https://twitter.com/ANarayana_swamy?ref_src=twsrc%5Etfw">@ANarayana_swamy</a> <a href="https://t.co/RRq63eUDXH">pic.twitter.com/RRq63eUDXH</a>
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An analogous deduction is allowed under the previous tax code, and there is no tax on income up to Rs 5 lakh.

The ultimate interest is to make the simpler (new) regime more attractive," Sitharaman said.

"I propose to extend the benefit of standard deduction to the new tax regime. Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500," she added.

She added that the Prime Minister has given a vision for “LiFE", or Lifestyle for Environment, to spur a movement of environmentally conscious lifestyle.&nbsp;

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Video source: PIB

Sitharaman's also commemorated the&nbsp;Azadi Ka Amrit Mahotsav, a one-time new small savings scheme and the&nbsp;Mahila Samman Savings Certificate which&nbsp;will be made available for a two-year period up to March 2025, reported ANI.&nbsp;

The Mahila Samman Savings Patra has a deposit facility of up to Rs 2 lakh with a fixed interest rate of 7.5%.

"One-time new small saving under 'Mahila Samman Saving Patra'. The deposit facility for the women and girls will be for a period of two years with a rate of interest of 7.5 per cent," Sitharaman announced.

On the&nbsp;technology and finance front, Sitharaman said that the government&nbsp;is&nbsp;looking at a futuristic fintech sector where people will be trained through Industrial Revolution 4.0.&nbsp;

"People will be trained through Industrial Revolution 4.0, we are trying to unleash digital economy in various walks of life," she said in an address to the media.

Sitharaman presented the last full-fledged Union Budget of the Modi government on&nbsp; February 1 before the 2024 Lok Sabha elections.&nbsp;

(With inputs from agencies)

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Union Finance Minister Nirmala Sitharaman addressed a press conference after presenting the Union Budget 2023-24, with its focus on empowering women, promoting tourism, PM's Vikas scheme, and green growth.

Union Finance Minister Nirmala Sitharaman addressed a press conference after presenting the Union Budget 2023-24, with its focus on empowering women, promoting tourism, PM's Vikas scheme, and green growth. Sitharaman spoke to the press and said that the country has been waiting for a direct tax system that is straightforward and simple to follow. "We are not compelling anybody. Those who want to remain in the old tax regime can still remain there. But, the new one is attractive because it gives a greater rebate. It also provides for simplified and smaller slabs, lower rates of taxation and also slabs which are nicely broken down,” said Sitharaman. The Budget's proposed reforms would exempt individuals with yearly incomes of up to Rs 7 lakh from paying taxes under the new system, but they would not affect people who continue to pay taxes under the previous system, which offers tax breaks and deductions for investments and expenses like HRA. Also read | Budget 2023: PM Modi says steps taken to empower middle class, ensure ease of living The finance minister in her Budget for 2023–24 permitted a basic deduction of Rs. 50,000 under the new regime, in what is perceived as an attempt to persuade the salaried class to transfer to the new tax system where no exemptions on investments are offered. In the Union Budget 2023-24, the Allocation for the Welfare of Scheduled Castes has been increased from ₹ 1,42,342.36 Crore to ₹ 1,59,126.22 Crore.#AmritKaalBudget #UnionBudget2023 @PMOIndia @narendramodi @AmitShah @FinMinIndia @nsitharaman @Drvirendrakum13 @ANarayana_swamy pic.twitter.com/RRq63eUDXH — Ministry of Social Justice & Empowerment, GOI (@MSJEGOI) February 1, 2023 × An analogous deduction is allowed under the previous tax code, and there is no tax on income up to Rs 5 lakh. The ultimate interest is to make the simpler (new) regime more attractive," Sitharaman said. "I propose to extend the benefit of standard deduction to the new tax regime. Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500," she added. She added that the Prime Minister has given a vision for “LiFE", or Lifestyle for Environment, to spur a movement of environmentally conscious lifestyle. × Video source: PIB Sitharaman's also commemorated the Azadi Ka Amrit Mahotsav, a one-time new small savings scheme and the Mahila Samman Savings Certificate which will be made available for a two-year period up to March 2025, reported ANI. The Mahila Samman Savings Patra has a deposit facility of up to Rs 2 lakh with a fixed interest rate of 7.5%. "One-time new small saving under 'Mahila Samman Saving Patra'. The deposit facility for the women and girls will be for a period of two years with a rate of interest of 7.5 per cent," Sitharaman announced. On the technology and finance front, Sitharaman said that the government is looking at a futuristic fintech sector where people will be trained through Industrial Revolution 4.0. "People will be trained through Industrial Revolution 4.0, we are trying to unleash digital economy in various walks of life," she said in an address to the media. Sitharaman presented the last full-fledged Union Budget of the Modi government on February 1 before the 2024 Lok Sabha elections. (With inputs from agencies) WATCH WION LIVE HERE:

No compulsion to make the shift, but new tax regime more attractive, says FM Nirmala Sitharaman

Finance Minister Piyush Goyal today presented the final Budget of Narendra Modi government's current tenure. This was an interim Budget, keeping in view the elections which are just months away.

The Budget was focussed on farmers and unorganised sectors for which Goyal announced a number of schemes. Here are the big takeaways from this year's Budget:

No tax for income upto Rs 5 lakh: Piyush Goyal proposed that individuals earning up to Rs 5 lakh would get a full tax rebate for this fiscal. &nbsp;Since this is a rebate and not a slab change, it will not impact the tax incidence of those with larger incomes.

The Finance Minister also said, "Individuals with gross income up to Rs&nbsp;6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities." Standard deduction too has been increased to Rs 50,000 from the current level of Rs 40,000.

Assured farmer income: Piyush Goyal announced in his Budget speech that the government has decided to provide Rs 6000 per income support to farmers who hold less than two hectares of land. The amounts, Goyal said, will be provided under Pradhan Mantri Kisan Samman Nidhi in three instalments. "The scheme will benefit 12 crore families and cost government Rs 75,000 crore per year," Goyal said.

Pension for 10 crore labourers: Goyal also announced a pension scheme for the unorganised sector. "A pension scheme is being launched called Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of Rs 3000 per month, with the contribution of Rs 100 per month, for workers in unorganised sector after 60 years of age," he said in his Budget speech today.

Highest ever defence budget: The government also showcased its resolve towards the defence forces by enhancing the defence budget beyond Rs 3 lakh crore, the highest in any year so far. "Our soldiers protect the country on the borders and they are our pride. We have allocated more than Rs 3 lakh crore in this budget for securing our borders, which is the highest so far. If necessary, additional funds would be provided," he said presenting the Interim Budget for 2019-20.

One lakh digital villages: Goyal said that mobile data usage in India has increased by a phenomenal 50 per cent within no time and the cost of data and voice calls in the country are now possibly the lowest in the world. "We aim to have one lakh digital villages in the next five years," he added.

Power for all by March 2019: Highlighting the government's focus on providing power to all, the finance minister said 2.5 crore families were without electricity in 2014 and that the government has provided power to almost all families. "Through Saubhagya scheme, every village in India has been connected to electricity and by March 2019, all families will get electricity," Goyal said.

Finance Minister Piyush Goyal today presented the final Budget of Narendra Modi government's current tenure. This was an interim Budget, keeping in view the elections which are just months away.

Finance Minister Piyush Goyal today presented the final Budget of Narendra Modi government's current tenure. This was an interim Budget, keeping in view the elections which are just months away. The Budget was focussed on farmers and unorganised sectors for which Goyal announced a number of schemes. Here are the big takeaways from this year's Budget: No tax for income upto Rs 5 lakh: Piyush Goyal proposed that individuals earning up to Rs 5 lakh would get a full tax rebate for this fiscal. Since this is a rebate and not a slab change, it will not impact the tax incidence of those with larger incomes. The Finance Minister also said, "Individuals with gross income up to Rs 6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities." Standard deduction too has been increased to Rs 50,000 from the current level of Rs 40,000. Assured farmer income: Piyush Goyal announced in his Budget speech that the government has decided to provide Rs 6000 per income support to farmers who hold less than two hectares of land. The amounts, Goyal said, will be provided under Pradhan Mantri Kisan Samman Nidhi in three instalments. "The scheme will benefit 12 crore families and cost government Rs 75,000 crore per year," Goyal said. Pension for 10 crore labourers: Goyal also announced a pension scheme for the unorganised sector. "A pension scheme is being launched called Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of Rs 3000 per month, with the contribution of Rs 100 per month, for workers in unorganised sector after 60 years of age," he said in his Budget speech today. Highest ever defence budget: The government also showcased its resolve towards the defence forces by enhancing the defence budget beyond Rs 3 lakh crore, the highest in any year so far. "Our soldiers protect the country on the borders and they are our pride. We have allocated more than Rs 3 lakh crore in this budget for securing our borders, which is the highest so far. If necessary, additional funds would be provided," he said presenting the Interim Budget for 2019-20. One lakh digital villages: Goyal said that mobile data usage in India has increased by a phenomenal 50 per cent within no time and the cost of data and voice calls in the country are now possibly the lowest in the world. "We aim to have one lakh digital villages in the next five years," he added. Power for all by March 2019: Highlighting the government's focus on providing power to all, the finance minister said 2.5 crore families were without electricity in 2014 and that the government has provided power to almost all families. "Through Saubhagya scheme, every village in India has been connected to electricity and by March 2019, all families will get electricity," Goyal said.

Big takeaways from Union Budget 2019

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No compulsion to make the shift, but new tax regime more attractive, says FM Nirmala Sitharaman

Big takeaways from Union Budget 2019