Union Finance Minister Nirmala Sitharaman lists out steps taken by Modi Govt for middle-class and shared tax benefits including income tax exemption for those earning up to Rs 7.27 lakh per annum.
Nirmala Sitharaman said in a tweet said, “Under the new regime, there is no income tax to be paid for annual income up to Rs 7 lakh, which effectively increases to Rs 7.27 lakh with marginal relief provisions.”
- “A standard deduction of Rs 50,000 has also been introduced under the new income tax regime.
- There has been 100% increase in total percentage of ITRs processed within one day of their filing compared to the previous year.
- Exemption on medical expenditure of senior citizens has been raised from Rs 30,000 to Rs 50,000.
- There is exemption from GST on life-saving drugs & cancer medicines. – Smt @nsitharaman lists out steps taken by Modi Govt for the middle class”, the tweet added.
✅Under the new regime, there is no income tax to be paid for annual income up to Rs 7 lakh, which effectively increases to Rs 7.27 lakh with marginal relief provisions.
— Nirmala Sitharaman Office (@nsitharamanoffc) July 14, 2023
✅A standard deduction of Rs 50,000 has also been introduced under the new income tax regime.
✅There has… pic.twitter.com/xsfQYwGmDv
Income Tax India has informed that 2 crore Income Tax Returns (ITRs) for AY 2023-24 have already been filed till 11th of July this year as compared to 2 crore ITRs filed till 20th of July last year.
Income Tax has also informed the Holders of foreign bank accounts, assets, and income that they need to fill the Foreign Asset Schedule in the Income Tax Return (ITR) for Assessment Year 2023-24.
Please ensure to disclose all Foreign Assets (FA) and Foreign Sources of Income (FSI) if someone possess foreign bank accounts, or assets, or receive income from abroad. The due date is 31st July, 2023
Additionally, Union Finance Minister Nirmala Sitharaman explained, In 2013-14, the budgetary allocation for MSME Sector was approximately Rs 3,285 crore which has now been increased to a record-high Rs 22,138 crore in 2023-24. This is a jump in budgetary allocation by almost seven times in nine years, symbolising govt’s unwavering commitment to empower MSME Sector.
The ‘Public Procurement Policy for Micro and Small Enterprises’ scheme of the Modi Government, 33% of total procurement made by 158 Central Public Sector Enterprises has been from MSMEs, the highest ever till date.
