Union Budget 2023: 4 Key Points That Women Must Take Note Of

Finance Minister of India, Nirmala Sitharaman announced the Union Budget 2023-2024 on February 1. Each year, the budget decides the allocation of money by the government to various schemes and departments to further the growth and development of the country.

This was Sitharaman’s fifth presentation of the budget in the Parliament of India. While Sitharaman presented the budget, people in the Lok Sabha chanted Prime Minister Narendra Modi’s name.

Here are the key points of the budget that women must take note of.

Large Producer Enterprises

Sitharaman mentioned that Deen Dayal Antyodaya Yojana has helped the NDA government achieve remarkable success by mobilising rural women into 81 lakhs of SHGs (Self Help Groups). The yojana has been known to help the poor improve their skills by providing them with training.

Therefore, the government will put in efforts to form Large Producer Enterprises to help these groups reach the next stage of women's empowerment.

Economic Empowerment Of Women

The finance minister said that the economic empowerment of women is one opportunity for the central government where they can transform society to achieve their vision on the growth of areas like providing strong impetus to growth and job creation, facilitating opportunities for citizens and strengthening macroeconomic stability.

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Azadi Ka Amrit Mohatsav - Mahila Samman Scheme

Under the Aazadi Ka Amrit Mahotsav, a new small saving scheme, called Mahila Samman Patra or Certificate will be made available for two years, extending up to March 2025.

It will allow a person to deposit up to ₹2 lakhs in the name of a woman or girl for two years at a fixed interest rate of 7.5% with a partial withdrawal option.

Aazadi Ka Amrit Mahotsav was introduced around the celebration of the 75th Independence Day in 2022. Mission Shakti came into force which aimed to protect women and make them self-sufficient. It's aimed at the financial independence of women and their empowerment.

Income Tax Rebate Limit Up To ₹7 Lakhs

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.

Watch Live 👇

📺 https://t.co/L49R7iYXp0@nsitharamanoffc@DDNewslive@airnewsalerts@PIB_India

— Ministry of Finance (@FinMinIndia) January 31, 2023

In the new tax regime, people with income up to ₹7 lakhs will not pay any tax at all. Initially, the rebate was for people with ₹5 lakh income per annum. Salaried people with an income of ₹9 lakhs, will pay 5% of their income as tax. It is a reduction of 25% on the existing liability.

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People with an income of ₹15 lakhs per annum will only pay 10% of their income tax. Each salaried person with an income of ₹15.5 lakhs will be able to claim benefits for ₹52,500. The new income tax regime will be the default regime that everyone will follow. However, people will be able to claim benefits depending on the old regime as well.

There has been a change in the tax slab as well. New tax rates announced by Sitharaman under Union Budget 2023 are -

• ₹0 - ₹3lakh - nill
• ₹3lakh - ₹6lakh - 5%
• ₹6lakh - ₹9lakh 10%
• ₹9lakh - ₹12lakh 15%
• ₹12lakh -₹15lakh 20%
• ₹15lakh > 30%

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