Union budget 2023

New Delhi: Finance Minister Nirmala Sitharaman is set to present the Union Budget 2023 at Parliament on February 1. Being the last full budget before the country goes into general elections next year, there are high expectations. While the industry is anticipating key announcements focusing on infrastructure boosts to put the economy on the fast track after a slum in the years of the COVID-19 pandemic, the middle class is eyeing a tax relaxation. The lastchanges under the exemption limits were in FY 2014-15. The Income Tax exemption limit is Rs. 2.5 lakhs per year under both the new and the old income tax regime. Here are 5 key announcements expected from the upcoming budget: Income Tax Exemption An increased income tax exemption would allow more disposable income facilitating higher spending, and helping the economy recover from the slowness during the COVID-19 pandemic. As per the current tax slab, income up to Rs 2.5 lakh is exempted from any tax whereas earning between Rs 2.5 to Rs 5 lakh are liable for a deduction of 5 per cent and so on. However, with the increased cost of living and inflation, the exemption seem to be little. One of the major expectations from the budget is increasing the tax exemption slab to up to Rs 5 lakh. Low-Cost Credit For Small Businesses The government is expected to announce a low-cost credit scheme for the medium and small businesses. Micro, Small & Medium Enterprises(MSMEs) were among the worst hit during the COVID-19 pandemic. With a la...

• Also read in: • • • • • • Budget 2023 Explained: In FM Nirmala Sitharaman’s Budget, focus on capex, fiscal consolidation, income tax relief Union Budget 2023-24 Explained Live Updates: Finance Minister Nirmala Sitharaman presented her fifth Budget speech in Parliament on Wednesday. Here are the highlights, key points and takeaways from the Budget. Budget 2023 Explained: Finance Minister Nirmala Sitharaman presented the Union Budget in Parliament on Wednesday, the last full-fledged Budget of the Narendra Modi government before the 2024 Lok Sabha elections early next year. Budget 2023 Explained Live Updates: Union Finance Minister Nirmala Sitharaman presented her last full-fledged Budget before the 2024 Lok Sabha elections in Parliament Wednesday. Budget 2023 focused on raising capital expenditure by the government, fiscal consolidation, and attractive incentives and rebates in the new income tax regime. In an interview to The Indian Express, Sitharaman said growth was the predominant focus, and that her “single-minded” guiding imperative was that this was a “golden opportunity” for India and this time “we should really not miss the bus.” The big announcement was the increase in rebate limit in the new tax regime — now the default — from Rs 5 lakh to 7 lakh. Sitharaman, meanwhile, proposed an increase in capital expenditure by 33 per cent to Rs 10 lakh crore. States are also being incentivised to spend more on infrastructure. She also kept focus on fiscal consolidation by ...

NEW DELHI: Finance minister Nirmala Sitharaman presented her fifth and the last full year Budget of the Modi 2.0 government on Wednesday. Sitharaman termed the Union Budget 2023 as the first Budget of 'Amrit Kaal' and said that the Indian economy is is growing the fastest among major economies. Also See: The Union Budget for the upcoming financial year 2023-24 aims to boost growth amid concerns about the impact of the global slowdown. • Sitharaman lists 'Saptrishi' or seven priorities of Budget - inclusive development, reaching the last mile, infrastructure development, potential, green growth, youth power, & finance sector • The government has enhanced income tax exemption limit up to Rs 7 lakh under new tax regime, finance minister says • The government has proposed to reduce the highest surcharge rate from 37% to 25% under new tax regime, FM Sitharaman said while presenting the Budget 2023. • No tax for income up to Rs 3 lakh; 5% tax on Rs 3-6 lakh; highest tax rate of 30 pc on income above Rs 15 lakh under new I-T regime: FM • An individual with annual income of Rs 9 lakh will have to pay only Rs 45,000: FM Sitharaman • First budget of 'Amrit Kaal' will build a strong foundation for building a developed India, PM Modi said in his address on the Union Budget 2023. • India set fiscal deficit target at 5.9% of GDP in FY24. For the current year, fiscal deficit target has been revised to 6.4% of GDP, says FM • Capital expenditure outlay has been enhanced by 33% to Rs 10 lak...

Synopsis Budget Highlights 2023: Union Finance Minister Nirmala Sitharaman on Wednesday presented the Union Budget 2023. In the last full-fledged Budget before the general elections next year, Sitharaman said that the Indian economy is on the right path and heading towards a bright future. This Budget is the first in Amrit Kaal, FM said. • No changes in the old tax regime • New tax regime to become the default tax regime. However, citizens can opt for the old tax regime. • No tax on income up to Rs 7.5 lakh a year in new tax regime (with inclusion of standard deduction) • Govt proposes to reduce highest surcharge rate from 37% to 25% in new tax regime New Income Tax Slabs Under New Tax Regimes: Rs 0-3 lakh: Nil Rs 3-6 lakhs: 5% Rs 6-9 lakhs: 10% Rs 9-12 lakhs: 15% • An individual with annual income of Rs 9 lakh will have to pay only Rs 45,000 in taxes: FM Sitharaman • Income of Rs 15 lakh will fetch Rs 1.5 lakh tax, down from Rs 1.87 lakh • A Rs 50,000 standard deduction to taxpayers has been introduced under the new regime • Payment received from Agniveer Corpus Fund by Agniveers to be exempted • Tax exemption removed in insurance policies with premium over Rs 5 lakh • For online games, govt proposes to provide for TDS and taxability on net winnings at the time of withdrawal or at the end of fiscal • Tax exemption on leave encashment on retirement of non-government salaried employees hiked to Rs 25 lakh from Rs 3 lakh. • A higher limit of Rs 3 crore for TDS on cash withdr...

By India Today Web Desk: Finance Minister Nirmala Sitharaman on Wednesday presented the Union Budget 2023 in Parliament, at a time when India’s economy faces challenges from a host of global factors, steep rise in inflation and a possible GDP growth slowdown in FY24. “This is the first budget in Amrit kaal, it hopes to build on the foundation laid by the previous budget and the blueprint drawn for India at 100,” Sitharaman said. During her budget speech, the finance minister said the focus remains on widening the scope of economic growth, boosting key areas like infrastructure and manufacturing and job creation. Finance Minister Nirmala Sitharaman said the Indian economy is on the right track and, despite challenges, it is heading towards a bright future. "Our focus on wide ranging reforms and sound policies helped us perform well in trying times. India's rising global profile is because of several accomplishments: a unique world-class digital public infrastructure, Covid vaccination drive and a proactive role in frontier areas. Free food grain scheme under PM Garib Kalyan Anna Yojana The finance minister said the government has implemented a scheme to supply free food grains to priority households for the next one year, under PM Gaarib Kalyan Anna Yojana. The entire expenditure of about Rs 2 lakh crore will be borne by the government, said the finance minister. 7 priorities for Budget 2023 There are Budget for Amrit Kaal The finance minister said this budget will lay the ...

• Also read in: • • • • • • Budget Session 2023 Highlights: Ruckus in Parliament for second day in row over probe into Adani Group; Sitharaman to address BJP MPs today Budget Session 2023 Highlights: Led by Congress president Mallikarjun Kharge, the members of Opposition parties have demanded a probe, either by a Joint Parliamentary Committee (JPC) or a CJI-appointed panel, into the Adani Group. Leader of Opposition Mallikarjun Kharge with other opposition parties MPs addresses the media at Vijay Choek during the Budget Session of Parliament, in New Delhi, Thursday, Feb. 2. (PTI) Budget Session in Parliament Live Updates: The Lok Sabha and Rajya Sabha were adjourned for the day as Opposition members, led by Congress President Mallikarjun Kharge, demanded a Joint Parliamentary Committee (JPC) or Supreme Court-monitored probe into allegations against the Adani group of companies. The Opposition claimed that “a significant volume of public money through SBI and LIC is locked in the Adani Group”. Similar scenes were seen in the Parliament on Thursday as well. Meanwhile, Union Finance Minister Nirmala Sitharaman will brief all BJP MPs in Parliament later in the day. All Rajya Sabha and Lok Sabha MPs are expected to be in attendance for the meeting, according to news agency PTI. The railway in Rajasthan has been allocated a record Rs 9,532 crore in the Union Budget for 2023-24, about 14 times the annual average allocation of Rs 682 crore between 2009 and 2014, Railways Minister ...

India Budget 2023 Highlights: The Union Budget 2023-24 put forth several proposals for the benefit of taxpayers which came as a huge relief to the middle-class, salaried people of India. Finance Minister Nirmala Sitharaman on February 1 presented the budget for this fiscal beginning April 1, 2023 in which one of the major takeaways was the announcement of simplified tax slabs and tax rebate hike. The simplified tax slabs, however, fall under the new tax regime, which the FM said has been intentionally designed that way so that more and more people opt for it. Although people have been rejoicing over the decision, many are yet to navigate their way through the new regime. And since it will be the default tax regime, one has to be prepared well in advance. This budget also focused on raising capital expenditure, fiscal consolidation, and green growth. The capital investment outlay has been increased by 33 per cent to Rs 10 lakh crore, which will account for 3.3 per cent of the GDP, the FM said in her budget speech. She added that the government remains committed to bringing the fiscal deficit down to 4.5 per cent of the GDP by 2025-26.The Budget also focussed on seven priorities, which Sitharaman called the “Saptrishis guiding us through Amrit Kaal”. Stay tuned with financialexpress.com as we bring you all the updates on Budget speech 2023. Watch FM Sitharaman’s Budget 2023 speech from Parliament The Union Budget 2023-24 comes embedded with a strong sense of fiscal disciplin...

Budget 2023: Finance Minister Nirmala Sitharaman presented her fifth Budget today (February 1, 2023). This is the last full-fledged budget of the second Narendra Modi government ahead of the general elections in 2024. Economic agenda focuses on three things - facilitating ample opportunity for citizens, especially the youth, providing a strong impetus to growth and job creation and third stabilising the macro economy. • "The Indian economy is on the right track, heading to a bright future. Our focus on reforms and sound policies resulting in Jan Bhagidari helped us in trying times, our rising global profile is due to several accomplishments," said FN Nirmala Sitharaman. • "The world has recognized India as a bright star, our growth for current year is estimated at 7.0%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war" • Economic agenda focuses on three things - facilitating ample opportunity for citizens, especially the youth, providing a strong impetus to growth and job creation and third stabilising the macro economy. • The world has recognized Indian economy as the bright star. Our economic growth is expected to be at 7%, highest among major economies. • Economic empowerment of women is one opportunity which can be transformative in achieving our vision by focusing on the above areas, stated the Finance Minster. • 7 Priorities of Budget 2023- Inclusive development, Reachinglast mile, Infrastructure and in...

Budget 2023: Finance Minister Nirmala Sitharaman presented her fifth Budget today (February 1, 2023). This is the last full-fledged budget of the second Narendra Modi government ahead of the general elections in 2024. Economic agenda focuses on three things - facilitating ample opportunity for citizens, especially the youth, providing a strong impetus to growth and job creation and third stabilising the macro economy. • "The Indian economy is on the right track, heading to a bright future. Our focus on reforms and sound policies resulting in Jan Bhagidari helped us in trying times, our rising global profile is due to several accomplishments," said FN Nirmala Sitharaman. • "The world has recognized India as a bright star, our growth for current year is estimated at 7.0%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war" • Economic agenda focuses on three things - facilitating ample opportunity for citizens, especially the youth, providing a strong impetus to growth and job creation and third stabilising the macro economy. • The world has recognized Indian economy as the bright star. Our economic growth is expected to be at 7%, highest among major economies. • Economic empowerment of women is one opportunity which can be transformative in achieving our vision by focusing on the above areas, stated the Finance Minster. • 7 Priorities of Budget 2023- Inclusive development, Reachinglast mile, Infrastructure and in...

NEW DELHI: Finance minister Nirmala Sitharaman presented her fifth and the last full year Budget of the Modi 2.0 government on Wednesday. Sitharaman termed the Union Budget 2023 as the first Budget of 'Amrit Kaal' and said that the Indian economy is is growing the fastest among major economies. Also See: The Union Budget for the upcoming financial year 2023-24 aims to boost growth amid concerns about the impact of the global slowdown. • Sitharaman lists 'Saptrishi' or seven priorities of Budget - inclusive development, reaching the last mile, infrastructure development, potential, green growth, youth power, & finance sector • The government has enhanced income tax exemption limit up to Rs 7 lakh under new tax regime, finance minister says • The government has proposed to reduce the highest surcharge rate from 37% to 25% under new tax regime, FM Sitharaman said while presenting the Budget 2023. • No tax for income up to Rs 3 lakh; 5% tax on Rs 3-6 lakh; highest tax rate of 30 pc on income above Rs 15 lakh under new I-T regime: FM • An individual with annual income of Rs 9 lakh will have to pay only Rs 45,000: FM Sitharaman • First budget of 'Amrit Kaal' will build a strong foundation for building a developed India, PM Modi said in his address on the Union Budget 2023. • India set fiscal deficit target at 5.9% of GDP in FY24. For the current year, fiscal deficit target has been revised to 6.4% of GDP, says FM • Capital expenditure outlay has been enhanced by 33% to Rs 10 lak...