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Union Budget Speech 2023 Highlights: FM Sitharaman Announces Tax reductions, Perks for Small Savings Schemes
Union Budget 2023 LIVE Updates: An individual with income of Rs 15 lakh will have to pay Rs 1.5 lakh tax, down from Rs 1.87 lakh under new tax structure, FM Sitharaman has announced.
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Union Budget 2023 LIVE Updates Budget Speech 2023: Finance Minister Nirmala Sitharaman gave a major tax relief to millions of individual tax payers by increasing the Income Tax bracket. While presenting her sixth Budget in Lok Sabha on Wednesday (February 1, 2023), FM Sitharaman announced that there will be no tax for income up to Rs 3 lakh; 5 percent tax on Rs 3-6 lakh while highest tax rate of 30 percent on income above Rs 15 lakh will be levied under new I-T regime.
Given the current state of the world economy, any form of recession can it is being seen as hazardous for the weaker sectors and result in collateral harm in other industries.
This Budget has been presented at a time as nation has come to a new normal 3 years since the pandemic hit the country and also with elections also near the corner.
Check Highlights of Union Budget 2023 LIVE Coverage here:
That's that. FM Sitharaman --as Industry watchers have described --has presented a holistic and growth oriented Budget that has something for everyone. Thanks for joining us in our coverage today. See you again for the live coverage of next Big Biz Event.
Union Budget 2023 LIVE Updates: Unified Skill India Digital Platform to Develop Skills in New-Age Technologies
Kishan Jain, Director at Goldmedal Electricals has appreciated the measures undertaken to emphasize skill development which will drive large-scale employment growth across the country. The launch of a unified Skill India Digital platform is expected to lead the country’s youth to develop skills in new-age technologies that are relevant to Industry 4.0 such as coding, AI, IoT, and more
Union Budget 2023 Today LIVE: FM has Stayed on Course of Fiscal Consolidation Path
Jaideep Arora, CEO, Sharekhan by BNP Paribas said that The Union Budget has delivered on all fronts by laying specific focus on boosting high employment-generating sectors.
"The Union Budget has delivered on all fronts such as substantially higher allocation for capital expenditure, measures to provide impetus to manufacturing sector, especially MSMEs, and focus on boosting high employment-generating sectors such as tourism, start-ups, renewable energy, among others," he said
Union Budget 2023 Today LIVE: Budget Favorable Towards Vision of Digital India
Rajan Navani, Founder and CEO, JetSynthesys and Chairman of the CII Council on Future Businesses called the Budget a progressive and an inclusive one. He said that it is a budget that is especially "favorable towards the vision of Digital India, towards the empowerment of India’s youth, and towards bolstering the spirit of entrepreneurship and innovation amongst the population"
The limit of Rs 3 lakh for tax exemption on Leave Encashment limit raised to Rs 25 lakh
Direct Benefit Transfer under pan India National Apprenticeship Promotion Scheme to be rolled out, to provide stipend support to 47 lakh youth in 3 years
Budget Income Tax Announcements: Concessional Tax Regime Introduced in 2020-21 Tweaked
Tax exemption limit hiked by Rs 50,000 to Rs 3 lakh and number of slabs reduced to five
Net tax revenue foregone because of changes in direct and indirect taxes is Rs 35,000 cr
An individual with income of Rs 15 lakh will have to pay Rs 1.5 lakh tax, down from Rs 1.87 lakh under new tax structure
Budget 2023 LIVE Updates: Big Income Tax Relief
No tax for income up to Rs 3 lakh; 5 pc tax on Rs 3-6 lakh; highest tax rate of 30 pc on income above Rs 15 lakh under new I-T regime
Govt proposes to make new tax structure as default tax
An individual with annual income of Rs 9 lakh will have to pay only Rs 45,000
Budget 2023 LIVE Updates: Processing Time for Income Tax Returns Reduced from 93 Days to 16 Days
Average processing time for income tax returns reduced from 93 days to 16 days. The government intends to roll out next-gen common IT Return forms and strengthen grievance redressal mechanism
Budget 2023 LIVE Updates: Income Tax Slab Increased, No Tax till Rs 7 lakh
FM gives major announces major sop for the common man. Income tax- rebate extended on income up to Rs 7 lakhs in new tax regime
30 Skill India international centres to be set up
Budget 2023 LIVE Updates: Govt to Facilitate 1 Crore Farmers to Adopt Natural Farming
Govt to set up Gowardhan Scheme for promoting circular economy with total investment of Rs 10,000 cr. Govt to take up mangrove plantation along the coastline under the new MISHTI scheme
Green credit programme will be notified to incentivise environmentally sustainable and responsible actions by companies
Green credit programme will be notified under the Environment Protection Act
Govt to spend Rs 10,000 crore per year for urban infra development fund
Govt targeting 5 MT of Green Hydrogen production by 2030
100 labs for developing applications for 5G services will be set up in engineering institutions
Budget 2023 LIVE Updates: Customs Duty on Lab Grown Diamonds to Be Reduced
Govt to provide R&D grant to one of the IITs to encourage indigenous production of lab-grown diamonds in a bid to reduce imports
Budget 2023 LIVE Updates: Govt to bring another dispute resolution scheme under Vivad Se Vishwas-2 to settle commercial disputes
If MSMEs fail to execute contract, 95 pc of performance security will be returned to small business as part of Vivad Se Vishwas
State support mission of Niti Aayog will be continued for 3 years
One stop solution for reconciliation and updating of identity of individuals be established
Phase-III of e-courts will be launched
100 critical transport infrastructure projects have been identified for implementation
Cities will be encouraged to increase creditworthiness for municipal bonds
All cities and towns will be enabled for 100 pc transition of sewers
For enhancing ease of doing business, more than 39,000 compliances have been reduced, over 3,400 legal provisions decriminalised
Three centres of excellence for artificial intelligence will be set up in top educational institutions
Budget 2023 LIVE Updates: PAN to be Used for Common Identifier for All Digital Systems
If MSMEs fail to execute contract, 95 pc of performance security will be returned to small business as part of Vivad Se Vishwas
National Data Governance Policy will enable anonymised data; KYC process will be simplified
Govt to bring National Data Governance policy
Budget 2023 LIVE Updates: PAN to be Used for Common Identifier for All Digital Systems
PAN will be used for common identifier for all digital systems of specified government agencies
Budget 2023 LIVE Updates: Increased Capital Outlay for Infrastructure to Crowd in Private Investment
Capital investment outlay is being increased steeply for third year in a row to Rs 10 lakh crore
A National Digital Library for children and adolescents will be set up for facilitating the availability of quality books across geographies, languages, genres and levels and device-agnostic accessibility
38,800 teachers will be hired for Ekalavya Model Residential Schools
Budget 2023 LIVE Updates: Govt to Launch Rs 2,200 Crore Aatmanirbhar Clean Plant Programme
Govt to launch a Rs 2,200 crore Aatmanirbhar clean plant programme. Pradhan Mantri Primitive Vulnerable Development Commission being launched; Rs 15,000 cr earmarked for next 3 years: FM
Budget 2023 LIVE: New programme to promote research in pharmaceuticals
Facilities in select ICMR labs will be made available for research by public and private medical faculties
Budget 2023 LIVE: Govt plans to set up massive decentralised storage capacity to help farmers
Agriculture credit target increased to Rs 20 lakh cr for FY'24, with focus on animal husbandry, dairy and fisheries
Budget 2023 LIVE: FM Sitharaman Lists Seven Priorities of Budget
Agri accelerator fund will be set up to encourage agri startups in rural areas: FM Sitharaman
Budget 2023 LIVE: FM Sitharaman Lists Seven Priorities of Budget
To enhance yield of extra long staple cotton, government will adopt a cluster-based and value chain approach: FM
Budget 2023 LIVE: FM Sitharaman Lists Seven Priorities of Budget
Four transformative opportunities can be used be in Amrit Kaal for enhancing economic empowerment: FM Sitharaman
Budget 2023 LIVE: FM Sitharaman Lists Seven Priorities of Budget
Digital public infrastructure for agriculture will be built as open source, open standard and interoperable public good: FM
Budget 2023 LIVE: FM Sitharaman Lsts Seven Priorities of Budget
Green growth efforts to help reduce carbon intensity; create green job opportunities: FM Sitharaman.
Budget 2023 LIVE: FM Sitharaman Lsts Seven Priorities of Budget
FM Sitharaman lists seven priorities of Budget, including infra, green growth, financial sector, youth power
Budget 2023 LIVE: Large Potential to be Tapped in Tourism
Large potential to be tapped in tourism; promotion of tourism to be taken up in mission mode: FM Sitharaman
Union Budget 2023 LIVE: Govt Made Cash Transfer of Rs 2.2 Lakh Crore Under PM-KISAN
Indian economy has become more formalised as witnessed by significant enhancement in digital payments: FM Sitharaman
Union Budget 2023 LIVE: Govt Made Cash Transfer of Rs 2.2 Lakh Crore Under PM-KISAN
National Rural Livelihood Mission has achieved remarkable success by mobilising rural women into 1 lakh SHGs: FM.
Union Budget 2023 LIVE: Govt Made Cash Transfer of Rs 2.2 Lakh Crore Under PM-KISAN
Our mission is to achieve knowledge-driven economy. Govt made cash transfer of Rs 2.2 lakh crore under PM-KISAN: FM Sitharaman
Union Budget 2023 LIVE: FM Begins Budget Speech
Govt efforts since 2014 have ensured better quality of life for citizens of the country, says FM Sitharaman
Union Budget 2023 LIVE: FM Begins Budget Speech
These times of global challenges give India unique opportunity to strengthen country's role in world economic order: FM
Union Budget 2023 LIVE: FM Begins Budget Speech
Per capita income has increased to Rs 1.97 lakh: FM Sitharaman
Union Budget 2023 LIVE: FM Begins Budget Speech
We have made significant progress in many Sustainable Development Goals (SDGs), says FM
Union Budget 2023 LIVE: FM Begins Budget Speech
Indian economy has increased in size from being 10th to 5th largest in last nine years: FM Sitharaman
Union Budget 2023 LIVE: Govt Made Cash Transfer of Rs 2.2 Lakh Crore Under PM-KISAN
9.6 cr LPG connections, 220 cr Covid vax for 102 cr people given, 47.8 cr JanDhan accounts opened: FM Sitharaman
Union Budget 2023 LIVE: FM Begins Budget Speech
We ensured that no one went hungry during pandemic by providing free foodgrains to 80 cr poor people: FM Sitharaman
Union Budget 2023 LIVE: FM Begins Budget Speech
Govt implementing scheme to supply free grains to poor under PMGKAY with expenditure of Rs 2 lakh cr from Jan 1: FM Sitharaman
Union Budget 2023 LIVE: FM Begins Budget Speech
The world appreciates India's achievements. In times of global challenges, G-20 presidency gives us opportunity to strengthen India's role in global order: FM Sitharaman
Union Budget 2023 LIVE: FM Begins Budget Speech
In 75th year of Independence, world has recognised India as a bright star: FM.
Union Budget 2023 LIVE: FM Begins Budget Speech
This is the first Budget in Amrit Kaal, says Finance Minister Nirmala Sitharaman
Union Budget 2023 LIVE: FM Begins Budget Speech
This is the first Budget in Amrit Kaal, says Finance Minister Nirmala Sitharaman
Union Budget 2023 LIVE: FM Begins Budget Speech
Finance Minister Nirmala Sitharaman begins presentation of Budget for 2023-24 in Lok Sabha
Union Budget 2023 LIVE Updates: Budget Copies Brought to Parliament Ahead of Budget Presentation at 11am
Budget copies have been brought to Parliament, ahead of Budget presentation at 11am. Finance Minister Nirmala Sitharaman reaches Parliament with her team, to deliver her fifth Budget today
Union Budget 2023 LIVE Updates: Focus on Capex-Led Growth
The focus on capex-led growth will enable India to keep the growth-interest rate differential positive. A positive growth-interest rate differential will help keep the debt levels sustainable. I also feel that the supply-side reforms that the Government will announce soon will bring long term positive benefits to the economy. However, as the survey has rightly indicated, the economy needs to remain cautious in terms of the Consumer Price Index inflation, says Rohit Arora, CEO and Co-founder, Biz2credit and Biz2X
Union Budget 2023 LIVE Updates: PM Narendra Modi Arrives at Parliament
Union Cabinet meeting chaired by PM Modi begins at Parliament After the Cabinet approves the Budget 2023, it will be presented in Parliament by FM Sitharaman
Union Budget 2023 LIVE Updates: PM Narendra Modi Arrives at Parliament
A Union Cabinet meeting will be held here shortly. Following this, Union Finance Minister Nirmala Sitharaman will present the Union Budget 2023 at Parliament, at 11 am
Union Budget 2023 LIVE Updates: FM Sitharaman to Present Budget 2023 at 11 am
Finance Minister Nirmala Sitharaman will present the Union Budget 2023 in the Parliament at 11 am
Union Budget 2023 LIVE Updates: Finance Minister Nirmala Sitharaman calls on President Droupadi Murmu at Rashtrapati Bhavan
Union Minister of Finance and Corporate Affairs Nirmala Sitharaman, MoS Dr Bhagwat Kishanrao Karad, MoS Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget 2023-24
Union Budget 2023 LIVE Updates: Finance Minister Nirmala Sitharaman reaches Rashtrapati Bhavan
Finance Minister Nirmala Sitharaman reaches Rashtrapati Bhavan to call on President Murmu. She will then attend the Union Cabinet meeting, and then present Union Budget 2023-24
Union Budget 2023 LIVE: FM Arrives at Ministry of Finance
Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance, ahead of the Budget presentation
Union Budget 2023 LIVE Updates: Income Tax relief to provide more money for consumption
The Economic Survey has projected a baseline GDP growth of 6.5% for FY24 with a wide range of 6–6.8% for actual growth outcome, which is understandable given the uncertain global economic scenario. The message that the growth thrust would be driven by higher capital expenditure, private consumption, credit growth to small businesses, strengthening corporate balance sheets and the return of migrant workers to cities could provide us with some cues about what we can expect in the budget: A big dose of capex allocation; some income tax relief to provide more money for consumption at the lower end of the income brackets; continuation of the Credit Guarantee Scheme for MSMEs; PLIs for new sectors to enthuse private capex; and possible plateauing of the allocation to MGNREGA, said Ranen Banerjee - Partner and Leader Economic Advisory Services, PwC India
Union Budget 2023 Today LIVE: The Economic Survey 22-23 Presents an Optimistic Growth Projection
Economic Survey 2023 presents an optimistic growth projection of 6.5% as a baseline banking on the lagged effect of reforms undertaken over the last 6 years paying off as the drags on the economy from the pandemic, high commodity prices and risks of a global slowdown wear off. The strong balance sheet of banks and corporates are rightly assumed to give a private capex push in addition to the government capex push if the assumptions on the external and demand front are realised, Sanjeev Krishan, Chairperson, PwC in India said
Union Budget 2023 LIVE Updates: Economic Survey 22-23 Captures the Essence of GST Journey of 5 Years
The Economic Survey 22-23 was tabled in Parliament yesterday. Abhishek Jain, Partner, Indirect Tax, KPMG in India said that the Survey captures the essence of the GST journey of 5 years, with the survey indicating higher buoyancy than the pre GST regime. The credit of-course here goes to the splendid digitisation that the Government has been able to introduce along with strong vigilance to avoid tax leakage. Cooperative federalism amongst State and Centre has also been a major contributor to GST success
Union Budget 2023-24 LIVE Updates: Input Tax Credit Under GST
There are some key changes that coworking firms expect around GST and taxation in Budget 2023. Input tax credit under GST is an important issue that concerns co-working sector. We expect the budget would enable coworking firms to claim input credit on work contract and construction services supplied so that it is passed on to companies who lease out space for coworking and thereby reduce their overall costs: Manas Mehrotra, Founder, 315Work Avenue
Union Budget 2023-24 LIVE Updates: Streamlining and Simplification of the Procedures at SVB
One of the asks of the Indian trade and industry, in keeping with ‘ease of doing business’ index, is streamlining and simplification of the procedures at the Special Valuation Branch (SVB) of the Indian Customs Department: Ranjeet Mahtani, Partner, Dhruva Advisors
Union Budget 2023-24 LIVE Updates: Strong Digital India
The internet has transitioned from the next big thing to the enabler of the next big thing. The country is undergoing a digital revolution, causing transformative changes in areas such as e-payments, digital literacy, financial inclusion, geographic mapping, rural development, and many others. The performance and adoption of the internet in a country like India are remarkable. We hope that the upcoming budget will help us continue to build a strong digital India that will benefit Indians from all walks of life- Anil Kumar Jain, CEO - NIXI
Union Budget 2023-24 LIVE Updates: Reduction in TDS Rates
One of the amendments that could be highly welcomed by retail investors is the provision to offset losses from digital asset transactions in the same way that it applies to other financial assets and investments, as the current tax structure is regressive in my opinion compared to countries with high VDA adoption rates and defined tax policies. Along with this, I expect reduction in the TDS rates as the insights from most empirical studies on its impact on traffic, volumes and capital movement all point out that there is an effective loss because of high TDS to the exchequer and the local web3 startup ecosystem- Karan Ambwani – India Lead, dYdX Foundation contributor
Union Budget 2023-24 LIVE Updates: Taxation on Cryptocurrencies
The taxation of cryptocurrencies is in a relatively nascent stage not just in India but across the globe and will evolve over a period of time. The specific provisions for taxing cryptocurrencies were introduced in the last Budget. Whilst the provisions provide clarity on many aspects, there are some areas in which clarity is sought by the crypto industry. There is ambiguity on whether losses from one cryptocurrency can be set-off against profits from another cryptocurrency. While it is understandable that losses from crypto cannot be set-off against any other income, an inter-source set-off should be permissible and clarifications should be issued to this effect: Umesh Gala, Partner, Dhruva Advisors.
Union Budget 2023-24 LIVE Updates: Encourage More Investment and Employment in VC ecosystem
While the Union Budget 2022-23 took steps to enhance India's digital and technology initiatives, we expect the upcoming budget to further encourage investment and employment in the VC ecosystem. We hope to see the easing of restrictions on domestic institutions like Provident Funds and NPS to invest in VC funds. This will allow greater participation in domestic VC funds, which in turn, will help make patient and long-term domestic capital available for AIFs: Manu Rikhye, Partner, Merak Ventures.
Hello and Welcome to our LIVE Coverage of Union Budget 2023-24 that will be presented by Indian Finance Minister Nirmala Sitharaman on Wednesday (February 1, 2023). The Union Budget 2023 will be presented by the FM at 11 am tomorrow.
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