Advertisement
trendingNowenglish2567891

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.

Union Budget 2023 LIVE Updates
LIVE Blog

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:

01 February 2023
19:43 IST

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. 

17:50 IST

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

17:22 IST

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

17:22 IST

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"

13:59 IST

The limit of Rs 3 lakh for tax exemption on Leave Encashment limit raised to Rs  25 lakh

13:59 IST

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

13:46 IST

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

12:48 IST

Net tax revenue foregone because of changes in direct and indirect taxes is Rs 35,000 cr

12:34 IST

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

12:34 IST

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

12:33 IST

Govt proposes to make new tax structure as default tax

12:33 IST

An individual with annual income of Rs 9 lakh will have to pay only Rs 45,000

12:27 IST

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

12:27 IST

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

12:17 IST

30 Skill India international centres to be set up

12:15 IST

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

12:15 IST

Green credit programme will be notified to incentivise environmentally sustainable and responsible actions by companies

12:14 IST

Green credit programme will be notified under the Environment Protection Act

12:13 IST

Govt to spend Rs 10,000 crore per year for urban infra development fund
 

12:13 IST

Govt targeting 5 MT of Green Hydrogen production by 2030

12:12 IST

100 labs for developing applications for 5G services will be set up in engineering institutions

12:12 IST

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

12:02 IST

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

12:02 IST

State support mission of Niti Aayog will be continued for 3 years

12:01 IST

One stop solution for reconciliation and updating of identity of individuals be established

11:55 IST

Phase-III of e-courts will be launched

11:54 IST

100 critical transport infrastructure projects have been identified for implementation

11:54 IST

Cities will be encouraged to increase creditworthiness for municipal bonds

11:54 IST

All cities and towns will be enabled for 100 pc transition of sewers

11:54 IST

For enhancing ease of doing business, more than 39,000 compliances have been reduced, over 3,400 legal provisions decriminalised

11:53 IST

Three centres of excellence for artificial intelligence will be set up in top educational institutions

11:53 IST

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

11:52 IST

National Data Governance Policy will enable anonymised data; KYC process will be simplified

11:51 IST

Govt to bring National Data Governance policy

11:48 IST

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 

11:46 IST

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

11:42 IST

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

11:40 IST

38,800 teachers will be hired for Ekalavya Model Residential Schools

 

11:38 IST

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

11:38 IST

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

11:34 IST

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

11:34 IST

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

11:33 IST

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

11:33 IST

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

11:32 IST

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

11:32 IST

Budget 2023 LIVE: FM Sitharaman Lsts Seven Priorities of Budget

Green growth efforts to help reduce carbon intensity; create green job opportunities: FM Sitharaman.

11:31 IST

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

11:26 IST

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

11:25 IST

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

11:22 IST

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.

 

11:20 IST

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

11:19 IST

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

11:19 IST

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

11:18 IST

Union Budget 2023 LIVE: FM Begins Budget Speech

Per capita income has increased to Rs 1.97 lakh: FM Sitharaman

11:18 IST

Union Budget 2023 LIVE: FM Begins Budget Speech

We have made significant progress in many Sustainable Development Goals (SDGs), says FM

11:18 IST

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

11:15 IST

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

11:15 IST

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

11:14 IST

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

11:13 IST

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

11:13 IST

Union Budget 2023 LIVE: FM Begins Budget Speech

In 75th year of Independence, world has recognised India as a bright star: FM.

11:12 IST

Union Budget 2023 LIVE: FM Begins Budget Speech

This is the first Budget in Amrit Kaal, says Finance Minister Nirmala Sitharaman

11:11 IST

Union Budget 2023 LIVE: FM Begins Budget Speech

This is the first Budget in Amrit Kaal, says Finance Minister Nirmala Sitharaman

11:11 IST

Union Budget 2023 LIVE: FM Begins Budget Speech

Finance Minister Nirmala Sitharaman begins presentation of Budget for 2023-24 in Lok Sabha

10:44 IST

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

10:33 IST

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

10:27 IST

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

10:09 IST

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

09:50 IST

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

09:28 IST

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

09:19 IST

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

08:44 IST

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
 

08:24 IST

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

08:02 IST

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

07:20 IST

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

20:46 IST

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

19:57 IST

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

19:40 IST

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

19:21 IST

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

19:03 IST

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.

18:53 IST

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.

18:26 IST

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.