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

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