Sops For New Income Tax Regime, Capex Push, Agri Accelerator Fund & More — Budget 2023 HIGHLIGHTS
Union Budget 2023-24 Highlights: Nirmala Sitharaman tabled the budget calling it a blueprint for a prosperous India that covers youth, women, farmers and backward castes.
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Background
Union Budget 2023-24 India Highlights: Finance Minister Nirmala Sitharaman is presenting her fifth Union Budget in Parliament on Wednesday. This is the NDA government’s last full-fledged Budget before the Lok Sabha polls early next year. Just like the previous year, the Union Budget 2023–24 is being presented without paper.
On Tuesday, Prime Minister Narendra Modi stated that the entire world is paying attention to India's budget. "Amid the unstable global economic situation, India’s budget will not only try to fulfil the hopes and dreams of the common man of India but the ray of hope which the world is seeing should be seen more brightly," PM Modi said.
There are several expectations bound with the finance minister's fifth Union Budget. In the final full-year Budget before the general elections in 2024, the Narendra Modi-led government may also try to appease every sector of society to consolidate its grip on power. From major industries to MSMEs, salaried classes to farmers, and education to healthcare, everyone is eyeing some relief from this Budget.
Taxpayers are hoping for further exemption in the current taxable income from Rs 2.5 lakh per annum to Rs 5 lakh per annum. According to experts, this may result in extra savings of approximately Rs 1,000 per month for all taxpayers.
Salaried individuals also hope for the exemption ceiling under 80C to be extended from the current Rs 1.5 lakh to Rs 2.5 lakh in a fiscal year.
Currently, an individual can claim a deduction for health insurance premiums and expenses for up to Rs 25,000. Experts say that given the increase in medical expenses, the limit should be enhanced to Rs 50,000.
India's economy will slow to 6.5% in the fiscal year that begins in April, according to the Economic Survey that was presented to Parliament on Tuesday. However, the nation will continue to be the major economy that is growing at the fastest rate in the world.
A Budget To Fulfil The Dreams Of Middle Class, Says PM Modi
Addressing the nation after Finance Minister Nirmala Sitharaman presented the Union budget for the year 2023, Prime Minister Narendra Modi said this budget would help the middle class fulfill their dreams, adding that this was a budget for the poor, villagers and women.
Union Budget 2023 Highlights: Rs 5.94 Lakh Crore Earmarked For Defence With Capital Outlay Of Rs 1.62 Lakh Crore
A total of Rupees 5.94 lakh crore has been earmarked for the defence sector in the Union Budget 2023 with a total capital outlay for modernisation of Rupees 1.62 lakh crores.
Union Budget 2023 Highlights: Sitharaman Announces No Tax On Income Up To Rs 7 Lakh Under New Tax Regime
FM Sitharaman has announced that income tax rebate has been extended from Rs 5 lakh to 7 lakh and introduced 6 tax slabs under the new tax regime which are as follows:
Upto Rs 3 lakh - nil
Rs 3 lakh to Rs 6 lakh - 5%
Rs 6 to 9 Lakhs - 10%
Rs 9 to 12 Lakhs - 15%
Rs 12 to 15 Lakhs - 20%
Above 15 Lakhs - 30%
Union Budget 2023 Highlights: FM Sitharaman Presents Budget, Lok Sabha Adjourned Till Tomorrow
After FM Sitharaman announced the Union Budget 2023-24, Lok Sabha Speaker Om Birla annouced adjournment of Lok Sabha till tomorrow, February 2.
Union Budget 2023 Highlights: Fiscal Deficit Pegged At 5.9% Of GDP For FY24, Says FM Sitharaman
The revised fiscal deficit is at 6.4% of GDP while fiscal deficit has beeb set at a target of 5.9% of GDP in FY 2024.
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