Budget 2023 News Updates: Zero Tax Upto Rs 7L; Govt Says New I-T Regime Has Better Incentives

Budget 2023 LIVE News Updates: FM Nirmala Sitharaman has presented the last full budget before the 2024 Lok Sabha Elections polls, See What Has Changed

By: Business Desk

News18.com

Last Updated: February 01, 2023, 22:03 IST

New Delhi, India

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Finance Minister Nirmala Sitharaman presented the Union Budget 2023 on Wednesday. (PTI Photo)

Finance Minister Nirmala Sitharaman on Wednesday said the four emphasis points of the Union Budget 2023-24 are empowering women, action plan for tourism, initiatives for Vishvakarmas (artisans) and green growth. Prime Minister Modi said the budget strengthened the marginalised sections of the country. Finance Minister Nirmala Sitharaman concluded her Budget Speech in Parliament, the first Budget in the Amrit Kaal. In her speech which lasted 1 hour 25 minutes, Sitharaman, announced raising of the tax exemption limit from 5 to 7 lakh rupees in the new tax regime and also proposed that the new tax regime would be made the default tax Read More

Feb 01, 2023 21:52 IST

Budget 2023 Becomes First Under 'Amrit Kaal': Learn Vedic Origins of the Term | Explained

During the Budget 2023 speech, Union Finance Minister Nirmala Sitharaman mentioned ‘Amrit Kaal’ many times. “This is the first budget in Amrit Kaal, this budget hopes to build on the foundation laid in the previous budget and the blueprint laid for India@100, we envision a prosperous and inclusive India in which the fruits of development reach all,” she said. READ MORE

Feb 01, 2023 21:24 IST

Budget 2023: TMC's Shatrughan Sinha Takes Jibe at Reduction in Highest Tax Slab, Says Hum Do, Humare Do...

Veteran actor and TMC leader Shatrughan Sinha on Wednesday criticised the Narendra Modi-led government for doing nothing special for the people in the middle-class section of society and claimed that the Budget 2023-24 presented in the Parliament by Finance Minister Nirmala Sitharaman had a major focus on “hum do humare do”. READ MORE

Feb 01, 2023 21:16 IST

Budget 2023: Tax, Development, Infrastructure – Words That Dominated FM Sitharaman’s Speech the Most

The word “Tax” was used by Finance Minister Nirmala Sitharaman forty-three times in her 85-minute long speech while presenting Budget 2023-24 on Wednesday. Development (28), Infrastructure (26) and Digital (21) were some other most-used words in the Finance Minister’s speech. READ MORE

Feb 01, 2023 21:04 IST

Budget 2023: Towards Paperless, Hi-tech Judiciary, Rs 7,000 Cr Allocated for Third Phase of eCourts Project

Union finance minister Nirmala Sitharaman allocated Rs 7,000 crore to the third phase of the eCourts projects while announcing the Union Budget 2023 on Wednesday. This is a major thrust for a tech-powered future for the Indian judiciary, which is already undergoing a move to a virtual justice system spurred by the Covid-induced lockdown. READ MORE

Feb 01, 2023 20:33 IST

Govt Imposes Rs 10 Cr Deduction Limit on Capital Gains on Re-investment in Residential Properties

The government on Wednesday imposed a limit of Rs 10 crore for deduction on long-term capital gain tax for reinvestment in residential properties under Section 54 and 54F of the Income Tax Act. READ MORE

Feb 01, 2023 20:21 IST

Claim to FAME: 70% Jump in Expected Budget Allocation of Scheme; Industry Lauds Govt's New EV Plans

The budget 2023 document has unveiled that there is almost a 78% increase in the estimated budget allocation of Faster Adoption and Manufacturing of EV scheme which was Rs 2,908 crore in the previous financial year while for 2023-24 it will be Rs 5,172 crore. READ MORE

Feb 01, 2023 20:17 IST

Input Tax Credit Cannot be Claimed on Goods/Services Used for CSR Activities, Proposes Budget

The Union Budget 2023 presented by Finance Minister Nirmala Sitharaman proposes certain amendments in GST Act and said that input tax credit cannot be claimed on goods/ services used or intended to be used for Corporate Social Responsibility (CSR) activities. The amendments in the Central GST Act propose to decriminalise certain offences under the indirect tax law and double the threshold for launching prosecution under the tax law to Rs 2 crore. It, however, retained the limit at Rs 1 crore for fake invoicing cases.

Feb 01, 2023 20:14 IST

Budget 2023 Updates: Small Farmers to Benefit, Says Agriculture Minister

Agriculture Minister Narendra Singh Tomar said small farmers across the country will benefit from the Budget 2023-24 due to its emphasis on promoting modern farm technologies. Tomar said the overall budgetary allocation for his ministry has been increased to an estimated Rs 1.25 lakh crore for the 2023-24 financial year, which includes Rs 60,000 crore for the government’s ambitious scheme PM-KISAN. “Small farmers will be benefited from the budget. Emphasis has been laid on promoting agriculture sector through technology,” he said.

Feb 01, 2023 20:07 IST

Budget Has Some Good Aspects, But Also Some Concerns: Odisha CM

The budget has some good aspects which need to be appreciated and there are some concerns which are required to be looked into and addressed, Odisha Chief Minister Naveen Patnaik said. “Good steps are increased capital investment, support for drinking water initiatives and increasing rural housing. These will accelerate growth as well as have a social impact in rural areas,” he said. However, he expressed concerns regarding the drastic reduction of funds for MGNREGS. “This will hit the poor people. The reduction in the food security budget along with a reduction in procurement will hit the poor people as well as farmers. About Rs 80,000 crore was spent on procurement in 2021-22 while only about Rs 60,000 crore is kept in this budget. This will cause serious problems in selling crops at Minimum Support Prices (MSP).

Feb 01, 2023 20:03 IST

Budget 2023: 30% Tax on Net Winnings in Online Games & Threshold for TDS Levy Removed, Says FM

The government on Wednesday proposed to impose a 30 per cent tax on net winnings from online gaming and also do away with the existing threshold limit of Rs 10,000. READ MORE

Feb 01, 2023 19:44 IST

Income Tax Slabs Comparison After Budget 2023: Taxes Under Old Regime vs New Regime

Finance Minister Nirmala Sitharaman on Wednesday overhauled the income tax regime and introduced changes in order to provide relief to the “hard-working” middle-class, especially the salaried class, in the Union Budget 2023-24. Here’s the detailed comparison of the existing tax regime and proposed tax regime, and the tax savings in the financial year 2023-24. READ MORE

Feb 01, 2023 19:34 IST

2023 Budget 'Callous', Betrayed Hopes of Vast Majority of People: Ex-Finance Minister P Chidambaram

Congress leader P Chidambaram on Wednesday claimed that the Union Budget has “betrayed” the hopes of a vast majority of Indians and shows how far removed the government is from the people and their concerns about life, livelihood and the growing inequality between the rich and the poor. READ MORE

Feb 01, 2023 19:33 IST

Budget 2023: J&K Gets Rs 35,581.44 Cr Allocation, Majority for Central Assistance

The Union Budget 2023-24 on Wednesday allocated Rs 35,581.44 crore to Jammu and Kashmir, the majority of it being central assistance for the union territory. READ MORE

Feb 01, 2023 19:24 IST

Rahul Gandhi Calls Budget 2023 'Mitr Kaal', Says it Has No Roadmap to Build India's Future

Congress leader Rahul Gandhi on Wednesday the Modi government, claiming that its ‘mitr kaal’ budget has no vision to create jobs as well as no plan to tackle inflation. “‘Mitr Kaal’ Budget has: NO vision to create Jobs. NO plan to tackle Mehngai. NO intent to stem Inequality. 1% richest own 40% of the wealth, 50% poorest pay 64% of GST, 42% youth are unemployed — yet, PM doesn’t Care!” Gandhi said in a tweet.

Feb 01, 2023 19:11 IST

Budget 2023: From PRANAM to MISHTI, Modi Govt’s Love for Acronyms Continues | Know What It Means

Union Finance Minister Nirmala Sitharaman on Wednesday again took a digital tablet wrapped in a traditional ‘bahi-khata’ style pouch to Parliament and presented Union Budget 2023-24 in a paperless format just like the previous two years. In her Budget speech, she raised the personal income tax rebate limit and announced a few schemes for the upliftment of various sections of society. READ MORE

Feb 01, 2023 18:59 IST

Budget 2023: Mixed Response from Agri Industry Players, Farmer Bodies

Agri industry players and farmer bodies gave mixed response to the Budget, saying it did not focus on edible oils, reducing GST on agri inputs and raising financial aid to farmers under PM-KISAN scheme.

Feb 01, 2023 18:53 IST

Budget 2023: No Capital Gains Tax if Physical Gold Converted to E-gold, Says FM

The government on Wednesday said there won’t be any capital gain tax if physical gold is converted to an Electronic Gold Receipt (EGR) and vice versa. READ MORE

Feb 01, 2023 18:48 IST

Budget 2023 Updates: 11% Jump in Allocation for Welfare of Scheduled Castes,

The allocation for the Welfare of Scheduled Castes in the Union Budget 2023-24 has been increased from Rs 1,42,342.36 Crore to Rs 1,59,126.22 Crore.

Budget 2023 Updates: 11% Jump in Allocation for Welfare of Scheduled Castes,

Feb 01, 2023 18:41 IST

Union Budget 2023: Skilling, Tech, Credit for Training of Vishwakarma Community | All About PM VIKAS

Union finance minister Nirmala Sitharaman, while announcing the Budget 2023 on Wednesday, introduced a unique initiative called ‘Pradhan Mantri Vishwakarma Kaushal Samman, or PM VIKAS, to empower skilled people engaged in different traditional professions. READ MORE

Feb 01, 2023 18:38 IST

Budget 2023: What is Mission Karmayogi and How Can Govt Employees Benefit From It?

Under Mission Karmayogi, Centre, States and Union Territories together are making and implementing capacity-building plans for civil servants, the Finance Ministry said. According to a release, an integrated online training platform iGOT Karmayogi will provide learning opportunities for lakhs of government employees to upgrade their skills.

Budget 2023: What is Mission Karmayogi and How Can Govt Employees Benefit From It?

regime. During her fifth and the current government’s last full Budget before the 2024 Lok Sabha elections, she announced bumper capital investment of Rs 10 lakh crore and also announced drought aid of Rs 5,300 to poll-bound Karnataka. She said the government’s focus is on wide-ranging reforms and the growth has been at 7% in the current fiscal, highest among major economies. “India’s rising global profile is because of several reforms,” Sitharaman said adding that India’s per-capita income has doubled and the Indian economy has risen from being 10th to fifth-largest economy in the world.

Sitharaman said, “Our vision is to create a tech-driven and knowledge-based economy.” she added that the Indian economy is on the right track and the growth has been at 7 per cent in the current financial year, highest among major economies. On millets, she said India is at the forefront to popularise the millets. “We are the largest producer and second-largest exporters.”

During the first ‘Amrit Kaal’ Budget, she said the government will bring in Agriculture Accelerator Fund to boost agriculture startups by young professionals. It will aim for bringing in affordable solution to challenges faced by farmers. It will provide modern technology and would increase productivity and profitability. “…We will adopt a cluster based approach… and promote collaboration between farmer state and industry for input supply, extension service sand market linkages.”

Allocation for the PM Awas Yojana Fund increased 66 per cent to a record Rs 79,000 crore. The capital investment outlay jumped 33 per cent to Rs 10 lakh crore.

Ahead of the Budget 2023 presentation, Union Finance Minister Nirmala Sitharaman, MoS Bhagwat Kishanrao Karad, MoS Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan.

The Budget Session of Parliament began on Tuesday and the first part will conclude on 13 February. The Parliament will re-convene on 12 March for the second part of the Budget Session that will conclude on 6 April.

There are expectations from the Budget 2023 to envisage measures to boost various sectors of the economy, apart from income tax relief for individuals.

The Union Budget is a key government document as it outlines the policy structure of the country and aims to fulfill the aspirations of people with various welfare initiatives. It reveals the projected receivables and payables of the government during a financial year, under capital budget and revenue budget.

Finance Minister Nirmala Sitharaman on Tuesday, January 31, also presented the report card of the Indian economy for the current financial year, the Economic Survey 2022-23. According to the Survey, India’s economic growth for the next financial year 2023-24 is pegged at 6-6.8 per cent with a baseline real GDP growth of 6.5 per cent. The country’s nominal economic growth is likely to grow at 11 per cent on a baseline scenario.

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