The Date of Union Budget 2023 is coming near and the expectations from the Union Budget 2023 are now very clear. Given that it is being released at a time when global headwinds could affect India’s growth trajectory, the Union Budget 2023–24 assumes significance. All industries would be closely watching how finance minister Nirmala Sitharaman decides to protect India in a year when major advanced world economies are struggling to avoid entering a recession.
In terms of domestic markets, the study revealed that 30.13% of respondents thought that firms were really concerned about rising commodity costs. Additionally, the sharply rising policy rates and their effects on financing costs are major causes of worry for firms.
The Union Budget presentation date has been decided by the Indian government. On February 1, Finance Minister Nirmala Sitharaman will deliver the Union Budget 2023. The Union Budget presentation will begin at 11 AM on February 1, 2023, according to previous schedules.
|Budget Year (FY)||Union Budget 2023-24 (FY 2023-24)|
|Proposing Minister||Finance Minister Nirmala Sitharaman|
|Date of Proposal||1 Feb 2023|
Nirmala Sitharaman, the finance minister, will deliver the Union Budget 2023 on February 1. Sitharaman will put forth the Union budget for a fifth time. The 2022 Finance Minister gave an introduction before beginning the nearly one and a half hour speech on the Union budget. Her 2021 Union Budget address set a record for length in Indian history at 2 hours and 40 minutes.
Current Gross Domestic Product (GDP) of India 2022
5 Changes are expected in the Income Tax Rule in the Union Budget 2023:
The Income Tax Act’s Section 80C deduction is the most common technique for taxpayers to lessen their tax liability. PPF/EPF, ELSS, NSC, NPS, SSY, and other subjects are covered in this chapter.
The annual deduction cap of Rs. 1.5 lakh under Section 80C has not been altered since 2014. The government is expected to increase the cap this year to at least Rs. 2 lakh or Rs. 2.5 lakh. Even some experts have suggested that this cap be increased to Rs. 3 lakh.
Several tax experts believe that the government should increase the basic exemption limit under the Income Tax Act to Rs. 5 lakh. There is currently a limit of Rs 2.5 lakhs per year on basic income tax exemptions under both the new and previous income tax regimes. As a result, those who earn up to Rs. 2.5 lakh annually are exempt from paying taxes. Prior budget amendments made annual income up to Rs 5 lakh effectively tax-free. However, there hasn’t been a change to the basic exemption cap since FY 2014–15.
The cost of medical care has increased since the pandemic started. Consequently, a number of experts recommend that the government increase the Section 80D deduction cap for health insurance. Right now, it is limited to Rs 25,000.
Numerous experts have recommended that the tax exemptions on principal and interest payments on mortgages be increased in the forthcoming budget.
The government should offer LTCG tax relief to retail mutual fund and stock investors in the market through Budget 2023, according to several industry analysts.
Digital Fasting- Meaning, Quotes and Benefits
The Union budget for 2023 recommends increasing lending to priority sectors and removing non-tariff barriers.
The UK-India Business Council (UKIBC) anticipates that the Indian government will reduce the tariffs on food, alcohol, and medical services. The two countries are drafting a free trade deal at the time of this (FTA).
Constitution of India Articles, Preamble and Purpose
India Map – Political & Physical Map of India with States 2023
The Union Budget for the fiscal year 2023–24 is set to be presented to parliament on February 1 by Union Finance Minister Nirmala Sitharaman.
It is also anticipated that the standard deduction will increase from Rs. 50,000 to Rs. Following changes to section 112A, long-term capital gains on listed shares or equity-oriented mutual fund schemes may be exempt from capital gains tax if the equities shares or MF Units are held for at least three years.
The capital expenses for the fiscal years 2022 and 2023 are included in the Union Budget 2023. The union budget for this year has grown by 35.4% to Rs 7.5 lakh crore.
On February 1 (Wednesday) at 11 a.m., Finance Minister Nirmala Sitharaman will announce the Union Budget 2023. This is Sitharaman's fifth budget in a row for the fiscal year that starts on April 1.
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