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Budget 2023 LIVE Updates: Union Budget 2023-24 LIVE News, Highlights & Latest Announcements

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LIVE Budget 2023 Presentation

Budget 2023 Expectations

Union Budget 2023 Date and Time

On Wednesday, February 1, 2023, the Finance Minister, Shri Nirmala Sitharaman, is scheduled to present the significant Indian Budget 2023.

Infrastructure, health, education, "digital and technology," and the general public's accessibility to e-services were all given significant attention in the Budget 2022. Known as "Amrit Kal," this Union Budget laid the foundation and gave a road plan for the economy for the ensuing 25 years, from India at 75 to India at 100.

Budget 2023 LIVE Event

Union Budget 2023 Announced by:

Smt Nirmala Sitharaman

Submitted to:

Parliament of India

Budget 2023 date:

1st February 2023 (Wednesday)

Budget 2023 time:

11 a.m


Bharatiya Janata Party

  1. Budget Expectations 2023 From Industries

  2. 1. Stock Market Investors:

    The categorisation of income from stock market transactions is extremely complicated. The adoption of a single tax rate for both long-term and short-term assets is something that taxpayers expect, and the alignment of numerous tenures for various asset classes.

  3. 2. Banking Sector:

    The banking industry anticipates a big increase in capital funding in 2023. But the industry is more concerned with how the government plans to privatise public sector banks (PSBs). According to experts, privatising PSBs will increase operational effectiveness and encourage greater financial inclusion in the nation.

  4. 3. Real Estate:

    Factors such as increasing interest rates and inflation have negatively impacted the purchasing power of potential homebuyers. To counteract this, industry experts propose increasing the tax deduction limit on home loan interest from Rs 2 lakh to Rs 5 lakh and extending the benefit under Section 80EEA for two more years.

  5. 4. Health:

    PHD Chamber of Commerce and Industry proposed that the allocated Budget for healthcare should be increased by 30-40% given the increasing healthcare needs.

  6. 5. Electric Vehicles:

    The Society of Manufacturers of Electric Vehicles (SMEV) has requested an extension of subsidies for electric vehicles and is also calling for the inclusion of light to heavy commercial vehicles in the scheme to promote electric mobility.

  1. Budget Expectations 2023 for Salaried Individuals

  2. 1. Changes in Tax Slabs:

    The taxpayers are hoping that the current basic exemption limit of Rs.2.5 lakh will be increased to Rs.5 lakh under both tax regimes. The current threshold of Rs.10 lakh for the 30% tax bracket may also be raised to Rs.20 lakh.

  3. 2. 80C and 80D Limit Increase:

    Section 80C is a major deduction claimed by taxpayers. A hike in the current threshold of Rs.1.5 lakh to Rs.2.50 lakh is anticipated, increasing the disposable income in the hands of taxpayers.
    Section 80D allows an individual to claim a deduction for payment of medical insurance premiums of up to Rs.25,000. In the case of senior citizens, this threshold is Rs.50,000. The government is expected to provide tax relief by revising the erstwhile limit of Rs.25,000/Rs.50,000 to Rs.50,000/Rs 1 lakh, respectively.

  4. 3. Standard Deduction:

    An increase in the standard deduction limit from Rs.50,000 to Rs.1,00,000 may also be seen in both tax regimes. There has been a significant increase in medical expenses and fuel costs since its introduction. Therefore, there is a strong argument for increasing the standard deduction from its current limit of Rs.50,000 to Rs.1 lakh.

  5. 4. Home Loan Interest Rates:

    Currently, taxpayers can claim a deduction for interest paid up to Rs.2 lakh on a home loan. This limit may be revisited because EMIs have skyrocketed in the last several months due to RBI's changes in the repo rate.

  6. 5. Surcharge Rate:

    The higher tax brackets of Rs.5 crore are charged an effective tax rate of 42.744%, a significant portion of an individual’s income. This rate needs to be rationalised to ensure that the taxpayer has a higher in-hand salary and no investment outflow from the country. This will cater to the high net worth individuals as well.

  7. 6. Enhancement of Other Deductions:

    An increase in the threshold under Section 80TTA (Deduction on saving bank interest), 80EEA (interest on housing loan) and 80EEB (electric vehicle loan) are also expected. Currently, an individual can claim a deduction of Rs.10,000 on saving bank interest. An extension of the current lock-in on 80EEB by two years may also be made to give a thrust to the electric vehicle sector.

  8. 7. Children's Education and Hostel Allowance:

    With the rising cost of education, it is reasonable to raise the limits to Rs.1,000 and Rs.3,000 per child per month (for up to two children), respectively.

  1. Union Budget 2022 Flashback

  2. Taxpayers can update past return and include omitted income by additional tax payment within two years from the end of the relevant AY.

  3. The government began imposing a 30% tax on the income from and transfer of digital assets such as crypto.

  4. Corporate surcharge was reduced from 12% to 7%.

  5. RBI introduced the digital rupee using blockchain technology starting 2022-23.

  6. Issuance of e-passports with futuristic tech was introduced in 2022-23.

Checkout our videos on Budget 2023 expectations

FAQs on Budget 2023

Are there any chances of GST reduction for hotel rooms?

The PHD Chamber of Commerce and Industry has recommended that the government establish the maximum GST on hotel rooms at 10% as the government is scheduled to publish the Union Budget for FY24 on February 1, 2023.

Will the Budget 2023 rationalise GST on insurance products?

The government should consider reducing the GST on insurance goods to make them more accessible and appealing. By doing so, the insurance net would grow, and the impact on government revenue would be mitigated.

What can get costlier and what can get cheaper this Union Budget 2023?

High-end electronics like laptops and smartphones, jewellery, and vitamins like capsules and tablets are likely to be more expensive. Gold might be cheaper this Budget 2023.

What is the theme of Union Budget 2023?

Budget 2023 is likely to maintain its emphasis on capital investment as a growth engine and provide manufacturing with a boost while maintaining the post-pandemic budgetary reduction. From its present level of 2.9% of GDP, the finance minister will work to increase capital spending to about 3.5%.

What is the total revenue for Budget 2023-24?

The total budget of the government for the current financial year (FY23) is estimated at Rs 39,44,157 crore. The government will allocate the budget according to the needs.

Which sector will boom in Budget 2023?

Since this will be the final full-fledged budget of the current Central Government, experts predict that it will likely emphasise capital expenditure (CAPEX) as a growth engine and boost infrastructure and manufacturing. Manufacturing, capital goods, defence, sustainability, railroads, and public sector banks are among the industries that will likely continue to receive attention.

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