Finance Minister Nirmala Sitharaman on Wednesday, February 1, 2023 will present the Union Budget for 2023 in the Parliament at 11 am. This is the last full-year budget before the national elections in 2024 and key state elections later this year. Like the previous two Union Budgets, Union Budget 2023-24 will also be delivered in paperless form. Will the taxpayers receive income tax relief? The expectations of individual taxpayers soar higher as they expect some reliefs on the tax front from the budget announcements.
Tax tweaks?
Sitharaman’s recent comments on knowing the pressures of the middle class have added to speculation she would put some money in the pockets of taxpayers. “Any tinkering with rates at the lower income brackets will be compensated by increasing the cess/surcharge for the upper income brackets," as per Yes Bank economists
Market opens higher
Indices open higher ahead of Budget 2023 as Sensex gains over 300 points while Nifty up 100 points. ICICI Bank, Kotak Bank, Power Grid top gainers
Budget focus
India will focus on rebuilding fiscal space lost during the pandemic to counter new risks from a challenging global environment, the finance ministry said in its Economic Survey Tuesday, pegging economic growth of 6.5% next year.
Income tax: What to watch for in Budget 2023
Finance Minister Nirmala Sitharaman may tweak income-tax slabs to provide relief to the nation’s vast middle class and increase spend on the poor through programs such as rural jobs, while ramping up financial incentives for local manufacturing
FM Nirmala Sitharaman arrives at the Ministry of Finance
Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance, ahead of the Budget presentation
A look at old vs new current income tax slabs
The income tax slabs have not been changed since 2014. The basic personal tax exemption limit was last revised in 2014. FM Sitharaman introduced a new income tax regime while presenting the Budget 2020, however, the new tax regime remains optional for taxpayers.
Tax expectations from Budget 2023
Standard deduction hike, increase in 80C exemption, rejigging tax slab rates are some of the expectations of the salaried class from Finance Minister Nirmala Sitharaman's Union Budget 2023
Expectations of salaried class
The expectations are rife that FM Sitharaman may tweak income-tax slabs to provide middle class a much needed relief. Recently, she said she identifies herself as a middle class and understands the pressure faced by the section
Budget 2023: Where and when to watch
The LIVE presentation of Nirmala Sitharaman's Budget for the fiscal year 2023-2024 can be watched on Sansad TV and Doodarshan. The live telecast will also be available on their Youtube channels.
Union Budget 2023
Finance Minister Nirmala Sitharaman will present the Union Budget 2023 on Tuesday, February 1, 2023. This will be the last full Budget before the Lok Sabha Elections in 2024.
This article taken by livemint.com
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