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Budget 2023 LIVE Updates: Finance Minister Nirmala Sitharaman on Wednesday said the government has made the new income tax regime more attractive for taxpayers and has thus brought about ‘substantial changes’ in its structure for the benefit of the middle class. The Budget 2023-24 has proposed changes in the optional tax regime, which was introduced in 2020-21. Speaking to reporters after presentation of the Budget, Sitharaman said the country has been waiting for a direct tax regime which is simplified and easy in compliance. “The personal income tax has had substantial changes (in the Budget) which will benefit the middle class. The new taxation regime has now got greater traction and incentive so that people can now unhesitatingly move to the new regime from old,” the finance minister said. As per the changes proposed in the Budget, no tax would be levied on people with annual income of up to Rs 7 lakh under the new tax regime but it made no changes for those who continue in the old regime that provides for tax exemptions and deductions on investments and expenses such as HRA. In what is being seen as a push for the salaried class to switch to the new tax regime where no exemptions on investments are provided, the finance minister in her Budget for 2023-24 allowed a standard deduction of Rs 50,000 under the new regime. The old tax regime provides for a similar deduction and no tax on income up to Rs 5 lakh. Sitharaman said the government wants to make the new tax regime attractive enough and compliance should not be burdensome on taxpayers. However, if someone feels the old regime is more beneficial, he/she can continue in it. “The ultimate interest is to make the simpler (new) regime more attractive,” Sitharaman said. Revenue Secretary Sanjay Malhotra said majority of individual taxpayers would find it more attractive to shift to the new regime. Malhotra, however, did not give details on the number of taxpayers who have migrated to new tax regime since 2020-21. Under the revamped new tax regime, no tax would be levied for income up to Rs 3 lakh. Income between Rs 3-6 lakh would be taxed at 5 per cent; Rs 6-9 lakh at 10 per cent, Rs 9-12 lakh at 15 per cent, Rs 12-15 lakh at 20 per cent and income of Rs 15 lakh and above will be taxed at 30 per cent. “I propose to extend the benefit of standard deduction to the new tax regime. Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500,” Sitharaman said. -PTI Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.
Union Budget 2023 LIVE: Not compelling anyone to shift from old to new tax regime, says Nirmala Sitharaman
Union Budget 2023 LIVE: Many encouraging projects launched in this project. For the first time ever Budget has come out with various training programmes which will change lives of crores, PM Modi said
 "Union Budget 2023 LIVE: Not compelling anyone to shift from old to new tax regime, says Nirmala Sitharaman")
Budget 2023 LIVE
Amrit Kaal: Know the biggest takeaways from Budget 2023-24
Union Finance Minister Nirmala Sitharaman made several big announcements while presenting the Budget 2023-24 on Wednesday. The biggest change has been made in the tax system. Those earning up to seven lakhs have been kept in the tax-free ambit.
_Read more_Budget 2023 LIVE
What is sickle cell anaemia, which India plans to eliminate by 2047?
Nirmala Sitharaman in her Budget speech announced that the Centre is aiming to eradicate sickle cell anaemia by 2047. The mission, which will be launched soon, will aim to create awareness among the common man, Sitharaman said.
Read moreBudget 2023 LIVE
Budget has some good aspects which need to be appreciated: Odisha CM
The budget has some good aspects which need to be appreciated including 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: Odisha CM Naveen Patnaik pic.twitter.com/KcNBDhhleJ
— ANI (@ANI) February 1, 2023
Budget 2023 LIVE
Inclusive, growth-oriented budget, says industry veteran Kiran Mazumdar-Shaw
Biotechnology industry veteran Kiran Mazumdar-Shaw on Wednesday called the budget presented by Union Finance Minister Nirmala Sitharaman “inclusive and growth-oriented”. She said the budget, focused on seven priorities, lays the groundwork for inclusive economic growth to enable all citizens to have access to healthcare, education, a cleaner environment and sustainable livelihoods by the 100th year of the country’s Independence.
-PTI
Budget 2023 LIVE
13% hike in defence budget, total allocation pegged at Rs 5.94 lakh crore
The defence budget was on Wednesday increased to Rs 5.94 lakh crore for 2023-24 in a modest hike of 13 per cent from last year’s allocation of Rs 5.25 lakh crore amid India’s continuing border row with China in eastern Ladakh and concerns over frequent Chinese forays into the Indian Ocean Region. In the Union Budget presented in Parliament by Finance Minister Nirmala Sitharaman, a total of Rs 1,62,600 crore was set aside for the armed forces as capital expenditure that largely includes purchasing new weapons, aircraft, warships and other military hardware.
-PTI
Budget 2023 LIVE
‘Punjab completely ignored in the Union Budget,’ says Bhagwant Mann
Ruling Aam Aadmi Party, opposition Congress, and Shiromani Akali Dal on Wednesday slammed the Union Budget, with Chief Minister Bhagwant Mann and State Finance Minister Harpal Singh Cheema saying the state has been completely ignored in it. Mann said that first, on Republic Day, the state’s tableau “was kept out of the parade,” now Punjab has been “completely ignored” in the Union Budget, as he criticised the Centre for presenting a budget that was “anti-Punjab, anti-people, anti-farmers and directionless.” “Don’t understand what revenge they are taking from Punjabis,” he said.
-PTI
Budget 2023 LIVE
Just a ceremonial budget: Himachal Pradesh CM
This is just a ceremonial budget. There should have been more schemes, there should have been schemes related to unemployment, MNREGA. If the government wanted, it would have given a special grant as Himachal Pradesh has a debt of 75,000 crores: Himachal Pradesh CM SS Sukhu pic.twitter.com/ofyfjtkhF4
— ANI (@ANI) February 1, 2023
Budget 2023 LIVE
FP Explained| Ahead of 2024 general elections, Modi sarkar gets it right
There’s something for everyone in the Union Budget 2023-24 – the poor, the tribals, and India’s women. With five big announcements on personal income tax, the ‘hard-working’ middle class has reasons to cheer. The groundwork is laid for state polls this year and the 2024 general elections.
_Read more_Budget 2023 LIVE
Work will be done in mission mode to eliminate sickle cell anaemia: Union Health Min
#WATCH | This budget is a budget to fulfil PM Modi's vision of 'Amrit Kaal'. An imp announcement was made in this budget for the Ministry of Health... It has been announced in this budget that work will be done in mission mode to eliminate sickle cell anaemia: Union Health Min pic.twitter.com/aWic5JwC36
— ANI (@ANI) February 1, 2023
Budget 2023 LIVE
Rs 1,000 crore will be spent only on Khelo India Games: Anurag Thakur
There has been an 11% increase in the Sports budget which has now become a total of Rs 3,397 cores. Around Rs 1,000 crores will be spent only on 'Khelo India Games': Union Minister Anurag Thakur pic.twitter.com/MwV8bzKh6M
— ANI (@ANI) February 1, 2023
Budget 2023 LIVE
Nani Palkhivala: The man who made the Budget speech bigger than a sports event
Many years ago, thousands of people would throng Mumbai’s famous Brabourne Stadium to hear eminent lawyer Nani Palkhivala’s analysis of the Budget in the evening. His quick wit and ability to make dry and difficult topics like taxation and economic policy attractive to people from all classes.
_Read more_Budget 2023 LIVE
Budget 2023 empowers 130 crore Indians: UP CM Yogi Adityanath
“This budget has a vision for growth and development. People in villages, women, rich or poor, everyone is going to benefit from this. This empowers 130 crore Indians. I thank Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for preparing such a progressive budget,” CM Yogi told ANI.
Budget 2023 LIVE
Budget is anti-poor & not futuristic: Mamata Banerjee
It’s an anti-poor budget & not futuristic. It is a total opportunistic budget. Amid skyrocketing inflation, what is the benefit of exempting income tax? There is no proposal for the unemployed people in the budget: West Bengal CM Mamata Banerjee on #UnionBudget2023 pic.twitter.com/cbDVtTfE8s
— ANI (@ANI) February 1, 2023
Budget 2023 LIVE
FP Explained | What are lab-grown diamonds mentioned in FM’s budget speech?
Lab-grown diamonds are manufactured inside laboratories using cutting-edge technology. They have a similar physical appearance, chemical composition, and optical qualities as natural diamonds.
Budget 2023 LIVE
Not compelling anyone to shift from old to new tax regime: FM
“We are not compelling anybody. Those who want to remain in Old can still remain there. But the new one is attractive because it gives a greater rebate. It also provides for simplified & smaller slabs, smaller lower rates of taxation & also slabs which are nicely broken down,” says Nirmala Sitharaman.
Budget 2023 LIVE
FP Opinion | Budget 2023: At last, the middle class has been heard
The amendment to section 87A to exempt a person earning not more than Rs 7 lakh from income tax is a welcome relief as it is bound to free most of the salaried class and the senior citizens from income tax liability. For others, the increase in the tax-free threshold to Rs 3 lakhs and the tweaking of the tax slab that had remained dormant for years should be a welcome relief because they are not merely cosmetic but substantial, writes S Murlidharan.
_Read more_Budget 2023 LIVE
Not a budget for the poor & youth: Congress leader P Chidambaram
Who has benefited from this Budget? Certainly, not the poor, not the youth looking desperately for jobs, not those who have been laid off, not the bulk of the taxpayers and not the homemakers: Former Finance Minister & Congress leader P Chidambaram pic.twitter.com/QEm1IWVuIs
— ANI (@ANI) February 1, 2023
Budget 2023 LIVE
Budget will lead to inclusive growth: Piyush Goyal
The world believes that India will give a big push to the global economy. Almost every sector has widely acclaimed this budget as a very balanced one. Therefore economists are happy with this budget.They beauty of this budget is that it will lead to inclusive growth: Piyush Goyal pic.twitter.com/2Kcz58S876
— ANI (@ANI) February 1, 2023
Budget 2023 LIVE
2.41 lakh cr allocated for Railways will fulfil passengers’ aspirations, says Ashwini Vaishnaw
Rs 2.41 lakh crore allocated for Railways. It's a big change and it will fulfil the aspirations of passengers. Under 'Amrit Bharat Station' scheme, 1275 stations are being re-developed. Production of Vande Bharat trains will be revamped: Railways Minister Ashwini Vaishnaw pic.twitter.com/qEZwNWywPZ
— ANI (@ANI) February 1, 2023
Budget 2023 LIVE
Eyeing a paperless judiciary, Sitharaman allocates Rs 7,000 cr for Phase 3 of eCourts Project
Finance Minister Nirmala Sitharaman allocated an outlay of Rs 7,000 crore for the third phase of the eCourts Project in her Budget Speech on Wednesday so that the judiciary can seamlessly move towards a paperless and high-tech one as well as for efficient administration of justice.
_Read more_Budget 2023 LIVE
Increase in capital outlay towards infra investment great boost to economy: Industry leaders
Increase in capital outlay towards infrastructure investment in the Union Budget 2023-24 is a great boost to the economy in the medium to long run and continued focus on infrastructure development will enable economic growth as well as create more jobs, the industry leaders said on Wednesday. Finance minister Nirmala Sitharaman announced hiking the capital expenditure for infrastructure development by 33 per cent to Rs 10 lakh crore for 2023-24, which is 3.3 per cent of the GDP.
PTI
Budget 2023 LIVE
Inflation has come down: FM
“You have seen inflation come down, both the CPI and WPI. Action has been taken by the government, we take inflation-related steps when things develop on the ground and in response to it and that has borne results,” says Nirmala Sitharaman.
Budget 2023 LIVE
PAN will be used as the common identifier
- For the business establishments required to have a Permanent Account Number (PAN), the PAN will be used as the common identifier
— Nirmala Sitharaman Office (@nsitharamanoffc) February 1, 2023
- Phase 3 of the E-Courts project to be launched with an outlay of Rs 7,000 crore for efficient administration of justice#AmritKaalBudget pic.twitter.com/h4wphVdaty
Budget 2023 LIVE
India on track to become $5 trillion economy: FM
We are moving along to become a $5 trillion economy: Finance Minister Nirmala Sitharaman during the post-Budget press conference #UnionBudget2023 pic.twitter.com/yGSCzkqDhG
— ANI (@ANI) February 1, 2023
Budget 2023 LIVE
‘Amrit Kaal’s first budget provides foundation for developed India,’ says PM
Prime Minister Narendra Modi lauds the Union Budget 2023-24 presented by Union Finance Minister Nirmala Sitharaman. Calling it “Amrit Kaal’s first budget,” the PM said that the Budget gives priority to the deprived and will fulfil the dreams of the aspirational society, farmers and the middle class.
_Read more_Budget 2023 LIVE
Prices of wheat will come down: FM
“The government has decided to release wheat into the market due to which the price of wheat will come down. Before the budget, we had already taken action to ease wheat prices,” says Nirmala Sitharaman.
Budget 2023 LIVE
Big leg-up to capital investment: FM
“Budget gives a big leg-up to capital investment, it also attends to MSMEs as they are the engine of growth, it sustains capital investment and also gives a push to the private sector while also giving tax reliefs to individuals and middle class,” says Nirmala Sitharaman.
Budget 2023 LIVE
India has been waiting for direct taxation to be simplified: FM
“This country has been waiting for direct taxation to be simplified. Therefore the new taxation regime that we brought in for direct taxation two, three years ago has now got greater incentives & greater attraction so that people can unhesitatingly move from the old to the new,” says Nirmala Sitharaman.
Budget 2023 LIVE
New taxation regime has got greater incentives: FM
The new taxation regime has now got greater incentives, and attractions so that people can unhesitatingly move from the old to the new. We are not compelling anyone. But the new one is now attractive as it gives greater rebates: Union Finance Minister pic.twitter.com/dzVYj0mtCd
— ANI (@ANI) February 1, 2023
Budget 2023 LIVE
FM highlights budget’s four emphasis points
The four emphasis points of this budget are on empowering women, action plan for tourism, initiatives for Vishvakarmas (artisans) and green growth: Finance Minister Nirmala Sitharaman.
Budget 2023 LIVE
Poll-bound Karnataka gets Rs 5,300 crore aid for Upper Bhadra project in Budget 2023
Earlier, Bommai had repeatedly urged the Union government to declare the Upper Bhadra project as a national project as “it will help get a central grant of Rs 16,000 crore”. He had also met Sitharaman, multiple times and requested her to allocate funds for the project
**Read More**Budget 2023 LIVE
Finance Minister unveiled a budget that is truly for ‘Amrit Kaal’, says Union Minister R Chandrasekhar
Finance Minister today unveiled a budget that is truly a budget for 'Amrit Kaal'.It is Rs 45 lakh Cr of spending of which Rs 13.3 lakh Cr investment into infrastructure that is bound to take India into 'Amrit Kaal as a modern infrastructure ready nation: Union Min R Chandrasekhar
— ANI (@ANI) February 1, 2023
Budget 2023 LIVE
Industrialists hail new budget
Union Budget 2022 has left big industrialists happy with many hailing the speech given by Finance Minister Nirmala Sitharaman at the Parliament on Wednesday.
**Read More**Budget 2023 LIVE
Finance Minister opens up a goodie bag for all stakeholders
The Union Budget 2023 has attempted to touch every aspect of the economy and continues to give 7 per cent growth guidance. It was expected that this Budget would have something for everyone and it did meet those expectations. The FM has focused on every key stakeholder from enterprises to startups to individual taxpayers and farmers.
**Read More**Budget 2023 LIVE
Budget presented keeping elections in mind, says SP’s Dimple Yadav
It’s a Budget presented keeping the elections in mind, while some relaxations given to the middle class. Govt hasn’t said anything about MSP for farmers, employment and youth. Railways also ignored in this budget. It has been a disappointing budget, said Dimple Yadav, Samajwadi Party MP.
Budget 2023 LIVE
Want to thank PM Modi and congratulate FM Sitharaman for presenting a spectacular budget, says Uttarakhand CM PS Dhami
#WATCH | On #UnionBudget2023, Uttarakhand CM PS Dhami says, "I want to thank PM Modi & congratulate FM Nirmala Sitharaman for presenting a spectacular budget before the people of the country. This Budget will meet the expectations of people of the country as well as the world..." pic.twitter.com/4gawAohYgt
— ANI UP/Uttarakhand (@ANINewsUP) February 1, 2023
Budget 2023 LIVE
This budget is for the welfare of every sector and every state of the country, says MP CM Shivraj Singh Chouhan
#WATCH | Madhya Pradesh CM Shivraj Singh Chouhan speaks on #UnionBudget2023 "This budget is for the welfare of every sector and every state of the country. It's for benefit of the poor, women & middle-class people along with empowering weaker sections & the youth" pic.twitter.com/qPoev9DPzb
— ANI MP/CG/Rajasthan (@ANI_MP_CG_RJ) February 1, 2023
Budget 2023 LIVE
First budget of Amrit Kaal shows the visionary and far-sighted leadership of PM Modi, says JP Nadda
#WATCH | On #UnionBudget2023, BJP national president JP Nadda says, "First budget of Amrit Kaal shows the visionary and far-sighted leadership of PM Modi. This budget shows our stable economy, power of young India and multicultural work ethics...." pic.twitter.com/lJkR3tmLe9
— ANI (@ANI) February 1, 2023
Budget 2023 LIVE
What’s cheaper, what do you have to pay more for?
Finance Minister Nirmala Sitharaman made some major announcements such as increasing the income tax rebate limit from Rs 5 lakh to Rs 7 lakh under the new tax regime while presenting her fifth Union Budget.
Sitharaman’s Budget speech also touched on which items will burn a hole in the pocket of the consumers and which will become affordable.
**Read More**Budget 2023 LIVE
Centre hikes farm credit target by 11% to Rs 20 lakh crore for FY24
Among other big-ticket announcements for agriculture and allied sectors, Nirmala Sitharaman — in her budget speech — said the Centre will launch a new sub-scheme of Pradhan Mantri Matsya Sampada Yojana with an investment of Rs 6,000 crore to improve value chain efficiencies and fisheries market
**Read More**
'New dawn': PM Modi meets Manipur violence victims in first visit since 2023 unrest
Prime Minister Modi visited Churachandpur, Manipur, meeting displaced people from ethnic clashes. Modi laid foundation stones for 14 development projects worth over ₹7,300 crore in Churachandpur. Opposition criticized Modi's visit as "too little, too late" and questioned its impact on healing wounds.
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