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
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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.
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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.
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Budget has some good aspects which need to be appreciated: Odisha CM
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
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.
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Work will be done in mission mode to eliminate sickle cell anaemia: Union Health Min
Budget 2023 LIVE
Rs 1,000 crore will be spent only on Khelo India Games: Anurag Thakur
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.
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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
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.
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Not a budget for the poor & youth: Congress leader P Chidambaram
Budget 2023 LIVE
Budget will lead to inclusive growth: Piyush Goyal
Budget 2023 LIVE
2.41 lakh cr allocated for Railways will fulfil passengers’ aspirations, says Ashwini Vaishnaw
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.
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