Graphics: Pranay Bhardwaj.
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.
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.
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
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
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
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
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
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.
#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
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 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
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