The Union Budget 2023 by Finance Minister Nirmala Sitharaman in New Delhi on February 1, 2023. The Union Budget will be carried live on Lok Sabha TV (which will be picked up by other news stations) and on social media platforms like Twitter and Youtube.
Union Budget 2023
On February 1, 2023, at 11 a.m., India’s Finance Minister, Nirmala Sitharaman, will unveil the Union Budget 2023. January 31 will mark the start of the Budget session with President Ram Nath Kovind’s speech to both Houses of Parliament, split into two parts.
Finance Minister Nirmala Sitharaman will introduce the Union Budget 2023, and the length of the Union Budget 2023 is likely to be between 90 and 120 minutes. The Finance Minister’s speech during the Union Budget of 2020 was the longest in the history of Independent India, lasting almost two hours and forty minutes.
The Union Budget will be there to the Lok Sabha on February 1 at 11 a.m. before being presented to the Rajya Sabha, predicts the Ministry of Parliamentary Affairs. The Economic Survey before the Budget Session will be delivered on January 31, 2023, as it is every year.
Union Budget 2023 Highlights
- The forthcoming Union Budget session, which Finance Minister Nirmala Sitharaman will deliver on February 1, 2023, will feature plans to re-ignite India’s CAPEX cycle and set a fiscal reduction strategy.
- Enormous spending on healthcare initiatives and capital expenditures is forecast in the Union Budget to strengthen India’s deeper integration into the global supply chain.
- The finance minister started significant tax changes in her first year, slashing corporate income tax to 25% and establishing a highly competitive 15% tax rate for new manufacturing firms.
- As India’s economy struggles to cope with the epidemic, the Finance Minister has leeway to tax breaks. Relief will enhance money and promote rising demand for the salaried class, which the epidemic has heavily impacted.
- The emphasis of the Union Budget session in 2023 will be on accelerating India’s recovery from the epidemic. It is also likely to place a strong focus on improving India’s educational system.
- Employees qualify for tax benefits. The current standard deduction should not limit the amount of money that may reduce from the work from home allowance.
Union Budget 2023 Income Tax
Tax rates may reduce in the new system, but deductions forfeit there. Those under the present tax legislation could continue to pay tax while claiming any available exemptions under the former tax scheme.
- Under the new tax structure, seven income levels are available.
- Up to Rs, 2.5 lakh of income is exempt from taxation.
- Taxes on earnings between Rs 2.5 and Rs 5 lakh are there for individuals earning between these amounts.
- Earners who earn between Rs 5 lakhs and Rs 7.5 lakhs must pay 10% tax on their earnings.
- For individuals earning between Rs 7.5 lakh and Rs 10 lakh each year, the tax rate is 15%.
- A tax rate of 20% applies to those earning between Rs 10 lakh and Rs 12.5 lakh.
- Those earning between Rs 12.5 lakh and Rs 15 lakh, on the other hand, must pay a 25% tax on their earnings.
- Individuals earning more than Rs 15 lakh must pay a 30% tax on their earnings.
- Exemptions under Section 80C do not apply under this framework. The new tax system does not include home loan exemptions, insurance exemptions, and basic deductions.
Union Budget 2023 Facts
- The Finance Ministry prepares it in collaboration with other relevant ministries.
- Railway Budgets were there separately from Union Budgets until 2017.
- Since 2017, the FM has presented the Budget in the Lok Sabha on February 1 at 11 a.m. It follows the budget presentation on the last working day of February.
- The typical duration of the Budget speech is 90 minutes to 120 minutes.
- Finance Minister Nirmala Sitharaman, on the other hand, gave the most extended budget address in 2022-22, clocking in at almost 160 minutes.
- Before Sitharaman, Jaswant Singh gave the longest Budget Speech in 2003, lasting 135 minutes.
- Hirubhai M Patel holds the record for the shortest Budget speech, with just 800 words spoken in 1977.
About Union Budget
The Union Budget records the government’s finances for the fiscal year, from April 1 to March 31. Also, the Union Budget consists of two parts: revenue and capital.
The government’s revenue inflows and expenditures appear in the revenue budget. Tax and non-tax revenue are the two types of revenue is there. Revenue expenditures are the costs of the government’s day-to-day operations and the numerous services it provides to its residents. The government runs a revenue deficit when revenue expenditures exceed revenue inflows.
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