What to Expect In Budget 2023? Income Tax, Common People Expectations

What to Expect In Budget 2023? Income Tax, Common People Expectations

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The Union Budget 2023 is going to be released tomorrow (February 1, 2023) for FY 23-24. Former Finance Minister and Congress leader P Chidambaram said that the Union Government must address issues such as the slowdown of global economic growth, falling exports, and an increase in India’s current account deficit in the upcoming Budget 2023.

Budget Expectations 2023
Budget 2023 
Budget 2023 date
1 February 2023
Financial Year

Union Budget 2023 Expectations

The 2023 Budget session of Parliament will begin tomorrow with the Economic Survey 2022-23 being tabled ahead of the presentation of the last full Budget of the PM Modi government before the 2024 elections. According to experts, Nirmala Sitharaman will keep her pace of spending to boost growth, while shunning subsidies and selling assets to shrink the deficit.

Here’s what we can expect from the Union Budget 2023:

Union Budget 2023
PC: economictimes.indiatimes.com

In addition to raising the highest tax slab threshold from Rs 10 lakh to Rs 20 lakh, FM Nirmala Sitharaman may also reduce the highest tax rate from 30 per cent to 25 per cent.

There may also be a rise in the amount of income tax deductions available under section 80C for salaried professionals from Rs 2 lakhs to Rs 2.5 lakhs. It is also expected that the standard deduction will be raised from Rs 50,000 to Rs 1 lakh.

Also Read: Documents required to file an ITR?

Post-tweaks to section 112A, LTCG on listed shares and equity-oriented mutual fund schemes may be exempted from Capital Gains Tax.

Also, a possible increase in tax exemption limit of Rs 1 lakh to Rs 3 lakh for long-term capital gains is also likely to be seen.

The Finance Minister may also address issues related to jobs and look at supporting middle and poor-class people. Nirmala Sitharaman will stay away from spending way beyond India’s means as the central government seeks to shore up investor sentiment.

The FM’s top theme of the budget will also emphasise strong support for consumption and a strong focus on manufacturing with an emphasis on Small and Medium-sized Enterprises.

In the new financial year beginning in April, FM Sitharaman is expected to increase capital expenditures by 12.5 per cent to $544 billion. The fiscal deficit is expected to narrow to 5.9 per cent of GDP from 6.4 per cent this fiscal year. The central government is most likely to finance it partly through record gross borrowing of INR 15.8 trillion.

Production-Linked Incentive Scheme (PLI) is expected to continue and the Centre may also tweak its duty to support domestic manufacturing.

The Budget 2023 will most likely see the country target asset sales of about Rs 500 billion.

Pradhan Mantri Awas Yojana, launched by the government on 25th June 2015 may likely see a Rs 40,000 crore boost to improve housing among weaker sections.

When to watch The Budget 2023-24 live?

Nirmala Sitharaman will present the Union Budget 2023-24 at 11 am on February 1, Wednesday. The budget speech will last anywhere between an hour and 2 hours. 

The Finance Minister delivered her shortest speech ever while presenting the 2022-23 Union Budget. It lasted for around 92 minutes. In 2020, she delivered the longest budget speech in India’s history. That speech lasted for about 2 hours and 40 minutes.

Nirmala Sitharaman will be presenting her fifth budget speech tomorrow. 

Where to watch Union Budget 2023-24 live?

The Union Budget for this year will be aired live on Doordarshan and Sansad TV. The Finance Minister Nirmala Sitharaman’s budget speech will be telecast live by many news channels. 

You can also watch the budget live on the YouTube channel of Sansad TV, Doordarshan, and the Press Information Bureau (PIB).

Concluding Words

Like the previous two budgets, The Finance Minister will be presenting the Union Budget 2023 in a paperless form. 

After the conclusion of the budget by her, the documents of the  Union Budget 2023 will be available on the Union Budget mobile application on the same day. To download the application, you can refer to the App Store or the Google Store. 

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