Budget 2023 Expectations Live: What India wants from FM Nirmala Sitharaman - Wishlist
Budget 2023 Expectations Live: What India wants from FM Nirmala Sitharaman - Wishlist
Budget 2023 Expectations: The Union Budget for the financial year 2023-24 will be presented by Finance Minister Nirmala Sitharaman on February 1 in Parliament. The Budget will be presented against the backdrop of renewed uncertainties around global and domestic growth, tighter financial conditions and the elections. This will be Sitharaman's fifth straight Budget and full year Budget before the Lok Sabha elections 2024. Stakeholders are keenly watching the Modi government's last full budget, expecting some major announcements for the industry and relief for the salaried class in terms of income tax. Here's what the industry wants from the Modi government:
Latest Updates
Budget 2023: Experts want easy line of access for start-up, MSMEs
Brijesh Samantaray, co-founder, Propelld, said that Fintech industry has now become one of the fastest-growing segments in technology and transformed the way how financial services are fostered. "As our country sets upon the goal of hitting the $5-trillion mark by 2025, I expect the digital economy to grow even further, with a majority of India’s population and small businesses adopting digital means to access payments and financial services. The government should ease financial burden for start-ups in fintech industry. The government should implement policies that would promote collaboration between banks and loan providers to assist customers in getting loans in an accessible manner whether for personal or business purposes."
Sanjay Sharma, MD and CEO, Aye Finance, said that support for the 70 mn micro scale enterprises is the need of the hour and this budget could focus on this. Lending to micro enterprises by NBFCs and Banks should be encouraged. There is also need for allocation for initiatives that help improve the quality of the produce of micro enterprises.
Priya Ranjan Panigrahy, CEO and founder, CEPTES Software, said that the Digital India programme is a great initiative for companies like start-ups, SaaS based and new-age companies. "The budget should focus on measures for the development and adoption of new technologies such as cloud computing artificial intelligence, machine learning and the Internet of Things."
All-party meeting in Parliament ahead of Parliament's Budget Session
An all-party meeting called by the government ahead of the Budget Session of Parliament commenced on Monday morning. Deputy Leader of the House, Rajnath Singh, Parliament Affairs minister, Pralhad Joshi, Leader of the House, Piyush Goyal, MoS, Parliamentary Affairs, Arjuna, Ram Meghwal, and V Muraleedharan were among those present for the meeting held at the Parliament. All top leaders from the opposition parties including DMK leader, TR, Balu, TMC leaders, Sudip Bandyopadhyay and Sukhendu Sekhar Ray, TRS leaders K Keshava Rao and Nama Nageswara Rao were in attendance. Other party leaders who were present include Vijayasai Reddy from YSR Congress, Farooq Abdullah from the National Conference, Professor Manoj Jha from the RJD and Ram Nath Thakur of JDU. Shiv Sena (Uddhav Thackeray) was represented by Priyanka Chaturvedi. Congress leaders were absent from the meeting.
The Budget Session of Parliament will commence on January 31 with the address by the President of India to a Joint sitting of both Lok Sabha and Rajya Sabha in the Central Hall of Parliament. The Economic Survey will also be tabled in both Houses on the first day of the Session. The Union Budget 2023-24 will be presented on February 1 by Finance Minister Nirmala Sitharaman in Lok Sabha. Later the Budget will be tabled in Rajya Sabha.
Budget 2023 Expectation: Will govt hike Rs 6000 assistance under PM-KISAN?
The government should in this year's Budget enhance cash assistance given to farmers under the PM-KISAN scheme from the current Rs 6,000 per year for purchase of crop inputs, provide tax incentives to agritech startups and cut import duties on agrochemicals, according to industry experts. There is also need to announce some incentives to farmers as well as agrictech startups for faster adoption of technologies, like artificial intelligence, precision farming and drones, in Indian agriculture sector, they added. FULL STORY
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said that a budget expectation this year is a relief for income taxpayers. The basic exemption limit of Rs 2.5 lakh crores was fixed in 2014 and, therefore, needs revision. Raising the exemption limit to Rs 4 lakh crores is likely. This relief is likely to be offered in the ‘ no exemption regime’ since the government wants this regime to take off. Rationalisation of the capital gains tax regime is another expectation. The current system is complex with different tax rates and holding periods for different investments. This needs simplification.
Budget 2023: Section 24 limit to be hiked?
There are several sections under the Income Tax Act that provide taxpayers with tax exemption. One among them is Section 24. Under Section 24, taxpayers can claim deductions of up to Rs 2 lakh on the interest paid on home loans. FULL STORY
WATCH: UPI transactions to attract charges?
In an exclusive interaction with Zee Business, Pankaj Dedhia, Chief Business Officer, CCAvenue, talks about how Budget 2023 may incentivise UPI transactions, and what more govt. is likely to offer in terms of digital banking. WATCH INTERVIEW
Budget 2023: Will govt hike deduction under 80D?
Aftab Chaz, Associate Director and Business Head, Elephant.in, said that health insurance and life insurance should not be subjected to GST. Additionally, in the health insurance category, there should be a larger deduction limit for health insurance premiums in Section 80D of the Income Tax. It would be highly beneficial if a separate Section is provided for deductions for payments for term life insurance policies. Moreover, the current limit for health premiums (including preventive medical check-up costs) is too low and needs to be increased as well.
Budget 2023: Insurance sector set to witness major changes - key details
The insurance sector in India is likely to witness some major changes this year. Experts believe that legal and regulatory changes proposed/made will have far-reaching impact. According to a Zee Business report, there could be several changes for the insurance sector in the upcoming Union Budget 2023. According to the report, the Budget Insurance Amendment Bill can be introduced in the upcoming Budget Session of Parliament which is being prepared by the Department of Financial Services (DFS) in collaboration with the Insurance Regulatory and Development Authority (IRDA). FULL STORY
Why budget's printing was shifted to North Block from Rashtrapati Bhavan?
Finance Minister Nirmala Sitharaman will present the union budget for the financial year 2023-24 (FY24) in parliament on Wednesday, February 1. Several traditions are followed before the presentation of the union budget. One of them is the Halwa Ceremony, which took place on Thursday, January 26. With the Halwa ceremony, the printing of the budget gets a green signal. This printing is generally being done in the basement of the North Block. FULL STORY
Budget 2023: Finance Ministry contemplating sops for middle class
The Finance Ministry is considering proposals to benefit the middle class in its last full Budget of the Narendra Modi 2.0 government to be presented on February 1 in the Lok Sabha. The ministry is looking into proposals sent by various government departments on specific steps which may be announced in the Budget, benefitting a large section of the middle class, PTI sources said. The government has not raised income tax exemption limit from Rs 2.5 lakh which was fixed in 2014 by the then Finance Minister Arun Jaitley in his first Budget. Also, the standard deduction has remained at Rs 50,000 since 2019. Several experts are of the opinion that the exemption limit, as well as standard deduction, need to be increased to compensate the salaried middle class for elevated level of inflation. The recent statement of Finance Minister Nirmala Sitharaman that she was aware of the pressures of the middle class has raised hope that some incentives may come for them in the upcoming Budget. "I too belong to the middle class so I can understand the pressures of the middle class. I identify myself with the middle class so I know," she had said earlier this month. In the same breath, the minister reminded that the present Modi government has not imposed any fresh taxes on the middle class.
Halwa ceremony returns as Budget 2023 enters final stage PHOTOS
'Budget 2023 should be favourable to EV'
The year that went by was significant as far as the Indian electric vehicle (EV) industry is concerned as in the three wheeler segment EV vehicles overtook the traditional fuel-powered ones, said Sulajja Firodia Motwani, Founder and CEO, Kinetic Green. Like last year's Union Budget which was positive for the EV industry, this year too she expects it to favour the sector. "2022 was a significant year for the EV sector in India. The industry saw EVs outnumbering ICE (internal combustion engine) in the three-wheeler sector, a significant rise in sales of EVs, and the initiation of EV component manufacturing in the country," Motwani said. According to her, while India is heading strongly toward the EV revolution, supply chain constraints limited the movement. IANS
Vimal Singh SV, founder & CEO of ReadyAssist, said that with rising demand in skilled workforce and India playing a pivotal role in the automobile segment, it is important to ensure our country is able to produce high skilled candidates to capitalise this moment. "India would need at least 4 lakhs EV skilled mechanics to address the need of EV service in the next 2 years. The budget should consider making framework and controls that will ensure right allocation of funds and support to empower training facilities and programs through private organisations. Aiding the EV enablers ecosystem is something in the budget which everyone in the automobile industry is looking forward for as it would play a pivotal role to further catlayse the growth of the industry & help in full filling India's dream of being an EV nation."
Budget 2023: What is Long Term Capital Gains Tax?
The Finance Ministry is likely to be looking at ensuring parity between similar asset classes by rationalising the LTCG tax structure and even revising the base year for computing inflation adjusted capital gains, sources aware of developments said, according to a report by news agency IANS. FULL STORY
Budget 2023: Will govt tweak long term capital gain tax?
The government may look at rationalising long term capital gains (LTCG) tax structure in the forthcoming Union Budget for 2023-24. As of now, shares held for more than one year attract a 10 per cent LTCG tax. This tax was discontinued in 2005, but was reintroduced in 2018 in the Union Budget for that fiscal. According to IANS, the Finance Ministry is learnt to be looking at ensuring parity between similar asset classes by rationalising the LTCG tax structure and even revising the base year for computing inflation adjusted capital gains. Ajay Lakhotia, Founder & CEO, StockGro, said that the budget will seek to foot action items to drive the economy to the set goals. There are expectations of fresh reforms and tax benefits, investors will be eyeing what the Finance Minister says about startups and tax benefits on long term capital gain. A rational shift to provide impetus to the startup ecosystem along with a boost to the sun-shine sectors like silicon chip and battery manufacturing will also play a crucial role.
FHRAI wants infrastructure status to hospitality sector
The hospitality sector needs to be accorded infrastructure status by the Centre to help it avail long-term funds under the RBI infrastructure lending norm criteria, according to Federation of Hotel & Restaurant Associations of India. In its pre-Budget demand, the Federation of Hotel & Restaurant Associations of India (FHRAI) said although industry status has been accorded to tourism and hospitality by many state governments, the incentives and privileges associated with an industry have not been conferred to the sector.
"The industry needs infrastructure status to be accorded by Government of India to enable the hospitality sector avail long-term funds under the RBI Infrastructure lending norm criteria," FHRAI Secretary General Jaison Chacko said in a statement. FULL STORY
Budget 2023: FM Sitharaman performs Halwa ceremony
The halwa ceremony that marks the final stage of the Budget preparation process for Union Budget 2023-24, was held in North Block, on Thursday. Union Finance & Corporate Affairs Minister Nirmala Sitharaman and Union Ministers of State for Finance Pankaj Chaudhary and Dr Bhagwat Kisanrao Karad were present at the ceremony. READ MORE
Govt needs to revisit tax exemption limits: Niraj Shah, CFO HDFC Life
Government needs to review its exemption limits under Section 80C and for pension products to make them more lucrative for the policy seekers, Niraj Shah, Chief Financial Officer at HDFC Life Insurance Company tells Zee Business Web Team. FULL STORY
Budget 2023: Govt may announce measures to further strengthen startup ecosystem
The government is expected to announce in the forthcoming Budget steps to further strengthen the startup ecosystem in the country and address inverted duty issues in certain sectors to promote domestic manufacturing, official sources said. Fiscal incentives under the production linked incentive (PLI) scheme to some more sectors are also likely to be announced in the Budget, which will be presented on February 1. Besides, the government may consider providing funds to infrastructure projects approved by the Network Planning Group (NPG), constituted under the PM Gati Shakti initiative, they said. On October 13 last year, Prime Minister Narendra Modi launched the Gati Shakti - National Master Plan aimed at developing integrated infrastructure to reduce logistics costs. FULL STORY
Govt calls all-party meeting on Jan 30 on eve of Budget Session
The government has convened an all-party meeting on January 30 -- on the eve of the Budget Session, sources aware of the developments said on Tuesday. The customary meeting has been convened by Parliamentary Affairs Minister Pralhad Joshi just ahead of the budget session, which begins on January 31. The government is likely to reach out to all the parties, mainly the Congress, Trinamool Congress and other Opposition parties, to seek their cooperation for a smooth functioning of the session. While the economic survey will be presented in Parliament on January 31, Finance Minister Nirmala Sitharaman will present the Budget on February 1. The first part of the session will be held from January 31 till February 13. The second part of the session will commence on March 13 and culminate on April 6.
Railway Ministry sets in motion Rs 2-trillion budgetary push
The people have high expectations from the Rail Budget as the Union Finance Minister Nirmala Sitharaman will present her fifth Budget on February 1. In its first term, the Modi government at the Centre had linked the Rail Budget with the General Budget, under which the money for the Railways is now provided. According to the information, the Centre is going to increase the Railway Budget this time by up to 20 per cent. Earlier, in the pre-Budget meeting, the Railway Board demanded 25-30 per cent more funds in the allocation of the Finance Ministry. In such a situation, the government can give a fund of about Rs 2 trillion to the Ministry of Railways in the Budget leading to an atmosphere of enthusiasm in sectors related to the Railways. There have also been various demands from the passengers.
Budget 2023 Expectation: Will govt hike Income Tax deduction on Tuition Fees from Rs 200?
The government allows taxpayers to claim tax deduction on tuition fees under Section 10 (14) of Income Tax Act as Children's Educational Allowance. The Section offers an additional tool for taxpayers to save their tax. As per provision, salaried taxpayers can save tax to the tune of Rs 100 per month per child. This amount can be availed for a maximum of 2 children per taxpayer, which means that an individual taxpayer is eligible for tax exemptions of Rs 200 per month. In a financial year, a taxpayer can claim for deduction of Rs 2400. The rule says that the amount can be claimed as exemption only in the financial year in which the fee was paid. FULL STORY
5 Post Office Tax Saving Schemes
India Post provides reliable investment, returns via various post office schemes. One can select the plan that best fits his/ her investment objectives. Here are 5 post office schemes that offer tax benefits as per 80C of the Income Tax Act. FULL STORY
Budget 2023: Experts eye big push for infra
With the Union Budget less than a month away, a section of the market is eyeing the infrastructure allocation as they expect major announcements. Experts believe that the capital expenditure target or Capex target could be Rs 9-10 lakh crores. READ FULL STORY
Budget 2023: Understanding Income Tax Exemption
Income tax filing involves various deductions, exemptions and rebates, and a major share of the workforce finds it difficult to fathom the jargons and abbreviations involved. Even a simple understanding of these terms is significant for filing an Income Tax Return. READ FULL STORY
Railway Budget 2023: More Vande Bharat Express
Emphasis could be laid on making new Vande Bharat Express train and Vande Bharat 2.0 with a sleeper facility. Plans for new Vande Bharat with a sleeper can also be unveiled in the budget. Vande Bharat currently has only a chair-car seating arrangement, but it may soon have sleeper berths. With this, passengers will get the facility of sleeping while traveling over long distances. These trains will work like Rajdhani Express, in which passengers will also get the facility of Sleeper AC Coach.
From increased capex to Vande Bharat trains, what to expect from Sitharaman?
Union Budget for the financial year 2023-24 will be presented on February 1 by Finance Minister Nirmala Sitharaman. Like every year, people look forward to the Railway Budget and await announcements about new trains, new fares, new facilities. This year, many big announcements are expected in this budget for the Railways. FULL STORY
Budget 2023: What is Finance Bill? How it is different from Money Bill?
The Finance Bill concerns the country's finances. It is a bill that contains the financial proposals for the upcoming financial year. The finance bill is a part of the Union Budget which is introduced in Parliament. It contains provisions for the imposition, abolition, alteration or regulation of taxes. As per the Article 110 of the Constitution of India, Finance Bill is also a Money Bill. FULL STORY
Budget 2023: What is Halwa Ceremony?
The traditional "halwa" ceremony, marking the final stage of the Union Budget preparation process, will be held on Thursday in the presence of Finance Minister Nirmala Sitharaman. In a series of tweets on Wednesday, the Finance Ministry said the ceremony will be held in the Budget Press situated inside North Block. Senior officials of the Ministry as well as members of the Budget Press will be in attendance. FULL STORY
Budget 2023: Why agri stocks are in focus?
As India approaches the presentation of the Union Budget in Parliament on February 1, all eyes are on the country's agriculture sector for any changes in terms of allocation and subsidy. According to experts, agriculture is likely to be a top priority in the Union Budget for 2023-24. FULL STORY
Budget 2023: Do you know govt pays just 6% interest on delayed ITR but charges 12% as penalty?
Every taxpayer has to should report the sources of income, transactions and investments while filing income tax return. If a taxpayer misses the deadline, then the Income Tax department collects penalty in the form of interest. But do you know that the department also pays interest if the return is delated in case a taxpayer pays excess tax? FULL STORY
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.