Edited By: Mohammad Haris
Last Updated: January 25, 2023, 14:08 IST
The Union Budget 2023-24, which will be presented on February 1 by Finance Minister Nirmala Sitharaman, will be delivered in paperless form, like the previous two Budgets, the finance ministry said on Wednesday. The Budget 2023 documents will be available on mobile apps.
“Like the previous two Union Budgets, Union Budget 2023-24 will also be delivered in paperless form. The Union Budget 2023-24 is to be presented on 1st February, 2023,” the finance ministry said in a series of tweets.
The previous two Budgets 2021-22 and 2022-23 were only available in paperless forms like PDF and on the official app.
It added that the Budget documents will be available on the ‘Union Budget Mobile App’ on both the Android and Apple OS platforms after the completion of the Budget Speech by the finance minister in Parliament on February 1, 2023.
The Budget 2023 preparations are in the final stages, and the Halwa ceremony to mark the final stage of the Budget preparation process for Union Budget 2023-24, will be held tomorrow (Thursday, January 26) in the presence of Union Finance and Corporate Affairs Minister Nirmala Sitharaman in the Budget Press situated inside North Block, according to another tweet.
Along with the union finance minister, the Halwa ceremony will be attended by the Union Ministers of State for Finance, along with secretaries of the Ministry of Finance, besides senior officials and members of the Union Budget Press.
There are some expectations from people across sectors, with individuals also expecting tax relaxations. This is the last full Budget of the current tenure of the government. Among the expectations are an increase in tax exemption and deduction limits, PLI scheme for more sectors, infra and rural push.
There is an expectation that the government might give a relief to individual tax payers by raising tax exemption or rebate limit. Salaried employees are one of the major tax contributors in India. Their salary is tax-exempt up to Rs 2.5 lakh a year.
However, their salary is also tax-free if it is below Rs 5 lakh in a year. However, it is a rebate under Section 87A, not an exemption. If the salary goes above Rs 5 lakh in a year, the tax on the whole amount except the exemption limit of Rs 2.5 lakh will be applicable. Now, there are demands for raising the exemption limit to Rs 5 lakh.
Income tax deductions pertain to specific deductions which a taxpayer is eligible for on account of investments made (Section 80C) or sum expended (Section 80D or Section 80E).
There are demands of raising the deductions limit under Section 80C in the Union Budget 2023-23, compared with Rs 1.5 lakh currently. The real estate sector is also urging the government to provide a separate deduction for realty purchases, apart from Section 80C. The current 80C limit was fixed about a decade ago.
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