Budget 2023 Expectations Highlights (Jan 27): Will Sitharaman make middle-class 'atmanirbhar' with new tax reliefs? | The Financial Express

Budget 2023 Expectations Highlights (Jan 27): Will Sitharaman make middle-class ‘atmanirbhar’ with new tax reliefs?

Pre-Budget 2023 Expectations : Check Income Tax, Jobs, Capex, and other top expectations from Finance Minister Nirmala Sitharaman’s Budget speech 2023.

Pre- Budget 2023 Live | Pre-Budget Expectations 2023 |
Budget 2023 Expectations Live: Union Finance Minister Nirmala Sitharaman and Union Minister of Commerce & Industry Piyush Goyal during an 'At Home' reception, on the occasion of 74th Republic Day, at the Rashtrapati Bhavan in New Delhi. (PTI Photo)

Pre-Budget 2023 Expectations: The Finance Ministry is reportedly looking at proposals to provide relief to the middle class in the last full budget of the Narendra Modi Government before 2024 General Elections. Ahead of Budget 2023, common taxpayers, including salaried employees and senior citizens, are having very high expectations. FM Sitharaman will present her fifth Budget Speech on February 1, 2023. (Read: Budget Expectations News on Jan 28)

Some of the top expectations from upcoming budget include revision of income tax slabs, hike in limits under Section 80C, Section 80C, Standard Deduction rules and tax relief for homebuyers as well as senior citizens and salaried employees. Other sectors including auto, real estate, defence, manufacturing, markets, infrastructure, agriculture, startups, IT etc. are also having high expectations from the upcoming Budget.

It is believed that FM Sitharaman will try to play the balancing act by accommodating both the common taxpayer’s demand to some extent and laying the ground for more pressing issues like job creation, GDP growth, fiscal deficit and capital expenditure push for infrastructure, manufacturing and other sectors.

Live Updates

Latest News Updates on Pre-Budget 2023 Expectations

00:03 (IST) 28 Jan 2023
Budget expectations Live: ‘Government should offer some key relaxations in taxes and waivers’

hBits founder Shiv Parekh feels the Modi government should provide some GST reduction. “The real estate sector in India is one of the highest contributing sectors and the second-largest employment generator after agriculture. Employment generation is a key objective for the government, post Covid. The sector has achieved a remarkable recovery despite COVID and made substantial contributions to the economy,” Parekh said. “The government should offer some key relaxations in taxes and waivers, and there should be some reduction on GST in raw materials like cement, steel and tiles. The deduction limit for interest payment on home loans should be increased from the existing Rs 2 lakh a year to Rs 5 lakh and the 1.5 lakh limit of principal deduction on housing loans should be increased to 5 lakhs to push the affordable as well as luxury housing segment, which is the need of the hour. Commercial real estate too needs a greater push, especially in the Tier 2 and 3 markets as there is huge scope for growth in those markets. Reduction in tax rate from 30 to 25% would definitely help the overall sector,” he further said.

23:57 (IST) 27 Jan 2023
Budget expectations Live: ‘We anticipate more liberal exemptions to facilitate the seamless exercise of ESOPs’

“The last budget propelled India towards a digital future. The introduction of the digital rupee, policies on cryptocurrencies, e-passports, digital universities and agricultural drones are some of the stepping stones to a digital future. The start-up ecosystem, however, has long been emphasizing the need to overhaul ESOP taxation – they should be taxed at the time of sale and not at the time of vesting. ESOP offerings are one of the most effective tools for attracting and retaining talent, and changing how they are taxed will further drive innovation. Though the government has put exceptions in place for delaying income tax, we anticipate more liberal exemptions to facilitate the seamless exercise of ESOPs,” says Leegality CEO Shivam Singla.

22:47 (IST) 27 Jan 2023
Budget expectations Live: ‘Expect to see a reduction in Capital Gain Tax for unlisted investments’

Ahead of the Union Budget, several industry experts are viewing this as an oppurtunity for Modi government to take measures to back up the angel investors. “In the upcoming Union Budget 2023, I expect to see a reduction in Capital Gain Tax for unlisted investments to help encourage angel investors and VCs to hold on to their investments for longer, providing more stability for the startup ecosystem,” We Founder Circle co-founder Gaurav VK Singhvi said.

“I also hope the government takes the correct measures to promote entrepreneurship and startup growth and support innovation and technology development. Additionally, I hope to see efforts to improve the ease of doing business in India, such as simplifying regulations and providing access to funding for small businesses. Overall, I believe that a budget that prioritizes these areas would benefit the Indian economy and society.”

21:45 (IST) 27 Jan 2023
Budget expectations Live: ‘Some factors may lead FM to simplify current tax slabs’

Master Capital Services Director Gurmeet Singh Chawla feels that the Finance Minister may tweak the current tax slabs. From rigid inflation to volatile global sentiments, the aam aadmi has suffered a lot in recent times. “For the upcoming union budget of FY2023-24, we expect a change in the tax slabs. Considering the conflicting macroeconomic conditions followed by a bleak geopolitical scenario, last year has clearly taken a toll on the pockets of middle-class tax-payers. Not only did inflation cause a drastic rise in the incurred expenses but also forced the RBI to increase the interest rates. All these factors might lead the FM to simplify the current tax slabs and provide relief to salaried employees to some extent,” Chawla said.

“The growth-inflation dynamics will continue to evolve, there will be expectations that the government takes steps to strike the right balance in managing the two objectives. The budget is expected to spread its priority towards various sectors be it employment opportunities, equitable distribution of national incomes, enhance social protection, speed up the infrastructure etc. The rural development is one of the key areas which will be taken into consideration and the budget will focus on providing increased access to social security, health care, infrastructure & technology along with other benefits of different groups. It is most likely expected for the budget to cater to healthcare majorly this year. GST reduction on life saving drugs, health insurance and hospitals will most likely happen. There is an increased focus on prioritising health & sanitation this year,” he further added.

20:51 (IST) 27 Jan 2023
Budget expectations Live: ‘Cyber security industry may finally get the boost’

At a time when the country is witnessing renewed debate around the 'Data Protection Bill,' there's growing demand for fraud prevention industry. More and more people are looking for Jamtara-free solutions. “The Indian identity verification and fraud prevention industry is on the cusp of exponential growth, and we hope that the upcoming budget will be a catalyst for this growth. Regulatory and policy reforms such as the enactment of the Data Protection Bill and setting up a solid and effective data protection authority will ensure a conducive environment for the sector to thrive. We also expect the budget to provide financial incentives to boost innovation and encourage entrepreneurs to adopt risk orchestration solutions to tackle problems such as fraud prevention, data security, KYC compliance, and identity theft. We hope that the government will provide additional funding, incentives, and tax exemptions to incentivise companies to build a robust data security infrastructure that will fuel the government’s ‘digital India’ vision. With Budget 2023, the cyber security industry may finally get the boost it needs to keep up with the ever-evolving digital landscape,” Preekshit Gupta, Vice President – APAC & MEA, Bureau said.

19:42 (IST) 27 Jan 2023
Budget expectations Live: ‘We may see a strong emphasis on attracting more foreign investment’

TapOnn digital's founder and MD Dhruv Jolly says that Modi government should focus on new steps to nurture the startup sector. Industry experts say that the startup ecosystem in India is set to contribute alsmot 5 per cent to the nation's GDP. In such a scenario, a dedicated approach to uplift the sector is the need of the hour.

“We anticipate that the Union Budget would include some assistance for qualifying firms under the Startup India Scheme in terms of the number of taxes that must be filed, the frequency of filing, or the tax slabs.We might witness a strong emphasis on attracting more foreign investment, making the registration and compliance process more easy and fast, and strengthening economic ties with other countries in the Indo-Pacific region Startup’s flipping and outbound mergers should be permitted on a tax-neutral basis, and tax should only be levied on true liquidation, not on such restructuring since no actual income is produced. This will enable entrepreneurs to raise money on more favorable terms and valuations,” Jolly said.

18:55 (IST) 27 Jan 2023
Budget expectations Live: ‘Impending recession is a great concern for startup ecosystem’

'Impending recession and negative sentiments in the market has been a great concern for growth stage startups. Demands for higher margin and lean structure from stakeholders and investment ecosystem making startup journey tough for any charismatic results. This could be the time where Govt. could do best for boosting Startups, MSME sectors and entrepreneurs vying for growth post pandemic,' says Automovill CEO Mridu Mahendra Das. The CEO also said that the automotive industry is facing lot of stress due to disruption in supply chain globally. At the same time, gloomy outlook by the customers is reflecting in poor spending levels.

18:26 (IST) 27 Jan 2023
Budget expectations Live: ‘Budget should not leave diagnostic industry behind’

Dr Aakaar Kapoor, Medical Advisor and Chief Radiologist at City Xray & Scan Clinic, says the whole healthcare sector has big expectations from the budget 2023-24 and we expect the diagnostics industry will also not be left behind, in terms of growth and innovation.

“There is a need for greater standardization of diagnostic tests across the country. In a competitive healthcare market, accreditation like NABH and NABL not only raises the standard of diagnostics but also gives confidence to the patient or customer. We expect that encouraging accreditation of labs is extended to Tier 2 and Tier 3 cities as well to provide equitable access to quality healthcare. We do feel that in the future, healthcare both public or private should provide equitable quality healthcare for all.”

17:26 (IST) 27 Jan 2023
Tax parity for Mutual Fund investors is required

Punit Shah, Partner at Dhruva Advisors, says that parity between the taxation of debt mutual fund and listed bonds is required, as the listed bonds get a preferential tax treatment of 10% LTCG rate and 12 months holding period vis-a-vis LTCG on debt Mutual Fund units being taxed at 20% and a holding period of 36 months”.

“The surcharge applicable on dividends paid to non-corporates on equity shares is capped at 15%, while the rate could be as high as 37% for dividends paid by equity-oriented MFs. This inconsistency needs to be addressed,” says Shah.

17:22 (IST) 27 Jan 2023
How Budget 2023 can support micro enterprises

Sanjay Sharma, MD and CEO of Aye Finance, recommends the following points to support micro scale enterprises through Budget 2023.

1. Lending to micro-enterprises by NBFCs and Banks should be encouraged. Just as Bank's have to meet a specific priority lending quota for agri, there should now be a specified quota for micro enterprises in the priority lending.

2. Allocation for initiatives that help improve the quality of the produce of micro enterprises. Here Govt should allow subsidies for private sector programs that can deliver technology and product improvement by such micro enterprises at scale.

3. Health and critical illness covers at affordable premiums for micro enterprise owners and their family- so that their businesses may be protected from these adverse events.

4. Continued Credit Guarantee support through CGTMSE and simplification of the legal recovery requirements for very small loans below Rs 2 lacs. These bold steps will enable improvement in flow of funds to the financially excluded micro scale enterprises. This segment provides 95 percent of non-farm employment and we can no longer turns out heads away from their needs

“I believe that the Budget 2023 will bring in a period of progress and prosperity for all sectors – NBFCs and beyond – and catalyse policies and regulations that support holistic growth of the economy,” says Sharma.

16:28 (IST) 27 Jan 2023
CBDC: ‘Budget should lay own compliance measures’

Adelia Castelino, Co-Founder and Managing Director of In-Solutions Global says a crucial step for increasing the uptake of CBDC in the payments ecosystem will be to lay down strong regulatory and compliance measures that address user privacy and data protection. Another key measure is improving the user experience, the existing payments infrastructure and accessibility to the internet across semi-urban and rural India. Players from different sectors must join hands to build a low-cost infrastructure and enhance user journeys.

16:26 (IST) 27 Jan 2023
Real Estate Budget 2023 expectations: Reduced GST expected

Atul Monga, CEO and Co-founder of BASIC home loan says, “Given the current GST structure, developers are unable to claim tax credits for GST paid on input items. The Government can consider restoring Input Tax Credit (ITC) in the upcoming budget. Capping GST at 1% for under-construction projects and reducing raw material costs can help encourage more people to buy affordable homes.”

15:44 (IST) 27 Jan 2023
Medical equipment sector’s budget expectations: India must have right tools to fight aganinst diseases

Jesal Doshi, Deputy CEO of B Medical Systems says India must have the right tools since the fight against COVID-19 is far from over. Considering the drastically dropping immunisation rates, it also necessitates acting quickly. The government must enact stricter regulations for the storage and delivery of these life-saving vaccines to both the public and private sectors. Additionally, Budget should stress on the significance of using certified, top-notch medical grade equipment.

“We believe that separating the medical cold chain from commercial refrigeration and establishing a specialised business could aid in the expansion of the sector. To make it simpler to create dependable medical cold chain chains, the government should reduce import fees on necessary components,” says Doshi.

15:20 (IST) 27 Jan 2023
‘Budget should address domestic and international challenges faced by MSMEs’

Akash Hegde, Co-Founder, ShakeDeal, says, “We expect the government to address the domestic and international challenges that MSMEs, being a crucial part of the supply chain, have been facing. Challenges related to finance, labour, skills, technology and managerial-related challenges need to be addressed. We expect the government to spend on sustainable employment at all levels. Furthermore, due to the strenuous process of getting financial support from banks and alternate finance, we anticipate the growth of supply chain financing. This will certainly aid MSMEs in being stable and independent, fueling their growth.”

15:19 (IST) 27 Jan 2023
Tourism industry is expecting e-visa fee waiver, ECLGS, and more money in the hands of middle class

Nishant Pitti, CEO and Co-Founder of EaseMyTrip, says that a greater focus on the industry’s revival is required, which can be done by implementing e-visa fee waiver for tourist visas, and domestic income tax travel credit for Indian citizens and Indian companies. He further syas, “The Emergency Credit Line Guarantee Scheme (ECLGS) should also be extended to tourism and hospitality. In addition to this, we are also hoping that with the upcoming budget, the government will strive to increase the disposable income of the middle classes to aid the rise of discretionary spending.”

15:08 (IST) 27 Jan 2023
Pre-Budget expectation Live: ‘Govt should take steps for tax exemptions and incentives’

Balachander Sekhar, Co-Founder of RenewBuy, says Finance minister, Nirmala Sitharaman has rightly pointed out that the Indian middle class faces lots of pressures and challenges. Thus, there should be steps taken up by the government towards tax exemptions and tax incentives.

He further says that consistent support for the insurance industry is needed to encourage people to protect themselves with insurance coverage.

“With the increasing uptake in life insurance policies, there should be GST exemption or reduced GST slab to further cater to the growing consumer demand in life insurance. Similarly, Covid made everyone realise that our country is not adequately covered in the health insurance category too and there should be reduction in GST rate and tax exemptions. The insurance industry realises that people buy life and health insurance for tax-saving purposes too, thus a higher tax deduction limit will only help in increasing health and life insurance penetration,” says Balachander.

“There could also be special incentive and tax deduction for women buying insurance. Senior citizens too need equal financial protection and should not be denied insurance coverage on account of pre-existing diseases and illnesses,” he adds.

14:28 (IST) 27 Jan 2023
How will increasing insurance limit under Section 80C help?

Rushabh Gandhi, Deputy CEO at IndiaFirst Life Insurance says, “Increasing insurance limit under Section 80C will nudge people to look at life insurance as a financial product for protection as well as long-term savings. Alternatively, having a separate tax deduction towards life insurance premiums, over and above the current 80C limit can also be explored.”

Gandhi further recommended a provision for withdrawal of Section 10(10D) exemption in case of non-payment of insurance premiums during the first five years of the policy inception. Linking of Sec 10(10D) to the minimum number of premiums paid instead of the Sum Assured multiplier will ensure systematic long-term savings in addition to life cover.

13:48 (IST) 27 Jan 2023
Real Estate Budget Expectations: Tax breaks, reduced GST on construction materials

Ankush Ahuja, Co-founder, of Propcatalyst, says, “Activity in commercial real estate (CRE) leasing has surged, despite challenges remaining in the economy, due to global issues. New business ventures rely heavily on leasing necessary facilities and associated infrastructure is the reason for the uptick in the commercial real estate market. The supply for commercial construction properties may be constrained due to higher GST in raw materials like cement and steel. The government needs to reduce the GST on construction materials to help developers reduce the cost of construction and bring in more inventories. Raising the tax breaks on interest and principal amount for residential housing on home loans from INR 2 to 5 lakhs will bring in much relief to customers and bring in more economic activity in the sector.”

13:40 (IST) 27 Jan 2023
Budget expectations of Startups: Reduced GST, MAT

Nishant Behl, Founder and CEO of Expand My Business says India is poised to become a $25-trillion economy in the next 25 years, and startups will be significant contributors to this growth. However, this will certainly require greater support from the government through newer provisions and policies in the upcoming budget.

“Reducing the current 18% GST slab to 5% will increase the ease of doing business and transparency amongst startups, leading to an even robust startup ecosystem in the country. Also, there should be a special incentive for e-commerce businesses to establish warehouses and infrastructure in Tier-2 and Tier-3 identified locations, in a bid to enable seamless operations,” says Behl.

“We are also looking forward to the minimum alternative tax (MAT) for eligible startups be reduced to 9% from 15%. If the minimum alternative tax rate (MAT) for qualified companies is lowered, it can help startups meet their daily working capital needs, especially during nascent stages,” he adds.

13:38 (IST) 27 Jan 2023
Budget expectations Live: FIAPO demands fund for Animal Welfare

The Federation of Indian Animal Protection Organisations (FIAPO), India’s apex animal protection body, has urged the Central government to give serious consideration to urgent issues of animal welfare and protection in the Union Budget 2023-24.

“The country is seeing increased unrest because of escalating human and animal conflict. Merely creating institutions and promulgating Rules will not resolve this problem. In order to provide a comprehensive solution, the Union budget needs to make allocations to animal welfare programmes as a whole (such as the Animal Birth Control and anti-Rabies programmes) and specifically, to strengthen institutions created for the purpose, such as the Animal Welfare Board of India or Project Elephant,” says FIAPO CEO Bharati Ramachandran.

12:50 (IST) 27 Jan 2023
Budget expectations Live: Residential real estate market participants are hoping for higher tax rebates for first-time homebuyers

Ramashrya Yadav, Founder and CEO of Integrow Asset Management says, “Residential real estate market participants are hoping for higher tax rebates for first-time home buyers, which will provide a much-needed boost. Meanwhile, Commercial real estate market participants will be hoping for tax breaks and benefits for buildings complying with Climate and Environment norms and energy efficiency certifications. This will also encourage more players to follow green building norms, which aligns perfectly with the government’s priority for energy transition and positive climate action.”

12:24 (IST) 27 Jan 2023
Insurance sector’s expectation from Budget 2023: ‘Reduce GST, increase Section 80C, 80D limit’

The Finance Minister should allocate plenty of funds to sectors that have a significant impact on people's lives, says Aftab Chaz, Associate Director and Business Head of Elephant.in (Corporate Insurance Wing of Alliance Insurance Brokers).

“One of the largest requests from the insurance sector is 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 were provided for deductions for payments for term life insurance policies, given India's wide protection gap. Moreover, the current limit for health premiums (including preventive medical check-up costs) is too low and needs to be increased as well,” says Chaz.

“We have come to realise as a nation during COVID-19 that a very small percentage of people had insurance, and paying for hospital bills has taken a large toll on the financial health of families. Those in the lower salary bracket pay the most in terms of the number of people. We should consider increasing the tax provisions in Section 80C and other areas so they can invest in life protection and life insurance. Additionally, we should provide insurance for seniors. To further support this age group, we should reduce GST rates on senior health insurance policies or even exempt them from GST as they have worked their entire lives, paid taxes, and are now retiring; denying them coverage due to health reasons when they are ill is not feasible,” he adds.

11:51 (IST) 27 Jan 2023
What Senior Citizens and Retired Employees can expect from Budget 2023

Considering the contribution of senior citizens even after the age of 60 and the increasing cost of living, it seems that the current tax incentives available to such individuals are not adequate. Therefore, Budget 2023 should put together some of their expectations from the upcoming Union Budget 2023. Take a look at some of the top expectations of senior citizens here.

11:41 (IST) 27 Jan 2023
Infrastructure sector’s expectation from Budget 2023: Adopt green buildings, lower GST

Nikhil Bothra, Director of EPACK PREFAB, says India requires to adopt green buildings, built to internationally recognised standards that not just reduce energy and water consumption but also cuts down emissions.

“Sectors like Real estate, railways, and airlines can benefit immensely from the use of prefabricated materials for infrastructure development as that will lead to faster execution of projects. Lowering the GST or mandating such construction practices for government infra projects are a few steps which can be considered. Furthermore, introducing a framework that includes safety regulations with providing specialised training for prefab structures under Skill India Mission can help create a pool of trained manpower for all infrastructure projects,” says Bothra.

11:39 (IST) 27 Jan 2023
FM Nirmala Sitharaman should focus on adopting sustainable development techniques, say Infra sector expert

Vikramjiet Roy, Managing Director, Maccaferri (India), says that natural calamities wreaking havoc on infrastructure and leading to the loss of precious lives due to human intervention in eco-sensitive areas and climate change clearly signifies the importance of adopting focused sustainable development techniques instead of unplanned and vicious consumption of natural resources.

“The budget is expected to include recommendations from climate-change industry experts at the conceptualisation and implementation stages of infrastructure development. The budget must roll out a national action plan, establishing a specialised institution to finance climate change mitigation and adaptation. A fiscal inducement for using sustainable construction techniques or making such practices mandatory in all government projects can be a good step to start with. Furthermore, an increased focus on PPP-based infrastructure projects, would improve the availability of long-term funding from financial institutions,” says Roy.

11:24 (IST) 27 Jan 2023
Section 80D: ‘Budget should make 100% medical expenses tax-free’

Surjendu Kuila, Co-Founder and CEO of Zopper says, “”As this will be the last full budget for the current government, the sector expects some of the much-awaited reforms to see the light of day. These might include increasing tax benefits for the end consumer from Rs 50,000 to Rs 1,00,000 and a 100% deduction against medical expenses without any value cap. If introduced, these will boost the entire insurance ecosystem while opening new horizons and helping increase insurance penetration in India.”

10:53 (IST) 27 Jan 2023
Time to make India an AI superpower, Budget 2023 should lay the ground

Sarvagya Mishra, Co-founder and Director of SuperBot, an AI-powered SaaS startup, says the popularity of Artificial Intelligence (Al) has skyrocketed across industry sectors as a result of the greater push toward automation.

“While previous budgets acknowledged the relevance of AI technology in modernising India, we now expect prospects and large government initiatives from Budget 2023 that can position India as one of the world’s favoured Al leaders. Since we have an AI-powered voice-based product, we are also anticipating announcements and measures to improve digital infrastructure such as high-speed internet and data centres. Moreover, as the founder of the startup, I eagerly look forward to funding and investment opportunities such as venture capital and angel funding to accelerate our business momentum.”

Mishra says the Al technology sector is expecting that Budget 2023 will unveil AI-friendly policies that can revolutionize India’s tech ecosystem. “We are hopeful that easier loan disbursements, electronic authorizations, and incentive programs for startups to use digital finance can advance the growth rate of Indian startups. With AI- technology playing a critical function in shaping the nation’s economy, the Union Budget should also include tax relaxation to spur innovation as well as minimize regulatory burdens to aid in the ease of doing business.”

10:39 (IST) 27 Jan 2023
What NBFCs want from Budget 2023

Vikas Singh, CEO and co-founder of Sugmya Finance says the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme has been instrumental in extending microfinance to underserved segments and decreasing the credit gap.

“NBFCs are hopeful that the guarantee cover under the CGTMSE scheme will be restored to 75 per cent since it was reduced to 50 per cent earlier. In addition, more efficient guidelines are needed for the Emergency Credit Line Guarantee Scheme (ECLGS) as it plays a crucial role in preventing loans from slipping into non-performing assets (NPAs),” says Singh.

10:25 (IST) 27 Jan 2023
Incentives for homebuyers, industry status are real estate’s top demands: Ramesh Ranganathan

“Firstly, the Real Estate sector needs to be given industry status. We expect policies and reforms that will further boost the industry, like tax breaks, single-window clearance, encouragement of home purchase and rationalization of GST for raw materials. With the Government's emphasis on Housing, home purchase needs to be incentivised through higher tax deductions,” says Ramesh Ranganathan, CEO of K Raheja Corp Homes.

“The residential property holding period needs to be revised downward from 36 months to 12 months, for qualification as a long-term capital asset. To ensure a seamless balance of supply and demand, promote ease of doing business and drive further investments into the industry, a single-window clearance system is the need of the hour. Intervention is also needed to rationalize GST rates for construction materials like steel and cement,” he adds.

10:00 (IST) 27 Jan 2023
Why Budget 2023 should divide Section 80C into six parts?

Manoj Sharma, Co-Founder and Director of Policybazaar says that Section 80C of the Income Tax Act should be divided into six major segments – Education, Parents Health, Insurance, Medical Expenses, Home Loans and Donations. He suggests that each of these segments should have separate investment/deduction limits. Know why

09:42 (IST) 27 Jan 2023
Budget Expectations: FM should give high priority to school education

Budget FY24 would not only need to increase allocations for the Samagra Shiksha under the National Education Mission (NEM), but also ensure effective implementation of the mission. Here’s why

09:17 (IST) 27 Jan 2023
Sops for Middle Class in Budget 2023: Report

The Finance Ministry is reportedly considering proposals for the benefit of the middle class. Experts are of the view that the government should raise the basic exemption limit as well as the standard deduction limit for the salaried middle class. These measures are necessary to help the middle class cope with the elevated inflation levels. Read More

09:05 (IST) 27 Jan 2023
Budget 2023 to be paperless, again

Ahead of the India Budget 2023 presentation, the Finance Ministry has said that this is the third consecutive Union Budget to be delivered in paperless form, just like the previous two Union Budgets. The Union Budget 2023-24 will be presented on 1st February 2023. The Ministry said that Budget documents will be available in English and Hindi on the “Union Budget Mobile App” which is available on both the Android and Apple OS platforms after the completion of the Budget Speech by the Finance Minister in Parliament on 1st February 2023.

On January 26, the Finance Minister distributed halwa to members of the Budget Press along with other staff of the Finance Ministry.

Budget 2023 Expectations Latest News and Updates

First published on: 27-01-2023 at 08:56 IST