Budget 2023 Expectations LIVE News Updates: Income Tax Exemption Limit To Be Raised To Rs 4 Lakh?
Union Budget 2023-24: The Budget for the financial year 2023-24 will be presented after two days on February 1. The Budget is expected to announce relief to the middle class and different sectors of the economy. The Budget 2023 speech of Union finance minister Nirmala Sitharaman will be keenly watched not just in India, but across the world considering India’s impact on global economy and the nature of globalised trade.
Notably, Budget 2023 is going to be a full-fledged budget of the Modi government before the Lok Sabha elections in .
‘Income Tax Exemption Limit Should Be Raised From Current Rs 2.5 Lakh To Rs 4 lakh’
“A Budget expectation this year is relief for income tax payers. The basic exemption limit of Rs 2.5 lakh was fixed in 2014 and, therefore, needs revision. Raising the exemption limit to Rs 4 lakh is likely. This relief is likely to be offered in the “no exemption regime” since the government wants this regime to take off,” V K Vijayakumar, chief investment strategist at Geojit Financial Services, said.
He added that the 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: Jan Dhan 2.0 Can Make Digital Financial Infrastructure Work for All Citizens
The financial sector has big hopes pinned on the Union Budget 2023-24, especially in terms of financial inclusion, which has been one of the highest priorities of the government. As India is prominently placed on the global map this year with a steadily growing economy and the presidency of the G20, our flagship models of innovation-infrastructure-inclusion are envisaged to be the focus of this Budget. We hope that the Pradhan Mantri Jan Dhan Yojana (PMJDY) will get a renewed boost in the next phase of financial empowerment.
Budget 2023 Expectations From Real Estate
Amarjit Bakshi, CMD of Central Park, said, “In Budget 2023, to incentivise home purchases, the government must consider raising the tax deduction limit for interest on housing loans to Rs 5 lakh from the present limit of 2 lakh per annum for all homebuyers. The government must establish city-wise unit size criteria for housing to factor in the realities of the micro market so that a lot of homebuyers can purchase homes.”
Budget 2023 Expectations From Energy Sector
Gautam Mohanka, managing director of Gautam Solar, said, “The entire renewable energy sector witnessed a major push towards the promotion of clean energy and the country’s endeavour to reduce the overall carbon footprint during Budget 2022, which catapulted the production and manufacturing of solar energy and energy storage facilities across the country. The industry stays further optimistic ahead of the Budget 2023, with loads of expectations to become the driver of the country’s sustainable economic growth. We are looking forward to the PLI scheme to include the MSME sector , solar manufacturing in India will receive further boost for the same. In the Union Budget this year, we also look forward to a significant reduction in the interest rates for the industry.
Ankit Mittal, co-founder & CEO of Sheru, said, “The clean energy sector hopes to see policies and incentives from Budget 2023 that drive forward the energy transition. We think three moves could help that – Moving subsidies from residential electricity prices towards solar rooftops. This would help in reducing overall electricity use, speed up the rollout of solar energy, while resulting in lower bills for consumers.”
Budget 2023: What Startups Expect From FM Sitharaman?
In the 2023 budget, an emphasis and boost should be given to such upcoming fin-tech start-ups which can assist PE and VC funds to invest as well as exit from their investments.
Currently, unlisted stock held for longer than 24 months is subject to a higher LTCG tax than listed equity shares held for a full year. Unlisted stock investments are subject to a 20% LTCG tax, while listed stock investments are subject to a 10% tax.
-Manish Khanna, Co-Founder, Unlisted Assets.
Budget 2023 Expectations: ‘Govt Schemes To Make Smartphones Accessible To Students And Women To Drive Demand Across Sector’
Muralikrishnan B, President, Xiaomi India, said, “India is on the path to becoming a digital powerhouse, and the smartphone industry has rapidly evolved to support this journey. The focus on Make in India and the Production Linked Incentive scheme has provided the much-needed impetus to the industry and put it on the global map. With the upcoming budget, we look forward to policy initiatives targeted toward the components supply chain ecosystem that can help increase self-reliance and boost the economy. We are hopeful to see an enhanced push from the Government to empower start-ups and industry players to build relevant use cases that highlight 5G’s real-life use cases, which will drive rapid adoption of 5G. To drive greater Digital inclusion, we would be thrilled to see some Government schemes to make smartphones accessible to students and women to drive demand across the sector. We are confident that with the appropriate policy measures, the Union Budget 2023-24 will help accelerate India’s Techade.”
Reference Link:- https://www.news18.com/business/budget-2023-expectations-live-news-updates-nirmala-sitharaman-salaried-taxpayers-income-tax-lpg-gas-cylinders-livenews-6944683.html#gotobody
