edited by: Mohammad Haris
Last Update: January 25, 2023, 2:08 PM IST
The Halwa ceremony will be held on Thursday, January 26, to mark the final phase of the budget preparation process for the Union Budget 2023-24.
The budget documents will be available on the ‘Union Budget Mobile App’ on both Android and Apple OS platforms after the completion of the budget speech by Finance Minister Nirmala Sitharaman.
Union Budget 2023-24The Finance Ministry on Wednesday said that the budget to be presented by Finance Minister Nirmala Sitharaman on February 1 will be paperless like the previous two budgets. budget 2023 The documents will be available on the mobile app.
“Like the last two Union Budgets, the Union Budget 2023-24 will also be delivered paperless. Union Budget 2023-24 to be presented on February 1, 2023,” the Finance Ministry said in a series of tweets.
The last two budgets 2021-22 and 2022-23 were available only in paperless forms like PDF and on the official app.
It added that after the completion of the Budget speech by the Finance Minister in the Parliament on February 1, 2023, the Budget documents will be available on the ‘Union Budget Mobile App’ on both Android and Apple OS platforms.
Preparations for Budget 2023 are in the final stages, and to mark the final stage of the budget preparation process for the Union Budget 2023-24, the Halwa ceremony was held tomorrow (Thursday, January 26) in the presence of the Union Minister for Finance and Corporate Affairs Will go According to another tweet, Minister Nirmala Sitharaman at the budget press located inside North Block.
Along with the Union Finance Minister, the Halwa ceremony will be attended by the Union Minister of State for Finance, Secretaries of the Ministry of Finance besides senior officials and members of the Union Budget press.
There are certain expectations from people of all walks of life, individuals also expect tax exemption. This is the last full budget of the current term of the government. Expectations include increase in tax exemption and deduction limits, PLI scheme for more areas, infra and rural push.
It is expected that the government may provide relief to individual taxpayers by increasing the tax exemption or exemption limit. Salaried employees are one of the major tax contributors in India. His annual salary up to Rs 2.5 lakh is tax free.
However, their salary is also tax-free if it is less than Rs 5 lakh in a year. However, this is an exemption under section 87A and not a rebate. If the salary exceeds Rs 5 lakh in a year, tax will be applicable on the entire amount except the exemption limit of Rs 2.5 lakh. Now there is a demand to increase the exemption limit to Rs 5 lakh.
Income tax deductions refer to specific deductions, which a taxpayer is eligible for on account of investments made (section 80C) or amount spent (section 80D or section 80E).
In the Union Budget 2023-23, there is a demand to increase the deduction limit under Section 80C from the existing Rs 1.5 lakh. The real estate sector has also been urging the government to provide a separate deduction for realty purchase apart from section 80C. The current 80C limit was set about a decade ago.
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