A budget is a financial plan for a specified period say Year in general. The Government of India i.e., Ministry of Finance after consultation with all the other ministries prepares the annual budget. The budget will be generally presented by the Finance Minister on the first day of February in Parliament. The proposed budget will come into effect from April 1st of the respective year.
International economic organisations and bodies like IMF, World Bank, OECD, WTO predicting India is at the center stage of world economy with relatively highest forwarding GDP despite of many macro-economic headwinds such as global recession, higher inflation, fuel prices, and protectionism. With this background, it's not just India but the world is watching how the budget 2023 would be presented and what impact or influence that it is going to bring.
Undoubtedly, most awaited budget that is expected to have fiscal consolidation and Capital expenditure on par with earlier year to spur the employment opportunities and to activate the private sector spending.
A Well rounded, win-win budget in a gloomy world economy. Good Budget for middle class salaried.
The underlying theme of self-reliant India will be appreciated by India.
Middle class salaried friendly budget where the salaried get anywhere between 25K to 45K benefit from Tax Relief up to Rs. 7L.
A ray of hope given for the agriculture sector by allocating Rs. 20L Crores
Promotes ease of doing business and taxes.
Relief to MSME in the area of taxes and promoting employment to an extent through higher than the normal infrastructure spending.
What are we missing ?
Rationalisation in GST slab rates to promote some and discourage import oriented goods and / or services.
Supporting tax revenue against a whopping 33% increase in infrastructure spending is not clear.
No allocation to increase the tax enforcement.
|1||Upto Rs 3,00,000||Nil|
|2||From Rs 3,00,001 to Rs 6,00,000||5%|
|3||From Rs 6,00,001 to Rs 9,00,000||10%|
|4||From Rs 9,00,001 to Rs 12,00,000||15%|
|5||From Rs 12,00,001 to Rs 15,00,000||20%|
|6||More than Rs 15,00,000||30%|
| with these new rates, one may save Rs.25,000 to 48,000 |
|1||Upto Rs 2,50,000||Nil|
|2||From Rs 2,50,001 to Rs 5,00,000||5%|
|3||From Rs 5,00,001 to Rs 7,50,000||10%|
|4||From Rs 7,50,001 to Rs 10,00,000||15%|
|5||From Rs 10,00,001 to Rs 12,50,000||20%|
|6||From Rs 12,50,001 to Rs 15,00,000||25%|
|7||More than Rs 15,00,000||30%|
No Changes or new rules has been notified for NRI's
Top three observations from the analysis were
Pictorial analysis on New Vs Old Personal Income Tax Regime.