Budget LIVE: Rs 35,000 cr for net-zero carbon emission goals, says FM

Finance Minister Nirmala Sitharaman presented the last full Budget of the Modi government before general elections 2024 on February 1. Catch all latest updates on Union Budget 2023-24 here

1:02 PM

Mobile phone output rose to 310 million units, says FM

Mobile phone output rose from 5.8 crore units in 2014-15 to 31 crore units last fiscal: FM

FM also announced to extend the custom duty exemption on lithium-ion batteries for a year.

1:00 PM

Indirect tax proposals to boost green mobility and EVs: FM Sitharaman

"Indirect tax proposals to boost green mobility and EVs. Customs duty exemption extended to import of capital goods and machinery required for the manufacture of lithium-ion cells for batteries used in electric vehicles," FM Sitharaman said

12:57 PM

Budget 2023: Startup incorporated till March 2024 to get I-T benefits, says FM

India now 3rd largest ecosystem for startups; firms incorporated till March 2024 to get I-T benefits: FM

Govt proposes to increase benefit of carry forward of losses for startups to 10 years: FM Sitharaman

 

12:56 PM

Tax portal processed 65 million returns, processing time cut: FM Sitharaman

Tax portal processed 6.5 crore returns, processing time cut; intend to strengthen grievance redressal mechanism: Sitharaman

Govt to enhance grievance redressal mechanism for direct tax payers: FM
 

 

12:49 PM

Union Budget 2023: States to be allowed 3.5% of GDP as fiscal deficit, says FM

States to be allowed 3.5 per cent of GDP as fiscal deficit: FM Sitharaman

FM says 50-year interest-free loans to state govts has to be spent on capital expenditure within 2023-24

12:48 PM

Budget '23: Cap deductions on investments in residential houses proposed

Govt proposes to cap deductions from capital gains on investments in residential houses to Rs 10 cr: FM Sitharaman

12:46 PM

Budget 2023-24: To finance fiscal deficit in 2023-24, net market borrowing estimated at Rs 11.8 trn

FM Sitharaman retains fiscal deficit target of 6.4 per cent in the Revised Estimate for FY23; cuts it to 5.9 per cent for FY24.

 

To finance fiscal deficit in 2023-24, net market borrowing from dated securities estimated at Rs 11.8 trillion: FM Sitharaman

12:43 PM

Budget 2023-24 LIVE: Govt hikes taxes on cigarettes

Taxes on cigarettes hiked by 16 per cent: FM Sitharaman

12:42 PM

Budget 2023-24 LIVE: FM on customs duty

Govt proposes to reduce customs duty on import of certain inputs for mobile phone manufacturing: FM

 

FM says govt to continue with concessional basic customs duty of 2.5 per cent on copper scrap

Customs duty on kitchen electric chimney increased to 15 pc from 7.5 per cent: FM Sitharaman
 

Customs duty on parts of open cells of TV panels cut to 2.5 per cent: FM Sitharaman

Govt to reduce customs duty on shrimp feed to promote exports: FM Sitharaman

 

Basic customs duty hiked on articles made from gold bars: Sitharaman

Basic import duty on compounded rubber increased to 25 per cent from 10 per cent

 

12:35 PM

Budget: Taxes for new cooperatives that start manufacturing activity till March '24 to be low

New cooperatives that commence manufacturing activity till March 2024 to attract lower tax rate of 15 per cent: FM

12:32 PM

Budget 2023-24: Number of slabs in tax structure reduced to 5 in new regime

I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 Lakhs. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 Lakhs: FM Nirmala Sitharaman

 

12:27 PM

Budget 2023: Reduces highest surcharge rate to 25% from 37% in new regime

Reduces highest surcharge rate to 25% from 37% in new regime: FM 

12:24 PM

Budget 2023: Income tax exemption up to Rs 7 lakh per year, says FM

Govt proposes to increase income tax rebate limit from Rs 5 lakh to Rs 7 lakh in new tax regime: FM.

 

No tax for income up to Rs 3 lakh; 5 per cent tax on Rs 3-6 lakh; highest tax rate of 30 pc on income above Rs 15 lakh under new I-T regime: FM

 

An individual with income of Rs 15 lakh will have to pay Rs 1.5 lakh tax down from Rs 1.87 lakh under new tax structure: FM

 

An individual with annual income of Rs 9 lakh will have to pay only Rs 45,000: FM Sitharaman

 

12:20 PM

Budget LIVE: Govt to set up 100 labs for developing applications for 5G services

100 labs for developing applications for 5G services will be set up in engineering institutions. To realise new range of opportunities, business models&employment potential, labs will cover among others, apps like Smart Classrooms,Precision Farming,Intelligent Transports Systems and Healthcare: FM

12:12 PM

Budget 2023: Govt to set up Gowardhan Scheme for promoting circular economy

Govt to set up Gowardhan Scheme for promoting circular economy with total investment of Rs 10,000 cr: FM Sitharaman