Page 10 - Budget 2023

New tax regime to benefit maximum number of taxpayers: CBDT Chairman

The new income tax regime for filing returns has been "sweetened" in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a "reduced" tax rate, CBDT Chairman Nitin Gupta said. Speaking to PTI during a post-Budget interview, Gupta said the intent of the government while announcing the new slabs and rates under the new tax regime is to gradually "do away with deductions and exemptions" so that the "long-standing demand of reduction of taxes for individual taxpayers and entities can be met." Finance Minister Nirmala Sitharaman, while presenting the Budget 2023-24 in the Parliament on Wednesday, said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class. "This new regime for individuals was laid down two years ago (Budget of 2020-21) but probably the benefits were not percolating and now the government has re-tweaked th

Rebates to slabs: Budget's key changes in Income Tax regime explained

This move indicates that the old regime will slowly be wound up

PM Modi to discuss govt's strategy in Parliament with Union Ministers

Prime Minister Narendra Modi held a meeting with Union Ministers to discuss government strategy in Parliament on Thursday.Among the ministers who were present at the meeting include Union Home Minister Amit Shah, Defence Minister Rajnath Singh, Sports Minister Anurag Thakur, Finance Minister Nirmala Sitharaman, Parliamentary Affairs Minister Pralhad Joshi, Commerce & Industry Minister Piyush Goyal, Road Transport & Highways Minister Nitin Gadkari, and Law Minister Kiren Rijiju.The Opposition like-minded parties also held a meeting in the Parliament to chalk out their strategy for the day.Various parties including Congress, Shiv Sena (Uddhav Thackeray faction), and Aam Aadmi Party among others.Some of the Opposition MPs have demanded a discussion on the Hindenburg report against Adani Enterprises.A number of Opposition leaders have given a suspension of business notices to both Houses of Parliament demanding a discussion on the Hindenburg report against Adani ...

LIC, HDFC Life, SBI Life: Budget 2023 proposals dismantle bullish trends

Technically, prior to this announcement, the price structure of SBI Life Insurance Company and Max Financial Services were highlighting a bullish sentiment and were on the verge of the next up move

Schemes for MSMEs in Budget 2023 to help boost exports, says AEPC

Various schemes, including a revamped credit guarantee scheme, announced in the Budget to support MSMEs and exporters will help promote the country's exports, AEPC said on Thursday. Finance Minister Nirmala Sitharaman in her Budget speech said a revamped credit guarantee scheme for MSMEs with an outlay of Rs 9,000 crore will be launched from April 1. Apparel Export Promotion Council (AEPC) Chairman Naren Goenka said that the focus on infrastructure, investment, green growth, youth power and inclusive development will boost India's journey to be the fastest-growing robust economy. The announcement to cover more sectors under the PLI scheme and support to the MSME sector will help thrust exports and investment in the country. Rs 9,000-crore corpus for a revamped credit guarantee scheme will surely alleviate the stress of small and medium enterprises in India, he said. As desired by exporters, the increased allocation for the interest equalization (subsidy) scheme from Rs 2,376 crore

Budget 2023 to give lot of support to India's startup ecosystem: Goyal

Measures announced in the Budget such as extending the period of incorporation of eligible budding entrepreneurs for providing tax incentives, would provide a lot of support to further strengthen the country's startup ecosystem, Commerce and Industry Minister Piyush Goyal has said. The government on Wednesday proposed to extend the period of incorporation of eligible startups by one more year till March 31, 2024, for providing tax incentives to encourage budding entrepreneurs. Finance Minister Nirmala Sitharaman has also proposed to ease norms for startups by extending the benefit of carrying forward losses to 10 years. Goyal said that the government has consistently been supporting the startup ecosystem and since the launch of the startup India initiative, the country has had significant growth in the startup arena. "So my sense is that this (Budget) will certainly give a lot of support and help to the startup ecosystem so that it flourishes in the years to come," the minister tol

Budget will lead India towards self-reliance: Byju's Divya Gokulnath

The co-founder of Byju's Divya Gokulnath has said the Union Budget 2023-24 will take the country to become a self-reliant economy. The Indian multinational education technology company co-founder said the push for infrastructure in the budget, which was presented by Union Finance Minister Nirmala Sitharaman on Wednesday, will create huge jobs and encourage investment in this sector. "The budget strengthens India's progress towards becoming a self-reliant economy. It also reinforces the government's commitment to making India a major player in the global economy," Gokulnath told PTI here. "The allocation of substantially more funds towards infrastructure development will create millions of jobs and encourage the private sector to invest more, she added. Speaking about the education sector, she said, "The budget proposals like teachers training and National Digital Library align with the NEP schools and by investing in cutting-edge digital infrastructure and nurturing an innovation .

Adani's morality similar to his Prime Mentor's humility: Congress

The Congress Thursday took a dig at Adani Enterprises over its decision to withdraw its Rs 20,000-crore share sale, saying Gautam Adani speaking of being "morally correct" is like his "Prime Mentor" preaching humility, sobriety and large-heartedness. Adani Enterprises on Wednesday said it has decided to withdraw its fully subscribed Rs 20,000-crore follow-on public offer (FPO) and will return the proceeds to investors. Adani Group company stocks have lost over USD 90 billion in value since a US short seller made damning allegations. "Given these extraordinary circumstances, the company's board felt that going ahead with the issue will not be morally correct," Gautam Adani, chairman of Adani Enterprises, said. "The interest of the investors is paramount and hence to insulate them from any potential financial losses, the Board has decided not to go ahead with the FPO," Adani said. Reacting to the remarks, Congress general secretary in-charge communications Jairam Ramesh said on Twit

Budget seeks to maintain balance between growth & deficit: Fitch Ratings

The Indian Budget for 2023-24 presented by Finance Minister Nirmala Sitharaman in Parliament seeks to maintain a balance of sustaining a growth focus and deficit reduction, said Jeremy Zook

Centre to move motion of thanks on President Murmu's address in LS today

The motion would be moved by the BJP MP C.P. Joshi

A balanced Budget against the backdrop of global uncertainties

Tax reliefs are expected to leave more money in the consumers' hands. While the aim is to boost consumption, the extent of the impact remains to be seen

Top headlines: Adani in crisis, India Inc to gain from Rs 10 trn infra push

Business Standard brings you the top headlines at this hour

Budget 2023 promises to train students, teachers for the job market

FM announced establishment of 30 Skill India International Centres across different states, launch of a unified Skill India Digital platform for enabling demand driven formal skilling

Tax sops, Capex push, Adani rout: Why Sensex swayed 2,000pts on Budget day?

Budget 2023: Analysts said the Budget push in the capital expenditure (capex) outlays across sectors and the income tax relief have been the top boosters to support the domestic economy

RC Bhargava to Sanjiv Puri: BS jury welcomes focus on digital infra, growth

Private sector investments will be further facilitated by continued emphasis on infrastructure development and a higher provision for capital expenditure, said R C Bhargava, Chairman, Maruti Suzuki

PM Modi's election Budget unlikely to delay RBI path to rate pause

The new tax rates are unlikely to add to inflationary pressures in the economy in the near-term, said economists including Nirmal Bang Institutional Equities Pvt.'s Teresa John

Union Budget provides roadmap for stability growth and development: USISPF

The Union Budget presented by Finance Minister Nirmala Sitharaman provides a roadmap for stability, growth and development, the head of an American non-profit business advocacy and strategic partnership group that is centred towards India said Wednesday. Mukesh Aghi, President and CEO of US India Strategic and Partnership Forum (USISPF) also said that the budget took into consideration the needs of all sectors of the economy, reflecting the Indian Government's commitment towards a prosperous and inclusive India. India's Union Budget 2023-24 provides a roadmap for stability, growth and development. The 7 priorities and the economic agenda paves way for India @100 giving a strong impetus to growth, job creation and stabilizing the macro economy amidst global headwinds," said Aghi. "The Union Budget 2023 has taken into consideration the needs of all sectors of the economy, reflecting the Indian Government's commitment towards a prosperous and inclusive India. Increased government ...

Union Budget instrument to push country into huge debt, says Sisodia

The Deputy Chief Minister of Delhi, Manish Sisodia, came down heavily on the Union Budget 2023-24, claiming that the Budget has been made only to benefit the super-rich in the country

Budget 2023 fails to address problems of unemployment, poverty: Opposition

As the country is scheduled to have Assembly polls in some states in 2023 as well as Lok Sabha elections in 2024, the Opposition did not miss the opportunity to termed the Budget as anti-poor

Budget is for welfare of every sector, every state: MP CM Chouhan

'New India rising under the leadership of PM Modi. My best wishes to PM Modi and FM Nirmala Sitharaman for the presentation of the Union Budget 2023'