Page 9 - Budget 2023

Govt to move to exemption-free I-T regime with lower taxes: Revenue Secy

A day after the Budget announcement of a revamped personal income tax regime, Revenue Secretary Sanjay Malhotra on Thursday said the government would eventually like to move to a simple and exemption-free tax structure with lower rates. According to an analysis by the Revenue Department, an individual earning Rs 15 lakh in a year will have to claim deductions of at least Rs 3.75 lakh under the old tax regime, otherwise the new revamped tax regime with lower rates proposed in 2023-24 will be more beneficial. In an interview to PTI, Malhotra said the government does not have any specific timeline to make the new regime mandatory for taxpayers. "We would like to move towards a lower tax rate, which is simple and without tax exemptions," Malhotra said. The Budget has proposed changes to the new optional tax regime which provides that no tax would be levied on people with annual income of up to Rs 7 lakh. It also allowed taxpayers to claim standard deduction of Rs 50,000 under the new .

Union Budget 2023: Allocation for aid to foreign countries cut by 2.6%

Some of the countries whose allocation has been reduced under this head include Bhutan, Afghanistan and Mauritius

Madhya Pradesh govt brings Ordinance to support investors, industrialists

The state government will have it passed possibly in the Budget session of the Assembly

Capex push, tax rationalisation: Brokerages give a thumbs-up to Budget 2023

Our equity strategists view the budget as positive for infrastructure and capex-sensitive sectors, says Goldman Sachs

Union Budget 2023-24: Funding for IIMs brought down to Rs 300 crore

The Indian Institutes of Management (IIMs), which are counted among the noted business schools in the country, have faced a budget cut this year with the Centre reducing their grant by half. The top institutes, however, believe that the move might hurt new IIMs but not the second or first generation IIMs. There are 20 IIMs across the country. In the budget for 2023-24 announced by Finance Minister Nirmala Sitharaman on Wednesday, the funding for IIMs has been brought down to Rs 300 crore from the previous fiscal year's Revised Estimate (RE) of Rs 608.23 crore, a 50.67 per cent drop, even when the net budget for the fiscal year 2023-24 rose by 8 per cent amounting to Rs 44,094 crores for the higher education sector. According to the Budget Estimates (BE) for 2022-23, the IIMs were allocated an amount of Rs 653.92 crores. According to IIM Udaipur Director Ashok Banerjee, the government might be sending signals to IIMs to be more innovative in funding their growth plans. "The cut in

A growth-oriented Budget, says NSE MD & CEO Ashishkumar Chauhan

"The Budget would support growth and the Indian consumption story, and keep us in good stead, given headwinds in China and developed markets and until the rest of the world eases"

Budget 2023: Gaming industry welcomes TDS change, awaits clarity on GST

Budget 2023: The Centre has also made a distinction between 'games of skill' and 'games of chance' in the Finance Bill, signalling that both might get a separate tax structure in future

Budget 2023: Many hits, few misses as Centre sticks to fiscal consolidation

The target of 5.9% is also likely to be met next year, finally bringing it down to below 4.5% of GDP in the financial year 2025-26

Old income tax regime vs new income tax regime: Which one is better?

New income tax regime: The taxpayers can avail of several deductions under the old income tax regime using section 80C etc. But under the new tax regime, no such deductions are allowed

Union Budget underscores role of digital, tech in development: Nasscom

Amid the growing fears of slowdown and global recession, the Union Budget is growth-oriented, boosting allocations across sectors, according to IT industry body Nasscom. The budget offers a playing ground for the startup community as well, and has highlighted that India is the third largest ecosystem for startups, Nasscom said in a statement. "Amidst the growing fear of slowdown and global recession, the Union Budget 2023 is growth-oriented and committed budget, that has boosted allocations across sectors," the IT industry association said. India is walking the talk on becoming a global digital economy, enhancing competitive advantage with focus and investments across key intervention areas. "Calling out the Indian economy as tech-driven, knowledge-based economy, the budget focuses on three key transformational trends that will help build India its competitive advantage - digital transformation, energy transformation, and supply chain resilience," said Nasscom, the apex body for th

Tea sector unhappy over total negligence in Union Budget 2023-24

According to the Darjeeling Tea Association (DTA)'s principal advisor S. Mukherjee, the tea sector was probably the only industrial segment which was not spared even a word as regards to any industry

Tourism ministry to soon release criteria for developing 50 destinations

Focus on infrastructure development, capacity creation and promotion: Tourism secretary

Budget 2023: Understanding 20% TCS on foreign remittance transactions

Budget 2023: Earlier, a 5 per cent tax collected at source was levied on foreign remittances

Budget effect: About 15% premium impact on some private life insurers

On net, about 15 per cent of overall premium for these players could be under severe growth risk, leading to about 3-4 per cent hit to growth expectations

Electronics manufacturing, auto get best of Budget spending on PLI scheme

The bulk of the money in FY23-24 PLI schemes--of Rs 4,499 crore-- is for large-scale electronics manufacturing

Defence budget falls below 2% of GDP, emphasis on border infrastructure

The defence allocations for 2023-24 represent an enhancement of Rs 68,371 crore

Borrowing limit: Kerala FM says Centre has adopted "wrong policy"

Kerala Finance Minister K N Balagopal on Thursday said the Centre's imposition of cuts in the borrowing limit of the states would adversely impact the southern state's economy, which is yet to completely recover from the challenges due to the COVID-19 pandemic and back-to-back natural disasters. The BJP-led union government adopted a "wrong policy" to reduce the state's borrowing capacity after including the loans taken by the special purpose vehicles like Kerala Infrastructure Investment Fund Board and Kerala Social Security Pension Limited within the state government's overall borrowing limit, he told the state Assembly. "The cutting down of the borrowing capacity of states to three per cent from the previous five per cent will adversely impact the state's economy," Balagopal said during Question Hour. Despite repeated requests to restore the previous borrowing limit of the states and to avoid the inclusion of the loans taken by the KIIFB and KSSPL in the state's overall borrowing

Stepping up capex in Budget will boost logistics, connectivity: IRF

The International Road Federation (IRF) on Thursday welcomed the increased allocation of Rs 10 lakh crore as capital expenditure in Union Budget, saying it will help boost logistics and connectivity across the nation. IRF in a statement also welcomed the thrust of the Budget on seven growth engines of PM GatiShakti, including roads, railways, airports, ports, mass transport, waterways and logistics. It said the increased allocation will ensure time-bound creation of world-class transport infrastructure and improve logistics and connectivity across the nation. IRF India chapter president Satish Parakh said stepping up capital expenditure will help boost economic growth while strengthening infrastructure and creating enormous employment.

Cut in customs duty, support to MSMEs will boost shipments: Exporters

The announcements for tweaking customs duties in certain sectors and measures to support MSMEs will help in boosting domestic manufacturing and the country's outbound shipments, exporters said on Thursday. Increase in capital investment outlay by 33 per cent to Rs 10 lakh crore, 50 years interest free loan to states to incentivise infrastructure investment, highest-ever capital outlay for railways, several infrastructure projects in port, coal, steel will have a multiplier effect on economy and employment, they said. Federation of Indian Export Organisations (FIEO) President A Sakthivel said that many of the changes in the customs duties will help to provide competitiveness to manufacturing and exports, besides attempting imports substitution. The reduction in duty on denatured ethyl alcohol and crude glycerine will help the downstream users in the chemical sector, the cut in duty on key inputs for producing shrimp feed will help the marine exports as will be the drop in duty on see

What are Unity Malls, and what did FM Sitharaman say about them in Budget?

The idea behind setting up these malls appears to be to give a boost to local products and economies