Page 8 - Union Budget

Budget 2023: Income tax slabs changed under new tax regime. Details here

Income Tax Rates and Slabs: Under the new tax regime, the highest tax rate of 30% will be levied on income above Rs 15 lakh

Budget 2023: Govt expects Rs 48,000-cr dividend from RBI, PSU banks in FY24

The government expects 17 per cent higher dividend at Rs 48,000 crore from the Reserve Bank of India (RBI), public sector banks and financial institutions in 2023-24. In current financial year ending March, it aims to garner Rs 40,953 crore from RBI and public sector financial institutions. This is much lower compared to Budget Estimate of Rs 73,948 crore for FY23. It is to be noted that RBI approved a dividend payment of Rs 30,307 crore to the government post its board meeting in May 2022. As per the Budget document, dividends from public sector enterprises and other investments have been pegged at Rs 43,000 crore for FY24 as well. As per the Revised Estimate for FY23, the dividend from public sector enterprises and other investments was higher at Rs 43,000 crore from the Budget Estimate of Rs 40,000 crore. Total dividend collection of the next financial year would be Rs 1,15,820 crore as against the RE of Rs 1,08,592 crore, as per the RE of 2022-23.

First budget of 'amrit kaal' lays foundation for developed India: PM Modi

Prime Minister Narendra Modi on Wednesday said the first budget of the "amrit kaal" provides foundation to fulfil the resolve for a developed India while giving priority to deprived sections of the society as well. In his first reaction to the Budget presented by Finance Minister Nirmala Sitharaman, Modi said it will fulfil dreams of the aspirational society, farmers and middle class. The middle class is a big force to fulfil dreams of a prosperous and developed India and our government has taken many decisions to empower it, the prime minister said. Touching on various aspects of the budget, he said success of digital payments has to be replicated in the agriculture sector and a scheme has been brought for laying down digital infrastructure for it It will make cooperatives pivot of development of rural economy, he said. "An unprecedented investment of Rs 10 lakh crore in infrastructure will give speed and new energy to development," he said.

Union Budget 2023: Sports Ministry receives over Rs 700-crore boost

In a year when the Indian athletes will compete at the Asian Games and prepare for 2024 Paris Olympics, the Sports Ministry has got a fillip with the government allocating Rs 3,397.32 crore, an increase of Rs 723.97 crore, in the Union Budget here on Wednesday. The amount is more than the revised budget of the previous financial year (2022-23) when the ministry received Rs 2,673.35 crore, as against the actual allocation of Rs 3,062.60 crore. One of the reasons for the reduced revised allocation for 2022-23 could be the postponement of the Hangzhou Asian Games, which will be held this year. The ministry's flagship programme, 'Khelo India -- National Programme for Development of Sports' continues to be the government's priority, with it being allotted Rs 1,045 crore as against the revised allocation of Rs 606 crore during the previous financial year. This is an increase of Rs 439 crore and points to the government's commitment to the programme, which over the years, has shown the ..

Budget: Direct, indirect taxes cover 58 paise of every rupee in govt coffer

For every rupee in the government coffer, 58 paise will come from direct and indirect taxes, 34 paise from borrowings and other liabilities, 6 paise from non-tax revenue like disinvestment and 2 paise from non-debt capital receipts, according to the Budget documents for 2023-24. As per the Union Budget presented in Parliament by Finance Minister Nirmala Sitharaman on Wednesday, Goods and Services Tax (GST) will contribute 17 paise in every rupee of revenue, while corporation tax will account for 15 paise. The government is also looking to earn 7 paise out of every rupee from excise duty and 4 paise from customs duty. Income tax will yield 15 paise. The collection from 'borrowings and other liabilities' will be 34 paise, according to the Budget 2023-24. On the expenditure side, the biggest outlay is interest payments at 20 paise for every rupee, followed by the states' share of taxes and duties at 18 paise. Allocation for defence stands at 8 paise. Expenditure on central sector sc

Budget 2023: This Is how the budgetary allocation compares with last year

The government has proposed on creating infrastructure by increasing the capital expenditure by 33 per cent to Rs 10 trillion

Budget 2023-24: Where does the rupee come from, and where does it go?

Budget 2023: The largest share of the Centre's expenditure goes towards paying the interest on borrowings

Rs 5.94 trillion allocated to Defence Ministry in Union Budget 2023

The defence budget was increased to Rs 5.94 lakh crore for 2023-24 from last year's allocation of Rs 5.25 lakh crore. In the Union Budget presented in Parliament by Finance Minister Nirmala Sitharaman on Wednesday, a total of Rs 1.62 lakh crore has been set aside for capital expenditure that includes purchasing new weapons, aircraft, warships and other military hardware. For 2022-23, the budgetary allocation for capital outlay was Rs 1.52 lakh crore but the revised estimate showed the expenditure at Rs 1.50 lakh crore. According to 2023-24 budget documents, an allocation of Rs 2,70,120 crore has been made for revenue expenditure that includes expenses on payment of salaries and maintenance of establishments. The budgetary allocation of revenue expenditure in 2022-23 was Rs 2,39,000 crore. In the budget for 2023-24, the capital outlay for the Ministry of Defence (Civil) has been pegged at Rs 8,774 crore while an amount of Rs 13,837 crore has been set aside under capital outlay. A

Insurance policies where premium is above Rs 5 lakh no more tax exempt

'A concern is that it should not result in a significant shift towards purely investment oriented unit link insurances'

Govt to set up central processing unit for forms filed under companies law

To ensure a faster response to corporates, the government will set up a central processing centre for handling forms filed with field offices under the companies law. Presenting the Union Budget for 2023-24, Finance Minister Nirmala Sitharaman on Wednesday also said that an integrated Investor Education and Protection Fund (IEPF) Authority will be set up to make the process of reclaiming shares and dividends easier. The Companies Act, 2013 is implemented by the corporate affairs ministry and the IEPF Authority also comes under the ministry. "A Central Processing Centre will be set up for faster response to companies through centralised handling of various forms filed with field offices under the Companies Act," Sitharaman said. According to the minister, for investors to reclaim unclaimed shares and unpaid dividends from the IEPF Authority with ease, an integrated IT portal will be established. Over the years, the government has been taking various measures to improve the ease of

Small businesses to common citizen: 5 key Budget proposals explained

Budget gives Rs 2.40 trillion to Railways: the highest-ever outlay for the national transporter

FM announces savings scheme for women with 7.5% interest rate for 2 years

Union Finance Minister Nirmala Sitharaman Wednesday announced a 'Mahila Samman Saving Certificate' with a fixed interest rate of 7.5 per cent for two years. The deposit can be made in the name of a woman or a girl child. The maximum deposit amount has been kept at Rs 2 lakh and the scheme will have a partial withdrawal facility as well. "One-time new small saving under 'Mahila Samman Saving Patra'. The deposit facility for the women and girls will be for a period of two years with a rate of interest of 7.5 per cent," Sitharaman announced. She also said that for the economic empowerment of women under the Deendayal Antyodaya Yojana National Rural Livelihood Mission, 81 lakh self-help groups have been created by mobilising rural women. "We will enable these groups to reach the next stage of economic empowerment through the formation of large producer enterprises or collectives with each having several thousand members," she said. Financial assistance of more than Rs 2.25 lakh crore

Union Budget 2023: PAN to be made single ID to boost ease of doing business

Process of acquiring a PAN and linking it with business accounts will be made easier through centralised digitisation platform

Economic growth to slide to 7% in 2022-23: Fiscal policy statement

India's public digital infrastructure expansion is leading to accelerated financial inclusion for low-income households, micro and small businesses, and the economy's rapid formalisation

This year's budget not any different than last nine years: Mayawati

Bahujan Samaj Party supremo Mayawati on Wednesday said it would be better if the budget is for the country rather than for the party. Whenever the Centre talks about the figures of beneficiaries of schemes, Mayawati said in a tweet, it must remember that India is a vast country of about 130 crore poor, labourers, deprived, farmers who are yearning for their Amrit Kaal. "For them, there is just talk. It is better if the budget is more for the country than for the party," she added, indirectly suggesting that the party hoped to gain electoral benefits from the exercise. "Like earlier in the country, in the last nine years also the budgets of the central government kept on coming in which announcements, promises, claims and hopes were showered. They all became redundant when India's middle class faced the problems of inflation, poverty and unemployment etc and were reduced to lower middle class," Mayawati said in a tweet in Hindi. "This year's budget is also not much different. No ...

Budget proposals will help India in becoming $5 trillion economy: Rajnath

The Union Budget for 2023-24 is focused on growth and welfare with a priority to provide support to farmers, women, marginalised sections and the middle class, Defence Minister Rajnath Singh said on Wednesday. Singh said the budget proposals will lead the country towards achieving its goal of becoming a USD 5 trillion economy and "top three" economies globally within a few years. The defence minister said the Budget demonstrated the government's commitment towards supporting growth and welfare oriented policies that will benefit all sections of society including small businesses owners, farmers, and professionals alike. "The Union Budget for 2023-24 presented by FM Smt. @nsitharaman under the guidance of PM Shri @narendramodi is focused on growth and welfare, with a priority to provide support to farmers, women, marginalised sections and the middle class," he tweeted. "By creating jobs through investments in infrastructure projects paired with increased spending on agriculture, ..

Budget 2023 delivers on all counts; pushes hard on capex, growth

Budget 2023 has more or less maintained the ratio of size of the budget to GDP to around 15 per cent.

Union Budget 2023: What did FM Nirmala Sitharaman announce for agriculture?

Budget 2023: Finance Minister Nirmala Sitharaman said that the Centre will encourage one crore farmers to take up natural farming

Union Budget 2023: Centre bets big on Artificial Intelligence, IoT

Budget 2023: Nirmala Sitharaman added that the National Data Governance Policy will enable anonymised data and the KYC process will be simplified by adopting a risk-based system

Budget backs pharma R&D, nursing colleges, skilling in medical devices

A mission will be launched to eliminate sickle cell anaemia in the country by 2047, says Finance Minister