Union Budget 2023 was presented by India’s Finance Minister Nirmala Sitharaman on Wednesday, February 1 in the Parliament. Union budget&nbsp;plays an important part in shaping a country’s economic outlook, giving direction to its financial efforts and creating a better business environment. Today, when the world is facing an impending economic recession due supply chain disruptions induced by the Russia-Ukraine war and&nbsp;Covid-19 pandemic, Union Budget 2023 will give the Indian economy and policymakers a clear direction and optimism to continue trudging the path of development and prosperity.&nbsp;

This is similar to India’s first-ever budget post-Independence when India was facing a host of challenges and the Union Budget gave the country’s efforts a much-needed direction. &nbsp;So, it becomes important to revisit India’s first-ever budget announcement that was presented just three months after India became an independent nation on 15th August 1947.&nbsp;

<h2>India’s first ever Union Budget post-Independence</h2>

The first Union Budget of India post-Independence was presented on November 26, 1947, just three months after India got independence from the British Empire. The nation's first Union Budget was delivered by RK Shanmukham Chetty, the then finance minister. The budget covered the time from August 1947 to March 1948, or around seven-and-a-half months. The statement reported a total of Rs 171.15 crore in income and expenses of Rs 197.29 crore throughout the year. Additionally, the fiscal deficit at that time was Rs 26.24 crore. Approximately 92.74 crore&nbsp;of the total funds were allocated for defence services.

<h2>India’s first-ever budget under British Empire</h2>

It must be noted that India’s first formal budget was presented under British Empire. The Budget was initially presented to the British Crown on April 7,1860, by Scottish economist and politician James Wilson from the East India Company. The British empire was struggling with finances after the great Indian mutiny or the First War of Independence fought in 1857-59. So, the budget was presented to better manage the Indian economy.

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Union Budget 2023 was presented by India’s Finance Minister Nirmala Sitharaman on Wednesday, February 1 in the Parliament. Union budget plays an important part in shaping a country’s economic outlook, giving direction to its financial efforts and creating a better business environment.

Union Budget 2023 was presented by India’s Finance Minister Nirmala Sitharaman on Wednesday, February 1 in the Parliament. Union budget plays an important part in shaping a country’s economic outlook, giving direction to its financial efforts and creating a better business environment. Today, when the world is facing an impending economic recession due supply chain disruptions induced by the Russia-Ukraine war and Covid-19 pandemic, Union Budget 2023 will give the Indian economy and policymakers a clear direction and optimism to continue trudging the path of development and prosperity. This is similar to India’s first-ever budget post-Independence when India was facing a host of challenges and the Union Budget gave the country’s efforts a much-needed direction. So, it becomes important to revisit India’s first-ever budget announcement that was presented just three months after India became an independent nation on 15th August 1947. India’s first ever Union Budget post-Independence The first Union Budget of India post-Independence was presented on November 26, 1947, just three months after India got independence from the British Empire. The nation's first Union Budget was delivered by RK Shanmukham Chetty, the then finance minister. The budget covered the time from August 1947 to March 1948, or around seven-and-a-half months. The statement reported a total of Rs 171.15 crore in income and expenses of Rs 197.29 crore throughout the year. Additionally, the fiscal deficit at that time was Rs 26.24 crore. Approximately 92.74 crore of the total funds were allocated for defence services. India’s first-ever budget under British Empire It must be noted that India’s first formal budget was presented under British Empire. The Budget was initially presented to the British Crown on April 7,1860, by Scottish economist and politician James Wilson from the East India Company. The British empire was struggling with finances after the great Indian mutiny or the First War of Independence fought in 1857-59. So, the budget was presented to better manage the Indian economy. WATCH WION LIVE HERE

Union Budget 2023: When was India’s first Union Budget presented post Independence, revenue & expense details

Indian finance minister Nirmala Sitharaman on Wednesday (February 7) presented the Union Budget 2023-24 in the Parliament and listed the government's seven priorities for the budget.

Indian finance minister Nirmala Sitharaman on Wednesday (February 7) presented the Union Budget 2023-24 in the Parliament and listed the government's seven priorities for the budget. Addressing the Lok Sabha, finance minister Sitharaman said that these seven priorities complement each other. "Inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth and financial sector," she said. ALSO READ | Indian Union Budget 2023-24: Key highlights Here are the priorities listed by Finance Minister Nirmala Sitharaman: 1) Inclusive development: For Agricultural and Cooperatives: > Building digital public infrastructure > Setting up an agriculture accelerator fund > Atmanirbhar Bharat Horticulture Clean Plant programme to be launched. > Targeted funding > Making India a global hub for millets > Setting up of widely available storage capacity For Health: > As many as 157 new nursing colleges are to be established > Sickle Cell Anaemia Elimination Mission to be launched > New programme to promote research in pharmaceuticals to be launched > Joint public and private medical research to be encouraged via labs of the Indian Council of Medical Research (ICMR) For Education and Skilling: > Revamped Teachers' training via District Institutes of Education and Training > National Digital Library to be set up for children and adolescents > States will be encouraged to set up physical libraries at panchayat and ward levels Few other crucial factors under Inclusive development > Nine crore drinking water connections to rural houses > Cash transfer of Rs 2.2 lakh crore to over 11.4 crore farmers under the PM-Kisan Samman Nidhi scheme 2) Reaching the last mile: > Pradhan Mantri Particularly Vulnerable Tribal Group (PVTG) Development Mission to be launched > Financial assistance to be given for sustainable micro irrigation in drought-prone regions of Karnataka > More teachers to be recruited for 740 Eklavya Model Residential Schools > Shared Repository of Inscriptions (SHRI) to be set up for digitisation of ancient inscriptions ALSO READ | India Budget 2023: New Delhi's G20 presidency a 'unique opportunity', says Nirmala Sitharaman 3) Infrastructure and investment: > Increased capital expenditure outlay by 33.4 per cent to Rs 10 lakh crore > Continuation of 50-year-interest free loans to state governments to incentivise infrastructure investment > As many as 100 transport infrastructure projects identified for end-to-end connectivity for ports, coal, steel, and fertiliser sectors. > Creating urban infrastructure in Tier-2 and Tier-3 cities via the establishment of the Urban Infrastructure Development Fund (UIDF) 4) Unleashing the potential > Make Artificial Intelligence (AI) work for India by setting up centres of excellence > National Data Governance policy to be introduced > Less stringent contract execution for Ministry of Micro, Small and Medium Enterprises (MSMEs) > Easier and standardised settlement scheme > Third phase of E-Courts to be launched > Entity Digi Locker to be set up for use by business enterprises and charitable trusts > Setting up 100 labs for 5G services-based application development > R&D grant for Lab Grown Diamonds (LGD) sector 5) Green growth > PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth to be launched. > Sustainable ecosystem development > 500 new Waste to Wealth plants Few other crucial factors under green growth > Promotion of battery energy storage systems > Setting up 10,000 bio-inputs resource centres to facilitate farmers to adopt natural farming > Promotion of coastal shipping for energy-efficient transportation > Funds to be allocated for replacing old polluting vehicles 6) Youth power > Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 4.0 to be launched Will cover new courses such as coding, robotics, AI and 3D printing etc. > Measures to boost the tourism sector At least 50 destinations to be selected, through challenge mode, to be developed as a complete package for domestic and foreign tourists > States to be encouraged to set up Unity Malls ALSO READ | Union Budget 2023-24: Sitharaman's 5 announcements on personal income tax 7) Financial sector > Setting up of National Financial Information registry > Setting up of Central Data processing centre > Credit Guarantee scheme for MSMEs > Mahila Samman Bachat Patra > Benefits for senior citizens Fiscal Management > 50-year interest-free loans to states > Fiscal deficit of 3.5 per cent of GSDP allowed for states > Fiscal consolidation Targeted Fiscal Deficit to be below 4.5% by 2025-26 Tax Proposals > Simplification in indirect taxes > Changes to custom duty on import of capital goods for Li-ion battery manufacturing; import of mobile camera lens; denatured ethyl alcohol; key inputs for producing shrimp feed; seeds for manufacturing lab-grown diamonds; continuing concessional basic customs duty on copper scrap; and compounded rubber to bring it at par with natural rubber. Simplifying personal income tax > In the new tax regime, the income limit for the rebate of income tax increased from Rs 5 lakh to Rs 7 lakh > Highest surcharge rate on income above Rs 5 crore will be reduced from 37% to 25% (under the new tax regime). > Extending benefits of the standard deduction to the new regime for salaried class and pensioners > Increasing tax exemption limit to Rs 25 lakh on leave encashment on retirement for non-government salaried employees Simplifying tax benefits for industries: For MSMEs: > Enhanced limits for micro-enterprises and professionals to avail benefits of presumptive taxation; 95% receipts to be non-cash > Deduction on payments made to MSMEs will be allowed only when the payment is actually made For cooperatives: > Extending 15% corporate tax benefits to new cooperatives, commencing manufacturing till March 31, 2024. > Higher limit of Rs 2 lakh per member for deposits and loans in cash by Primary Agricultural Co-operative Societies (PACS) and Primary Co-operative Agriculture and Rural Development Banks (PCARDBs) > Higher limit of Rs 3 crore for TDS on cash withdrawal for co-operative societies For startups: > Extension of date of incorporation by one year for income tax benefits to start-ups > Benefit of carry forward of losses on change of shareholding of start-ups from seven years of incorporation to ten years. 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India Budget 2023-24: Finance minister Sitharaman lists govt’s seven priorities for new fiscal year

Union Budget 2023 LIVE:&nbsp;Finance Minister Nirmala Sitharaman presented the Union Budget 2023 on Wednesday, February 1. This was the fifth time that the budget was presented by Sitharaman and also the last full one of the Modi-led government before the 2024 Lok Sabha elections. FM Nirmala Sitharaman called the 2023 Union Budget the 'First Budget in Amrit Kaal' and laid out the priorities of this year's budget.&nbsp;FM also mentioned that the Union Budget of 2023-24 symbolises the new inclusive India and will be a blueprint for India@100. One of the major highlights from Nirmala Sitharaman's speech was India's economic growth which is expected to be at 7% which is the highest among all the major growing economies.&nbsp;

The upcoming fiscal year will focus on seven priorities for the kick-off of the first year of the Amrit Kaal:

1. Inclusive development 
2. Reaching the last mile 
3. Infrastructure and investment 
4. Unleashing potential 
5. Green growth 
6. Youth Power 
7. Financial Sector

During her budget speech, Finance Minister Nirmala Sitharaman made announcements about some of the upcoming schemes and policies:&nbsp;

1.&nbsp;Pradhan Mantri Primitive Vulnerable Development Commission&nbsp;

2. New programme to promote research in pharmaceuticals

3. A national digital library for children and adolescents will be set up to facilitate quality books

4. The government also plans to set up massive decentralised storage capacity to help farmers&nbsp;

5. Facilities in select ICMR labs will be made available for research by public and private medical facilities&nbsp;

6. The government will set up a National Financial Information Registry to serve as a central repository of financial and ancillary information

7.&nbsp;To unleash innovation and research by Startups and Academia, a National Data Governance Policy will be brought out which will enable access to anonymised data

8.&nbsp;Three Centres of Excellences of Artificial Intelligence (AI) will be set up to in top educational institutions, leading industry players will partner in conducting interdisciplinary research, and develop cutting-edge applications and scalable problem solutions in the areas of health, agriculture and sustainable system.

9.&nbsp;A Mission to eliminate&nbsp;Sickle-Cell Anaemia&nbsp;by 2047 will be established. There will be screening of 7 crore people in the 0-40 years age group in affected tribal areas.&nbsp;

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Union Budget 2023 LIVE: Finance Minister Nirmala Sitharaman presented the Union Budget 2023 on Wednesday, February 1. This was the fifth time that the budget was presented by Sitharaman and also the last full one of the Modi-led government before the 2024 Lok Sabha elections.

Union Budget 2023 LIVE: Finance Minister Nirmala Sitharaman presented the Union Budget 2023 on Wednesday, February 1. This was the fifth time that the budget was presented by Sitharaman and also the last full one of the Modi-led government before the 2024 Lok Sabha elections. FM Nirmala Sitharaman called the 2023 Union Budget the 'First Budget in Amrit Kaal' and laid out the priorities of this year's budget. FM also mentioned that the Union Budget of 2023-24 symbolises the new inclusive India and will be a blueprint for India@100. One of the major highlights from Nirmala Sitharaman's speech was India's economic growth which is expected to be at 7% which is the highest among all the major growing economies. The upcoming fiscal year will focus on seven priorities for the kick-off of the first year of the Amrit Kaal: 1. Inclusive development 2. Reaching the last mile 3. Infrastructure and investment 4. Unleashing potential 5. Green growth 6. Youth Power 7. Financial Sector During her budget speech, Finance Minister Nirmala Sitharaman made announcements about some of the upcoming schemes and policies: 1. Pradhan Mantri Primitive Vulnerable Development Commission 2. New programme to promote research in pharmaceuticals 3. A national digital library for children and adolescents will be set up to facilitate quality books 4. The government also plans to set up massive decentralised storage capacity to help farmers 5. Facilities in select ICMR labs will be made available for research by public and private medical facilities 6. The government will set up a National Financial Information Registry to serve as a central repository of financial and ancillary information 7. To unleash innovation and research by Startups and Academia, a National Data Governance Policy will be brought out which will enable access to anonymised data 8. Three Centres of Excellences of Artificial Intelligence (AI) will be set up to in top educational institutions, leading industry players will partner in conducting interdisciplinary research, and develop cutting-edge applications and scalable problem solutions in the areas of health, agriculture and sustainable system. 9. A Mission to eliminate Sickle-Cell Anaemia by 2047 will be established. There will be screening of 7 crore people in the 0-40 years age group in affected tribal areas. WATCH WION LIVE HERE

India Budget 2023: Union govt’s ‘seven priorities’ and its new policies, schemes in the new fiscal

India is gearing up for the Union Budget. Indian Finance Minister Nirmala Sitharaman has tabled the annual economic survey which is a report card for the centre to review how the economy has fared in the past year. Watch anchor Vikram Chandra in a conversation with Chandrajit Banerjee as they talk more about the Union Budget 2023-24.

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India is gearing up for the Union Budget. Indian Finance Minister Nirmala Sitharaman has tabled the annual economic survey which is a report card for the centre to review how the economy has fared in the past year. Watch anchor Vikram Chandra in a conversation with Mohan Das Pai as they talk more about the Union Budget 2023-24.

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India is gearing up for the Union Budget. Indian Finance Minister Nirmala Sitharaman has tabled the annual economic survey which is a report card for the centre to review how the economy has fared in the past year. Watch anchor Vikram Chandra in a conversation with Sanjiv Puri as they talk more about the Union Budget 2023-24.

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Indian Finance Minister Nirmala Sitharaman said that this is the first Budget in 'Amrit Kaal' (75 years of Independence) while presenting the Union Budget 2023-24 in the Parliament on Wednesday (February 1).&nbsp;In her opening remarks, Sitharaman said that the Indian economy is on the right track and heading towards a bright future. She noted that the government's focus is on wide-ranging policies.&nbsp;The finance minister&nbsp;said, “Our current year's economic growth is seven per cent, which is the highest among all major economies.”&nbsp;

She said that the government efforts since 2014 have ensured a better quality of life and a life of dignity for all citizens. The per capita income has more than doubled to Rs 1.97 lakh. In these years, the Indian economy has increased in size from being 10th to the 5th largest in the world.&nbsp;

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Delhi | Finance Minister Nirmala Sitharaman presents <a href="https://twitter.com/hashtag/UnionBudget?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget</a> 2023-24 
 
"This is the first Budget in Amrit Kaal," FM says. <a href="https://t.co/JEExXWl2Ko">pic.twitter.com/JEExXWl2Ko</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1620656219945078784?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
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Ahead of the budget presentation, a Union Cabinet meeting chaired by Indian Prime Minister Narendra Modi was held in Parliament.&nbsp;

Sitharaman along with ministers of state Pankaj Chaudhary and Bhagwat Karad and Finance Secretary TV Somanathan called on President Droupadi Murmu.&nbsp;

The finance minister met the President at the Rashtrapati Bhawan before heading to Parliament to present the Union Budget. This was the fifth budget presentation by Sitharaman since 2019.&nbsp;

The budget session of the Parliament had begun on Tuesday with the President's address, followed by the tabling of the Economic Survey for 2022-23.&nbsp;

The formal exercise to prepare the annual Budget for the next financial year (2023-24) commenced on October 10. The Economic Survey said India's GDP is expected to grow in the range of 6 to 6.8 per cent in the coming financial year 2023-24. This is in comparison to the estimated 7 per cent this fiscal and 8.7 per cent in 2021-22.&nbsp;

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Indian Finance Minister Nirmala Sitharaman said that this is the first Budget in 'Amrit Kaal' (75 years of Independence) while presenting the Union Budget 2023-24 in the Parliament on Wednesday (February 1).

Indian Finance Minister Nirmala Sitharaman said that this is the first Budget in 'Amrit Kaal' (75 years of Independence) while presenting the Union Budget 2023-24 in the Parliament on Wednesday (February 1). In her opening remarks, Sitharaman said that the Indian economy is on the right track and heading towards a bright future. She noted that the government's focus is on wide-ranging policies. The finance minister said, “Our current year's economic growth is seven per cent, which is the highest among all major economies.” She said that the government efforts since 2014 have ensured a better quality of life and a life of dignity for all citizens. The per capita income has more than doubled to Rs 1.97 lakh. In these years, the Indian economy has increased in size from being 10th to the 5th largest in the world. Delhi | Finance Minister Nirmala Sitharaman presents #UnionBudget 2023-24 "This is the first Budget in Amrit Kaal," FM says. pic.twitter.com/JEExXWl2Ko — ANI (@ANI) February 1, 2023 × Ahead of the budget presentation, a Union Cabinet meeting chaired by Indian Prime Minister Narendra Modi was held in Parliament. Sitharaman along with ministers of state Pankaj Chaudhary and Bhagwat Karad and Finance Secretary TV Somanathan called on President Droupadi Murmu. The finance minister met the President at the Rashtrapati Bhawan before heading to Parliament to present the Union Budget. This was the fifth budget presentation by Sitharaman since 2019. The budget session of the Parliament had begun on Tuesday with the President's address, followed by the tabling of the Economic Survey for 2022-23. The formal exercise to prepare the annual Budget for the next financial year (2023-24) commenced on October 10. The Economic Survey said India's GDP is expected to grow in the range of 6 to 6.8 per cent in the coming financial year 2023-24. This is in comparison to the estimated 7 per cent this fiscal and 8.7 per cent in 2021-22. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

'First Budget in Amrit Kaal': Indian economy on the right track with GDP growth at 7%

India is gearing up for the Union Budget. Indian Finance Minister Nirmala Sitharaman has tabled the annual economic survey which is a report card for the centre to review how the economy has fared in the past year. Watch anchor Vikram Chandra in a conversation with Viren Prasad Shetty as they talk more about the Union Budget 2023-24.

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India is gearing up for the Union Budget. Indian Finance Minister Nirmala Sitharaman has tabled the annual economic survey which is a report card for the centre to review how the economy has fared in the past year. Watch anchor Vikram Chandra in a conversation with Radhika Gupta as they talk more about the Union Budget 2023-24.

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The Union government of India on Wednesday announced that it will increase capital expenditure by 33 per cent by&nbsp;renewing its focus on the development of railways, roads, ports, and digital infrastructure.&nbsp;Presenting the last full Union Budget of the Modi government ahead of the 2024 general elections, Finance Minister Nirmala Sitharaman said that they have increased the infra outlay to Rs 10 lakh crore for 2023-24, which will be at 3.3 per cent of the Gross Domestic Product (GDP).&nbsp;

She added that an expert committee will be established to make infrastructure classification and financing framework suitable for 'Amrit Kaal' (Golden Era).&nbsp;

“The newly established infrastructure finance secretariat will assist in attracting more private investment,” the finance minister said.&nbsp;

On October 13 last year, Prime Minister Narendra Modi launched the Gati Shakti — National Master Plan, in a bid to develop an integrated infrastructure to reduce logistics costs.&nbsp;

All logistics and connectivity infrastructure projects, entailing an investment of over Rs 500 crore, are routed through the NPG, constituted under the PM Gati Shakti initiative.&nbsp;

The minister also informed that the PM Primitive Vulnerable Tribal Group scheme would benefit 3.5 lakh tribals.&nbsp;

The government’s focus has been to push capital expenditure to spur the economic growth that was hit by the Covid pandemic. It expects that the increase in public spending would result&nbsp;in private investment.&nbsp;

According to the Economic Survey presented by the government on Tuesday, a&nbsp;sustained increase in the private capex is also imminent with the strengthening of the balance sheets of the corporates and the consequent increase in credit financing it has been able to generate.&nbsp;

“Going by the capex multiplier estimated for the country, the economic output of the country is set to increase by at least four times the amount of the capex,” the Survey said.&nbsp;

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The Union government of India on Wednesday announced that it will increase capital expenditure by 33 per cent by renewing its focus on the development of railways, roads, ports, and digital infrastructure.

The Union government of India on Wednesday announced that it will increase capital expenditure by 33 per cent by renewing its focus on the development of railways, roads, ports, and digital infrastructure. Presenting the last full Union Budget of the Modi government ahead of the 2024 general elections, Finance Minister Nirmala Sitharaman said that they have increased the infra outlay to Rs 10 lakh crore for 2023-24, which will be at 3.3 per cent of the Gross Domestic Product (GDP). She added that an expert committee will be established to make infrastructure classification and financing framework suitable for 'Amrit Kaal' (Golden Era). “The newly established infrastructure finance secretariat will assist in attracting more private investment,” the finance minister said. On October 13 last year, Prime Minister Narendra Modi launched the Gati Shakti — National Master Plan, in a bid to develop an integrated infrastructure to reduce logistics costs. All logistics and connectivity infrastructure projects, entailing an investment of over Rs 500 crore, are routed through the NPG, constituted under the PM Gati Shakti initiative. The minister also informed that the PM Primitive Vulnerable Tribal Group scheme would benefit 3.5 lakh tribals. The government’s focus has been to push capital expenditure to spur the economic growth that was hit by the Covid pandemic. It expects that the increase in public spending would result in private investment. According to the Economic Survey presented by the government on Tuesday, a sustained increase in the private capex is also imminent with the strengthening of the balance sheets of the corporates and the consequent increase in credit financing it has been able to generate. “Going by the capex multiplier estimated for the country, the economic output of the country is set to increase by at least four times the amount of the capex,” the Survey said. WATCH WION LIVE HERE:

India Budget 2023: Govt increases capital expenditure by 33% for 2023-24 

India is gearing up for the Union Budget. Indian Finance Minister Nirmala Sitharaman has tabled the annual economic survey which is a report card for the centre to review how the economy has fared in the past year. Watch anchor Vikram Chandra in a conversation with Suchitra K Ella as they talk more about the Union Budget 2023-24.

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India is gearing up for the Union Budget. Indian Finance Minister Nirmala Sitharaman has tabled the annual economic survey which is a report card for the centre to review how the economy has fared in the past year. Watch anchor Vikram Chandra in a conversation with Sunil Kant Munjal as they talk more about the Union Budget 2023-24.

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Expressing his thoughts on India’s Union Budget 2023–24&nbsp;after it was tabled by India’s Finance Minister Nirmala Sitharaman in the Parliament on Wednesday, Indian Prime Minister Narendra Modi said that it will build a strong foundation of a developed India.&nbsp;"The first budget of ‘Amrit Kaal’ (after 75 years of Independence)&nbsp;will build a strong foundation for building a developed India. This budget will fulfil the dreams of aspirational society including poor people, middle-class people, farmers," PM Modi said.

He called the budget “growth-oriented"&nbsp;which will give fresh life to the development trajectory of India. He added that the budget has included schemes related to artisans for the first time.

ALSO READ | <a href="https://www.wionews.com/india-news/union-budget-2023-new-vs-old-tax-regime-which-one-is-better-557885">Union Budget 2023: New vs old tax regime; which one is better?</a>

“Those toiling traditionally through their hands for the country, the 'Vishvakarmas' are the creators of this country. For the first time, a scheme related to training and&nbsp;support for 'Vishvakarmas' has been brought in the budget,” the prime minister added. PM Modi further emphasised the steps taken to ensure the welfare of women in urban as well as rural areas.

“Government has taken several steps to make the lives of women, in rural &amp; urban areas, easy. Women's self-help groups will further enhance them. Special savings scheme will be started empowering women in households,” the prime minister stated.

Talking about the benefits included for the middle class and the revised tax regime introduced in the budget, PM Modi said, “Middle class is a big force to fulfil dreams of prosperous, developed India. Our government has taken several steps to empower the middle class and ensure ease of living. We have reduced tax rates and&nbsp;have given relief accordingly.”

WATCH | Union Budget 2023: World's eyes on India's budget

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The prime minister highlighted that the announcement of Rs 10 lakh crore investment in infrastructure will boost new energy and speed up development. “Unprecedented investment of Rs 10 lakh crore in infrastructure will give speed and new energy to development,” the prime minister said.

Talking about other aspects of the budget, he stated that digital payments’ success needs to be replicated in the sector of agriculture and hence, the government has introduced a scheme for laying down the digital infrastructure needed for it.

“Budget will make co-operatives pivot of development of the rural economy. The success of digital payments has to be replicated in the agriculture sector, in Union Budget we have brought a scheme for digital agriculture infrastructure,” the prime minister said.

“Budget 2023-24 will fulfil the dreams of aspirational society, farmers, and middle class. This budget is for a sustainable future further encouraging green energy, green growth, green infrastructure, and green jobs. We have focused on technology &amp; new economy in the budget,” he added.&nbsp;

(With inputs from agencies)

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Expressing his thoughts on India’s Union Budget 2023–24 after it was tabled by India’s Finance Minister Nirmala Sitharaman in the Parliament on Wednesday, Indian Prime Minister Narendra Modi said that it will build a strong foundation of a developed India.

Expressing his thoughts on India’s Union Budget 2023–24 after it was tabled by India’s Finance Minister Nirmala Sitharaman in the Parliament on Wednesday, Indian Prime Minister Narendra Modi said that it will build a strong foundation of a developed India. "The first budget of ‘Amrit Kaal’ (after 75 years of Independence) will build a strong foundation for building a developed India. This budget will fulfil the dreams of aspirational society including poor people, middle-class people, farmers," PM Modi said. He called the budget “growth-oriented" which will give fresh life to the development trajectory of India. He added that the budget has included schemes related to artisans for the first time. ALSO READ | Union Budget 2023: New vs old tax regime; which one is better? “Those toiling traditionally through their hands for the country, the 'Vishvakarmas' are the creators of this country. For the first time, a scheme related to training and support for 'Vishvakarmas' has been brought in the budget,” the prime minister added. PM Modi further emphasised the steps taken to ensure the welfare of women in urban as well as rural areas. “Government has taken several steps to make the lives of women, in rural & urban areas, easy. Women's self-help groups will further enhance them. Special savings scheme will be started empowering women in households,” the prime minister stated. Talking about the benefits included for the middle class and the revised tax regime introduced in the budget, PM Modi said, “Middle class is a big force to fulfil dreams of prosperous, developed India. Our government has taken several steps to empower the middle class and ensure ease of living. We have reduced tax rates and have given relief accordingly.” WATCH | Union Budget 2023: World's eyes on India's budget The prime minister highlighted that the announcement of Rs 10 lakh crore investment in infrastructure will boost new energy and speed up development. “Unprecedented investment of Rs 10 lakh crore in infrastructure will give speed and new energy to development,” the prime minister said. Talking about other aspects of the budget, he stated that digital payments’ success needs to be replicated in the sector of agriculture and hence, the government has introduced a scheme for laying down the digital infrastructure needed for it. “Budget will make co-operatives pivot of development of the rural economy. The success of digital payments has to be replicated in the agriculture sector, in Union Budget we have brought a scheme for digital agriculture infrastructure,” the prime minister said. “Budget 2023-24 will fulfil the dreams of aspirational society, farmers, and middle class. This budget is for a sustainable future further encouraging green energy, green growth, green infrastructure, and green jobs. We have focused on technology & new economy in the budget,” he added. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Budget 2023: PM Modi says steps taken to empower middle class, ensure ease of living

Income Tax Calculator for 2023: On February 1, 2023, Finance Minister Nirmala Sitharaman proposed an amendment in the Income Tax rates. During her Union Budget 2023 speech, the FM proposed different Income Tax rates for the various slabs of the latest tax regime. Citizens will have to calculate taxes differently. Thus, the new tax rates and slabs are applicable for the assessment year 2023-24. An income tax calculator is essential for salaried citizens, pensioners, and businesspersons. The income tax calculator provides an idea about the tax liability depending on the income and investments of a person. It helps you optimise your taxes in the new tax regime announced during the presentation of the Indian Union Budget 2023-24.&nbsp;

Here's how you can calculate the taxes according to the newest tax regime announced by Nirmala Sitharaman on February 1, 2023.&nbsp;

<h2>Income Tax Calculator 2023: Direct Link</h2>

The new tax scheme introduced in the Union Budget 2023 has created confusion. Often, people look at taxes as a 'necessary evil.' They have various lingoes to comprehend, such as tax exemption, tax rebate, tax deduction, and tax savings.&nbsp;

The income tax calculator makes it easy for people to calculate taxes and save more money.

<iframe class="calculator-embed" frameborder="1" height="100%" marginheight="0px" marginwidth="0px" name="myiFrame" scrolling="yes" src="https://cleartax.in/paytax/TaxCalculatorEmbed?b20pub=zeebiz" style="border:0px #FFFFFF none;" width="100%"></iframe>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">https://cleartax.in/paytax/TaxCalculator</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

<h2>Income Tax Calculator 2023: How to calculate your taxes?</h2>

This income tax calculator not only accounts for the various earnings and deductions that the Income Tax Act allows you to claim, but it also provides the most recent income tax rates based on your income. Anyone earning more than Rs 2.5 lakh in a given assessment year is required to file an income tax return. To file your income tax returns, you must have your company's Form 16 on hand. Tax forms are available online.

<h3>Here's how you can easily calculate your taxes with the following simple steps.&nbsp;</h3>

1. Open the Income Tax Calculator. 
2. Fill in the financial year you want to calculate taxes. 
3. Select your age. 
4. Fill in all your Income details. 
5. Fill in all the deduction details, if any.

<h2>Income Tax Slabs and Rates 2023 (New Regime)</h2>

<h3>Following are the new tax slabs in the New Tax Regime as the FM mentioned in the Union Budget Speech 2023</h3>

0-Rs 3 lakh: Nil; 
Rs 3-6 lakh: 5% Income tax 
Rs 6-9 lakh: 10% Income tax; 
Rs 9-12 lakh: 15% Income tax; 
Rs 12-15 lakh: 20% Income tax; 
Above Rs 15 lakh: 30%

Income Tax Calculator for 2023: On February 1, 2023, Finance Minister Nirmala Sitharaman proposed an amendment in the Income Tax rates. During her Union Budget 2023 speech, the FM proposed different Income Tax rates for the various slabs of the latest tax regime.

Income Tax Calculator for 2023: On February 1, 2023, Finance Minister Nirmala Sitharaman proposed an amendment in the Income Tax rates. During her Union Budget 2023 speech, the FM proposed different Income Tax rates for the various slabs of the latest tax regime. Citizens will have to calculate taxes differently. Thus, the new tax rates and slabs are applicable for the assessment year 2023-24. An income tax calculator is essential for salaried citizens, pensioners, and businesspersons. The income tax calculator provides an idea about the tax liability depending on the income and investments of a person. It helps you optimise your taxes in the new tax regime announced during the presentation of the Indian Union Budget 2023-24. Here's how you can calculate the taxes according to the newest tax regime announced by Nirmala Sitharaman on February 1, 2023. Income Tax Calculator 2023: Direct Link The new tax scheme introduced in the Union Budget 2023 has created confusion. Often, people look at taxes as a 'necessary evil.' They have various lingoes to comprehend, such as tax exemption, tax rebate, tax deduction, and tax savings. The income tax calculator makes it easy for people to calculate taxes and save more money. https://cleartax.in/paytax/TaxCalculator × Income Tax Calculator 2023: How to calculate your taxes? This income tax calculator not only accounts for the various earnings and deductions that the Income Tax Act allows you to claim, but it also provides the most recent income tax rates based on your income. Anyone earning more than Rs 2.5 lakh in a given assessment year is required to file an income tax return. To file your income tax returns, you must have your company's Form 16 on hand. Tax forms are available online. Here's how you can easily calculate your taxes with the following simple steps. 1. Open the Income Tax Calculator. 2. Fill in the financial year you want to calculate taxes. 3. Select your age. 4. Fill in all your Income details. 5. Fill in all the deduction details, if any. Income Tax Slabs and Rates 2023 (New Regime) Following are the new tax slabs in the New Tax Regime as the FM mentioned in the Union Budget Speech 2023 0-Rs 3 lakh: Nil; Rs 3-6 lakh: 5% Income tax Rs 6-9 lakh: 10% Income tax; Rs 9-12 lakh: 15% Income tax; Rs 12-15 lakh: 20% Income tax; Above Rs 15 lakh: 30%

Income Tax Calculator 2023: Salaried & senior citizens can save more with new tax regime? Here's how

Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 and called it the "first Budget of Amrit Kaal", a reference to 75 years of India's independence. The term 'Amrit Kaal' was first used by PM Narendra Modi in 2021 during the 75th Independence Day celebrations.

India Budget 2023 | FM: Personal Income Tax rebate increased to Rs. 7 lakh under new regime

India is gearing up for the Union Budget. Indian Finance Minister Nirmala Sitharaman has tabled the annual economic survey which is a report card for the centre to review how the economy has fared in the past year. Watch anchor Vikram Chandra in a conversation with Daniel Lacalle as they talk more about the Union Budget 2023-24.

Exclusive | Union Budget 2023: Daniel Lacalle, Cheif Economist at Tressis speaks to WION

India is gearing up for the Union Budget. Indian Finance Minister Nirmala Sitharaman has tabled the annual economic survey which is a report card for the centre to review how the economy has fared in the past year. Watch anchor Vikram Chandra in a conversation with Deepak Shetty as they talk more about the Union Budget 2023-24.

Exclusive: Deepak Shetty, CEO & Managing Director at JCB India Limited speaks to WION

Union Budget 2023-24 LIVE:&nbsp;As the Union Budget 2023 was presented in the Indian Parliament on Wednesday, February 1 and Finance Minister Nirmala Sitharaman delivered her most-awaited Budget speech, all eyes were on the statements on taxes. The central, NDA-led government by Prime Minister Narendra Modi was widely expected to be giving the common person some tax relief this year, as its the&nbsp;last budget before the 2024 Lok Sabha elections.&nbsp;

On one hand, the slowdown in the economy is affecting tax receipts and on the other hand, state spending is increasing. The industries, business sectors and market analysts are earnestly hoping that the NDA government's final budget before the Lok Sabha polls will be on employment generation and inclusive growth.&nbsp;

The Economic Survey noted in its chapter on India's inclusive growth, "Both official and unofficial sources confirm that employment levels have risen in the current financial year, as the Periodic Labour Force Survey (PLFS) shows that the urban unemployment rate for people aged 15 years and above declined from 9.8 per cent in the quarter ending September 2021 to 7.2 per cent a year later (quarter ending September 2022). This is accompanied by an improvement in the labour force participation rate (LFPR) as well, confirming the emergence of the economy out of the pandemic-induced slowdown early in 2022-23".&nbsp;

<h2>Various types of tax slabs in India</h2>

Individual taxpayers in India pay income tax based on a slab system. A slab system means that different tax rates are prescribed for different income ranges. It means that tax rates continue to rise as the taxpayer's income rises. This type of taxation allows the country to have progressive and equitable tax systems. These income tax slabs are subject to change with each budget. These slab rates differ for different types of taxpayers.

Income tax has three categories of "individual" taxpayers, including:

<ol>
	<li>Individuals (aged less than 60 years), including residents and non-residents</li>
	<li>Resident Senior citizens (60 to 80 years of age)</li>
	<li>Resident Super senior citizens (aged more than 80 years)&nbsp;</li>
</ol>

<h2>Income Tax </h2>

Income Tax is&nbsp;levied on a Hindu Undivided Family or an individual’s net taxable income&nbsp;during a fiscal year that begins on April 1 and ends on March 31 of the following year. It is&nbsp;calculated using an individual’s or a business’s net taxable income. The Government of India has set certain slab rates, i.e., higher and lower slab rates, for the convenience of its citizens.

<h2> 
Income Tax Slab rates announced in the Union Budget 2023-24</h2>

The personal Income Tax&nbsp;rebate limit increased to Rs 7 lakh, from earlier Rs 5 lakh in the new tax regime. People earning up to Rs 7 lakh, do not pay any income tax.

Finance Nirmala Sitharaman announced, "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".&nbsp;

An individual with an income of ₹ 15 lakhs&nbsp;will have to pay ₹ 1.5 lakhs tax, down from ₹ 1.87 lakhs under the new tax structure.&nbsp;

<table style="border-collapse:collapse; width:246pt; border:0.5pt solid windowtext" width="327">
	<colgroup>
		<col span="3" style="width:48pt" width="64" />
		<col style="width:102pt" width="135" />
	</colgroup>
	<tbody>
		<tr height="19" style="height:14.5pt">
			<td class="xl68" colspan="3" height="19" style="border:none; border-bottom:0.5pt solid windowtext; border-right:.5pt solid black; height:14.5pt; width:144pt; text-align:center; border-top:0.5pt solid windowtext; border-left:0.5pt solid windowtext; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap" width="192">Annual Income&nbsp;</td>
			<td class="xl65" style="border:0.5pt solid windowtext; border-left:none; width:102pt; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap" width="135">New Tax Regime&nbsp;</td>
		</tr>
		<tr height="19" style="height:14.5pt">
			<td class="xl66" colspan="3" height="19" style="border:0.5pt solid windowtext; height:14.5pt; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap">0-3 lakhs</td>
			<td class="xl67" style="border:0.5pt solid windowtext; border-top:none; border-left:none; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap">0%</td>
		</tr>
		<tr height="19" style="height:14.5pt">
			<td class="xl66" colspan="3" height="19" style="border:0.5pt solid windowtext; height:14.5pt; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap">3-6 lakhs</td>
			<td class="xl67" style="border:0.5pt solid windowtext; border-top:none; border-left:none; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap">5%</td>
		</tr>
		<tr height="19" style="height:14.5pt">
			<td class="xl66" colspan="3" height="19" style="border:0.5pt solid windowtext; height:14.5pt; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap">6-9 lakhs</td>
			<td class="xl67" style="border:0.5pt solid windowtext; border-top:none; border-left:none; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap">10%</td>
		</tr>
		<tr height="19" style="height:14.5pt">
			<td class="xl66" colspan="3" height="19" style="border:0.5pt solid windowtext; height:14.5pt; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap">9-12 lakhs</td>
			<td class="xl67" style="border:0.5pt solid windowtext; border-top:none; border-left:none; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap">15%</td>
		</tr>
		<tr height="19" style="height:14.5pt">
			<td class="xl66" colspan="3" height="19" style="border:0.5pt solid windowtext; height:14.5pt; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap">12-15 lakhs</td>
			<td class="xl67" style="border:0.5pt solid windowtext; border-top:none; border-left:none; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap">20%</td>
		</tr>
		<tr height="19" style="height:14.5pt">
			<td class="xl66" colspan="3" height="19" style="border:0.5pt solid windowtext; height:14.5pt; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap">Above 15 lakhs</td>
			<td class="xl67" style="border:0.5pt solid windowtext; border-top:none; border-left:none; text-align:center; padding-top:1px; padding-right:1px; padding-left:1px; vertical-align:bottom; white-space:nowrap">30%</td>
		</tr>
	</tbody>
</table>

The Finance minister also reduced the highest surcharge in the country to 25% from the current 37%.&nbsp;

Direct tax proposals

<ul>
	<li>Average processing time for ITRs reduced from 93 days to 16 days</li>
	<li>The&nbsp;government intends to roll out next-gen common IT Return forms and strengthen the grievance redressal mechanism</li>
</ul>

<h2>Previous&nbsp;Income Tax Slab rates&nbsp;</h2>

The previous&nbsp;income tax slabs under the regular income tax regime were:

Up to Rs 2,50,000 income - NIL tax rate 
Rs 2,50,001 - Rs 5,00,000 income - 5% tax rate 
Rs 5,00,001 - Rs 10,00,000 income - 20% tax rate 
Above Rs 10,00,000 income - 30% tax rate&nbsp;

<h2>&nbsp;</h2>

WATCH WION LIVE HERE

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Union Budget 2023-24 LIVE: As the Union Budget 2023 was presented in the Indian Parliament on Wednesday, February 1 and Finance Minister Nirmala Sitharaman delivered her most-awaited Budget speech, all eyes were on the statements on taxes.

Union Budget 2023-24 LIVE: As the Union Budget 2023 was presented in the Indian Parliament on Wednesday, February 1 and Finance Minister Nirmala Sitharaman delivered her most-awaited Budget speech, all eyes were on the statements on taxes. The central, NDA-led government by Prime Minister Narendra Modi was widely expected to be giving the common person some tax relief this year, as its the last budget before the 2024 Lok Sabha elections. On one hand, the slowdown in the economy is affecting tax receipts and on the other hand, state spending is increasing. The industries, business sectors and market analysts are earnestly hoping that the NDA government's final budget before the Lok Sabha polls will be on employment generation and inclusive growth. The Economic Survey noted in its chapter on India's inclusive growth, "Both official and unofficial sources confirm that employment levels have risen in the current financial year, as the Periodic Labour Force Survey (PLFS) shows that the urban unemployment rate for people aged 15 years and above declined from 9.8 per cent in the quarter ending September 2021 to 7.2 per cent a year later (quarter ending September 2022). This is accompanied by an improvement in the labour force participation rate (LFPR) as well, confirming the emergence of the economy out of the pandemic-induced slowdown early in 2022-23". Various types of tax slabs in India Individual taxpayers in India pay income tax based on a slab system. A slab system means that different tax rates are prescribed for different income ranges. It means that tax rates continue to rise as the taxpayer's income rises. This type of taxation allows the country to have progressive and equitable tax systems. These income tax slabs are subject to change with each budget. These slab rates differ for different types of taxpayers. Income tax has three categories of "individual" taxpayers, including: Individuals (aged less than 60 years), including residents and non-residents Resident Senior citizens (60 to 80 years of age) Resident Super senior citizens (aged more than 80 years) Income Tax Income Tax is levied on a Hindu Undivided Family or an individual’s net taxable income during a fiscal year that begins on April 1 and ends on March 31 of the following year. It is calculated using an individual’s or a business’s net taxable income. The Government of India has set certain slab rates, i.e., higher and lower slab rates, for the convenience of its citizens. Income Tax Slab rates announced in the Union Budget 2023-24 The personal Income Tax rebate limit increased to Rs 7 lakh, from earlier Rs 5 lakh in the new tax regime. People earning up to Rs 7 lakh, do not pay any income tax. Finance Nirmala Sitharaman announced, "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". An individual with an income of ₹ 15 lakhs will have to pay ₹ 1.5 lakhs tax, down from ₹ 1.87 lakhs under the new tax structure. Annual Income New Tax Regime 0-3 lakhs 0% 3-6 lakhs 5% 6-9 lakhs 10% 9-12 lakhs 15% 12-15 lakhs 20% Above 15 lakhs 30% The Finance minister also reduced the highest surcharge in the country to 25% from the current 37%. Direct tax proposals Average processing time for ITRs reduced from 93 days to 16 days The government intends to roll out next-gen common IT Return forms and strengthen the grievance redressal mechanism Previous Income Tax Slab rates The previous income tax slabs under the regular income tax regime were: Up to Rs 2,50,000 income - NIL tax rate Rs 2,50,001 - Rs 5,00,000 income - 5% tax rate Rs 5,00,001 - Rs 10,00,000 income - 20% tax rate Above Rs 10,00,000 income - 30% tax rate WATCH WION LIVE HERE

New Income Tax Slabs Changes 2023-24: Check all the updated tax slab rates

Watch Vikram Chandra in a conversation with Dr. Shashi Tharoor as they talk more about the Union Budget 2023-24. Indian Finance Minister Nirmala Sitharaman announced key policy decisions for the Financial Year 2023-24.

Exclusive: Dr. Shashi Tharoor, Sr Congress Leader & MP of Lok Sabha speaks to WION

Indian Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 on Wednesday (February 1) in Parliament, describing it as the first Budget in India's 'Amrit Kaal' ('Golden Era'). During her speech, she tabled the new policies that were included in the Budget and hailed the existing policies.&nbsp;

As she presented her fifth budget presentation, the Indian finance minister made a gaffe that left the Parliament giggling. When she was speaking about the importance of vehicle replacement, she said "old political vehicles" instead of "old polluting vehicles".&nbsp;

The Opposition shouted to point out the mistake, but few users on social media forums think that the replacement of both "old political vehicles" and "old polluting vehicles" are "related to the betterment of our country – India".&nbsp;

After a brief interruption by the opposition, she continued her speech with a smile on her face, saying: "Sorry, replacing old polluting vehicles."&nbsp;

Watch the video here:&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
‘Old political vehicles…sorry, polluting’: FM's slip-of-tongue in Budget speech 
 
“Replacing the old political…sorry, I know…replacing old polluting vehicles…maybe applicable, right?… is an important part of greening our economy,” the FM <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> joked. <a href="https://twitter.com/hashtag/Budget2023?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2023</a> <a href="https://t.co/KzYTUWgupS">pic.twitter.com/KzYTUWgupS</a>
— Subodh Kumar (@kumarsubodh_) <a href="https://twitter.com/kumarsubodh_/status/1620740763335397380?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Here are some Twitter reactions after her gaffe:&nbsp;&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
"Eradicating old political, sorry, polluting vehicle", both are relevant for the good of the Bharath.<a href="https://twitter.com/hashtag/Budget2023?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2023</a>
— Sath Sith சத் சித் (Satheesh) JaiHind🇮🇳 (@SatheeshK_KS) <a href="https://twitter.com/SatheeshK_KS/status/1620672781863251969?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
While talking about a scheme related 2 scrapping of old vehicles, FM Sitharaman intended 2 say, "Replacing &amp; scrapping of old polluting vehicles", instead she said, "replacing &amp; scrapping of old political vehicles" 
 
Congress was d 1st to burst out in laughter !!😂<a href="https://twitter.com/hashtag/Budget2023?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2023</a>
— कैप्टन Vyyom 💫 (@Rishhabh007) <a href="https://twitter.com/Rishhabh007/status/1620672453730250752?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
While talking about a scheme related 2 scrapping of old vehicles, FM Sitharaman intended 2 say, "Replacing &amp; scrapping of old polluting vehicles", instead she said, "replacing &amp; scrapping of old political vehicles" 
 
Congress was d 1st to burst out in laughter !!😂<a href="https://twitter.com/hashtag/Budget2023?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2023</a>
— कैप्टन Vyyom 💫 (@Rishhabh007) <a href="https://twitter.com/Rishhabh007/status/1620672453730250752?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
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The finance minister has said that she has allocated adequate funds to scrap old vehicles owned by the central government, and states will also be supported in replacing old vehicles and ambulances. She also mentioned that this step will emerge as a crucial part of greening the economy.&nbsp;

Sitharaman stated that coastal shipping will be promoted as the energy-efficient and lower-cost mode of transport, both for passengers and freight, through PPP mode with viability gap funding.&nbsp;

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Indian Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 on Wednesday (February 1) in Parliament, describing it as the first Budget in India's 'Amrit Kaal' ('Golden Era').

Indian Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 on Wednesday (February 1) in Parliament, describing it as the first Budget in India's 'Amrit Kaal' ('Golden Era'). During her speech, she tabled the new policies that were included in the Budget and hailed the existing policies. As she presented her fifth budget presentation, the Indian finance minister made a gaffe that left the Parliament giggling. When she was speaking about the importance of vehicle replacement, she said "old political vehicles" instead of "old polluting vehicles". The Opposition shouted to point out the mistake, but few users on social media forums think that the replacement of both "old political vehicles" and "old polluting vehicles" are "related to the betterment of our country – India". After a brief interruption by the opposition, she continued her speech with a smile on her face, saying: "Sorry, replacing old polluting vehicles." Watch the video here: ‘Old political vehicles…sorry, polluting’: FM's slip-of-tongue in Budget speech “Replacing the old political…sorry, I know…replacing old polluting vehicles…maybe applicable, right?… is an important part of greening our economy,” the FM @nsitharaman joked. #Budget2023 pic.twitter.com/KzYTUWgupS — Subodh Kumar (@kumarsubodh_) February 1, 2023 × Here are some Twitter reactions after her gaffe: "Eradicating old political, sorry, polluting vehicle", both are relevant for the good of the Bharath.#Budget2023 — Sath Sith சத் சித் (Satheesh) JaiHind🇮🇳 (@SatheeshK_KS) February 1, 2023 × While talking about a scheme related 2 scrapping of old vehicles, FM Sitharaman intended 2 say, "Replacing & scrapping of old polluting vehicles", instead she said, "replacing & scrapping of old political vehicles" Congress was d 1st to burst out in laughter !!😂#Budget2023 — कैप्टन Vyyom 💫 (@Rishhabh007) February 1, 2023 × While talking about a scheme related 2 scrapping of old vehicles, FM Sitharaman intended 2 say, "Replacing & scrapping of old polluting vehicles", instead she said, "replacing & scrapping of old political vehicles" Congress was d 1st to burst out in laughter !!😂#Budget2023 — कैप्टन Vyyom 💫 (@Rishhabh007) February 1, 2023 × The finance minister has said that she has allocated adequate funds to scrap old vehicles owned by the central government, and states will also be supported in replacing old vehicles and ambulances. She also mentioned that this step will emerge as a crucial part of greening the economy. Sitharaman stated that coastal shipping will be promoted as the energy-efficient and lower-cost mode of transport, both for passengers and freight, through PPP mode with viability gap funding. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

'Old political vehicles': Nirmala Sitharaman's slip-of-tongue during Budget speech will make you laugh - Watch

India's Minister of State for Finance Pankaj Chaudhary said Wednesday (February 1) that this year's budget will incorporate the expectations of every section of society. Chaudhary spoke to India-based news agency ANI ahead of the presentation of the Union Budget 2023-24 in Parliament. He said that the budget will stand on everyone's expectations.&nbsp;

As quoted by the news agency, Chaudhary said, "This is the budget incorporating the expectations of every section of society. Indian economy is on track due to the leadership of PM Modi and the supervision of Nirmala Sitharaman."&nbsp;

He also mentioned the report of the Economic Survey, he stated that the report also suggests many positives for the growth of the Indian economy.&nbsp;

WATCH |&nbsp;Union Budget 2023: India forecasts growth to slow to 6%-6.8% in 2023-24&nbsp;

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Indian finance minister Nirmala Sitharaman will present the budget for 2023 today and people across the nation have high hopes for this year's budget, with a focus on taxation, and prices of commodities.&nbsp;

Besides, Chaudhary, another MoS Finance Dr B Karad also spoke to reporters, stating that the country has made a good recovery from the economic slump coronavirus (COVID-19) pandemic.&nbsp;

He said that if we look at Economic Survey, all sectors are making progress as compared to other countries, Indian economy is looking good at this crucial juncture.&nbsp;

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<a href="https://twitter.com/hashtag/UnionBudget2023?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2023</a> | Country has made good recovery from COVID. If we look at Economic Survey, all sectors are making progress. Compared to other countries, our economy is good. When PM took oath in 2014, India was 10th (in terms of economy), today it is 5th: MoS Finance Dr B Karad <a href="https://t.co/e29YOVWzg1">pic.twitter.com/e29YOVWzg1</a>
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He said, "When PM took oath in 2014, India was 10th (in terms of economy), today it is 5th."&nbsp;

"Today, the Budget will be presented before the Parliament by FM at 11am. Before that, under her leadership, my colleague Pankaj Chaudhary and Secretary will meet the President at 9 am. At 10 am, under PM Modi`s leadership, a cabinet meeting will be held," the minister added.&nbsp;

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India's Minister of State for Finance Pankaj Chaudhary said Wednesday (February 1) that this year's budget will incorporate the expectations of every section of society.

India's Minister of State for Finance Pankaj Chaudhary said Wednesday (February 1) that this year's budget will incorporate the expectations of every section of society. Chaudhary spoke to India-based news agency ANI ahead of the presentation of the Union Budget 2023-24 in Parliament. He said that the budget will stand on everyone's expectations. As quoted by the news agency, Chaudhary said, "This is the budget incorporating the expectations of every section of society. Indian economy is on track due to the leadership of PM Modi and the supervision of Nirmala Sitharaman." He also mentioned the report of the Economic Survey, he stated that the report also suggests many positives for the growth of the Indian economy. WATCH | Union Budget 2023: India forecasts growth to slow to 6%-6.8% in 2023-24 × Indian finance minister Nirmala Sitharaman will present the budget for 2023 today and people across the nation have high hopes for this year's budget, with a focus on taxation, and prices of commodities. Besides, Chaudhary, another MoS Finance Dr B Karad also spoke to reporters, stating that the country has made a good recovery from the economic slump coronavirus (COVID-19) pandemic. He said that if we look at Economic Survey, all sectors are making progress as compared to other countries, Indian economy is looking good at this crucial juncture. #UnionBudget2023 | Country has made good recovery from COVID. If we look at Economic Survey, all sectors are making progress. Compared to other countries, our economy is good. When PM took oath in 2014, India was 10th (in terms of economy), today it is 5th: MoS Finance Dr B Karad pic.twitter.com/e29YOVWzg1 — ANI (@ANI) February 1, 2023 × He said, "When PM took oath in 2014, India was 10th (in terms of economy), today it is 5th." "Today, the Budget will be presented before the Parliament by FM at 11am. Before that, under her leadership, my colleague Pankaj Chaudhary and Secretary will meet the President at 9 am. At 10 am, under PM Modi`s leadership, a cabinet meeting will be held," the minister added. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India: MoS finance says Budget 2023 will incorporate every section's expectations

The ruling Bharatiya Janata Party (BJP) in India will launch a 12-day nationwide campaign from Wednesday (February 1) to highlight the benefits of the Union Budget 2023. Speaking to the news agency ANI, a BJP source said, "BJP will hold `Countrywide discussion on the budget`, from February 1 to February 12, and run a nationwide campaign to spread awareness on measures that will be announced in the Union budget 2023-24 on Wednesday. National President JP Nadda has constituted a nine-member committee for same."

BJP's Rajya Sabha MP and former deputy chief minister of Bihar Sushil Modi has been made the committee's convener, the source said.&nbsp;

<a href="https://www.wionews.com/business-economy/budget-2023-live-updates-nirmala-sitharaman-to-present-union-budget-2023-24-in-parliament-today-557696">Click here to follow all LIVE updates on the Union Budget 2023</a>

The source also told the news agency that on February 4 and 5, central government ministers, national officials and economic experts "will hold conferences on the budget at 50 important centres including the capitals of various states of the country."

For the next two weeks, chief ministers of BJP-ruled states, party state unit presidents, MPs, ministers and MLAs will hold conferences and public meetings across India and discuss the budget and its benefit with the common people. The ANI report also said that the conferences will be held in all districts and the main issues of the budget will be conveyed to the public up to the block level.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/india-mos-finance-says-budget-2023-will-incorporate-every-sections-expectations-557730">India: MoS finance says Budget 2023 will incorporate every section's expectations</a>

Union Finance Minister Nirmala Sitharaman tabled the Union Budget in Lok Sabha, Parliament on Wednesday.&nbsp;

Ahead of presenting the budget, Prime Minister Narendra Modi chaired a Union Cabinet meeting. This is the&nbsp;fifth budget presented by finance minister Sitharaman. Speaking to ANI, Minister of State for Finance&nbsp;Pankaj Chaudhary said, "Union Budget 2023 will meet the expectations of every section of society. Modi govt has always worked in the favour of the people of the country."

(With inputs from agencies)

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The ruling Bharatiya Janata Party (BJP) in India will launch a 12-day nationwide campaign from Wednesday (February 1) to highlight the benefits of the Union Budget 2023.

The ruling Bharatiya Janata Party (BJP) in India will launch a 12-day nationwide campaign from Wednesday (February 1) to highlight the benefits of the Union Budget 2023. Speaking to the news agency ANI, a BJP source said, "BJP will hold `Countrywide discussion on the budget`, from February 1 to February 12, and run a nationwide campaign to spread awareness on measures that will be announced in the Union budget 2023-24 on Wednesday. National President JP Nadda has constituted a nine-member committee for same." BJP's Rajya Sabha MP and former deputy chief minister of Bihar Sushil Modi has been made the committee's convener, the source said. Click here to follow all LIVE updates on the Union Budget 2023 The source also told the news agency that on February 4 and 5, central government ministers, national officials and economic experts "will hold conferences on the budget at 50 important centres including the capitals of various states of the country." For the next two weeks, chief ministers of BJP-ruled states, party state unit presidents, MPs, ministers and MLAs will hold conferences and public meetings across India and discuss the budget and its benefit with the common people. The ANI report also said that the conferences will be held in all districts and the main issues of the budget will be conveyed to the public up to the block level. ALSO READ | India: MoS finance says Budget 2023 will incorporate every section's expectations Union Finance Minister Nirmala Sitharaman tabled the Union Budget in Lok Sabha, Parliament on Wednesday. Ahead of presenting the budget, Prime Minister Narendra Modi chaired a Union Cabinet meeting. This is the fifth budget presented by finance minister Sitharaman. Speaking to ANI, Minister of State for Finance Pankaj Chaudhary said, "Union Budget 2023 will meet the expectations of every section of society. Modi govt has always worked in the favour of the people of the country." (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India: BJP to launch nationwide campaign to highlight benefits of Union Budget

India is gearing up for the Union Budget. Indian Finance Minister Nirmala Sitharaman has tabled the annual economic survey which is a report card for the centre to review how the economy has fared in the past year. Watch anchor Vikram Chandra in a conversation with Sunil Mathur as they talk more about the Union Budget 2023-24.

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Indian Union Budget 2023-24 LIVE: What's cheaper, What's costlier? Today, Finance Minister Nirmala Sitharaman presented the Indian Union Budget 2023-24 in the Parliament on Wednesday, February 1.

Indian Union Budget 2023-24 LIVE: What's cheaper, What's costlier? Today, Finance Minister Nirmala Sitharaman presented the Indian Union Budget 2023-24 in the Parliament on Wednesday, February 1. On January 31, the finance minister had presented the Economic Survey 2022-23 in Parliament. It was Nirmala Sitharaman's fifth Union Budget and the current government's last Union Budget before the Lok Sabha polls in 2024. In the second part of her 2023 Budget speech, Finance Minister Nirmala Sitharaman mentioned the relief or increase of custom duties on some items. Mobile phone production in India saw a significant increase in the last financial year. Thus, the finance minister proposed a relief on customs duty on imports of certain parts of mobile phones, including camera lenses and lithium-ion cells. Similarly, television components will become cheaper, as per the Indian Union Budget 2023. Before we move towards the items that saw a price change in the Indian Union Budget 2023, let's take a look at today's highlights. Indian Union Budget 2023: Cheaper & Costlier Items Here's the full list of items that got cheaper or costlier in Budget 2023-24. Cheaper Costlier camera lenses of mobile phones, laptops & DSLRs platinum, gold, and silver articles lithium ion batteries electric chimneys open cells of TV panels cigarettes heat coils compounded rubber crude glycerin diamond seeds Highlights of Indian Union Budget 2023: Finance Minister has called the Indian Union Budget 2023, the first budget of the Golden era. The projected economic growth is 7%, the highest among the major economies. Moreover, the Union Budget 2023 has seven priorities including infrastructure and investment. In the Union Budget for the fiscal year 2023, Finance Minister Nirmala Sitharaman covered topics like agriculture, employment, green growth, youth and the financial sector. During the presentation of the Union Budget 2023, Finance Minister Nirmala Sitharaman said, "The Indian economy has increased in size. It became the 5th largest from the 10th largest economy in the last nine years." The finance minister urged the state governments to set up Unity Malls in their respective cultural hubs. For the upcoming fiscal year, the government has laid a capital outlay of ₹2.4 lakh crore for Indian Railways, the highest ever for the department. The fiscal deficit is 5.9 per cent of the GDP for 2023-24, said Finance Minister Nirmala Sitharaman in her Union Budget speech. Indian Union Budget 2023-24: What's costlier? People have awaited the Union Budget 2023 as it directly impacts their daily lives. As the essential and non-essential items get cheaper or costlier, they affect the pockets of the common man. The rates of the items go up or down depending on the duty increases or decreases. Gold, silver and platinum will become pricier. Compounded rubber will also become more expensive. Last but not the least is bad news for smokers. Cigarettes will become costlier, according to the Indian Union Budget 2023. Indian Union Budget 2023-24: What's cheaper? Electric kitchen chimneys will become costlier, and heat coils will become cheaper. Denatured ethyl alcohol will become cheaper to support ethanol blending and energy transitions. Moreover, the Indian Union Budget 2023 makes things easier for the domestic fluro-chemical industries. Marine products, particularly shrimps, recorded the highest export growth in the last financial years and benefitted the farmers. Thus, the inputs for the domestic manufacturing of shrimps will become cheaper. Diamond seeds used in the manufacturing of lab-grown diamonds will become cheaper to promote the diamond industry in India. During her Indian Union Budget 2023 speech, the finance minister said that lab-grown diamond industry holds 'great promise for the nation.' Raw materials used in manufacturing CRGO steel, ferrous scrap, copper scraps and nickel cathode will become cheaper for promoting the industries. Here's the full list of items that got cheaper & costlier in 2022: Costlier Cheaper Headphones and earphones Mobile phone chargers Umbrella Frozen mussels Imitation Jewellery Frozen squids Smart meters Asafoetida Solar cells Cocoa beans Solar modules Methyl Alcohol X-ray machines Cut and polished diamonds Parts of electronic toys Camera lens for cellular mobile phone

Indian Union Budget 2023-24 LIVE: What's become cheaper & What's costlier? Check full list here

India is gearing up for the Union Budget. Indian Finance Minister Nirmala Sitharaman has tabled the annual economic survey which is a report card for the centre to review how the economy has fared in the past year. Watch anchor Vikram Chandra in a conversation with Dr. Harsh Mahajan as they talk more about the Union Budget 2023-24.

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India is gearing up for the Union Budget. Indian Finance Minister Nirmala Sitharaman has tabled the annual economic survey which is a report card for the centre to review how the economy has fared in the past year. Watch anchor Vikram Chandra in a conversation with Lekha Chakraborty as they talk more about the Union Budget 2023-24.

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India is gearing up for the Union Budget. Indian Finance Minister Nirmala Sitharaman has tabled the annual economic survey which is a report card for the centre to review how the economy has fared in the past year. Watch anchor Vikram Chandra in a conversation with Mukesh Butani as they talk more about the Union Budget 2023-24.

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India is gearing up for the Union Budget. Indian Finance Minister Nirmala Sitharaman has tabled the annual economic survey which is a report card for the centre to review how the economy has fared in the past year. Watch anchor Vikram Chandra in a conversation with Anshuman Magazine as they talk more about the Union Budget 2023-24.

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Union finance minister Nirmala Sitharaman announced in her Union Budget speech on Wednesday (February 1) that she proposes to increase the income tax rebate limit from Rs 5 lakh to Rs 7 lakh in the new tax regime. Addressing the Lok Sabha in Parliament, Sitharaman said, "I have five major announcements to make concerning personal income tax. These primarily benefit the hard-working middle class."&nbsp;

Sitharaman said that currently, those with income of Rs 5 lakh do not pay any income tax in both old and new regimes. "I propose to increase the rebate limit to Rs 7 lakhs in the new tax regime," she said, adding that people with income up to Rs 7 lakh will not have to pay any tax at all.&nbsp;

<a href="https://www.wionews.com/business-economy/budget-2023-live-updates-nirmala-sitharaman-to-present-union-budget-2023-24-in-parliament-today-557696">Click here to check all Highlights of Finance Minister Nirmala Sitharaman's Union Budget 2023-24 speech</a>

In the second proposal, Sitharaman said that she proposes to change the tax structure in the new personal income tax regime by reducing the number of slabs to five and increasing the tax exemption limit to three.&nbsp;

"For Personal Income Tax, the new tax rates are 0 to Rs 3 lakhs - nil, Rs 3 lakh to 6 lakh&nbsp;- 5 per cent, Rs 6 lakh&nbsp;to 9 lakh&nbsp;- 10 per cent, Rs 9 lakh to 12 lakh&nbsp;- 15 per cent, Rs 12 lakh to 15 lakh&nbsp;- 20 per cent and above Rs 15 lakh&nbsp;- 30 per cent," she said.&nbsp;

Explaining the above point, the FM said that an individual with an annual income of Rs 9 lakh will be required to pay only Rs 45,000. This would be only five per cent of the individual's income.&nbsp;

"My third proposal is for the salaried class and the pensioners, including family pensioners, for whom I propose to extend the benefit of the standard deduction to the new tax regime. Each salaried person with an income of Rs 15.5 lakh or more will thus standby to benefit by Rs 52,000," Sitharaman told Parliament.&nbsp;

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Personal Income Tax from the Budget speech of Finance Minister Nirmala Sitharaman. 
 
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The finance minister's fourth announcement was regarding the highest tax rate in India which is at 42.74 per cent, which is among the highest in the world. "I propose to reduce the highest surcharge from 37% to 25 % in the new tax regime. This would result in the reduction of the maximum rate to 39 per cent."

The fifth and last announcement was regarding the limit for tax exemption on leave encashment on the retirement of non-government salaried employees. Sitharaman told Parliament that the limit of Rs 3 lakh for tax exemption for such employees was last fixed in 2002 when the highest basic pay in the government was Rs 30,000 per month. "In line with the increase in government salaries, I am proposing to increase this limit to Rs 25 lakh."&nbsp;

"We are also making the new income tax regime the default tax regime, however, citizens will continue to have the option to avail the benefits of the old tax regime," Sitharaman pointed out. Apart from the above, Sitharaman also said she was making some other changes as given in the Annexure.&nbsp;

She said that as per a result of these above proposals, the revenue of about Rs 38,000 crore – Rs 37,000 crore in direct taxes and Rs 1,000 crore in indirect taxes-would be forgone while revenue of about Rs 3,000 crore will be additionally mobilised. The total revenue forgone is about Rs 35,000 crore annually.&nbsp;

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Union finance minister Nirmala Sitharaman announced in her Union Budget speech on Wednesday (February 1) that she proposes to increase the income tax rebate limit from Rs 5 lakh to Rs 7 lakh in the new tax regime.

Union finance minister Nirmala Sitharaman announced in her Union Budget speech on Wednesday (February 1) that she proposes to increase the income tax rebate limit from Rs 5 lakh to Rs 7 lakh in the new tax regime. Addressing the Lok Sabha in Parliament, Sitharaman said, "I have five major announcements to make concerning personal income tax. These primarily benefit the hard-working middle class." Sitharaman said that currently, those with income of Rs 5 lakh do not pay any income tax in both old and new regimes. "I propose to increase the rebate limit to Rs 7 lakhs in the new tax regime," she said, adding that people with income up to Rs 7 lakh will not have to pay any tax at all. Click here to check all Highlights of Finance Minister Nirmala Sitharaman's Union Budget 2023-24 speech In the second proposal, Sitharaman said that she proposes to change the tax structure in the new personal income tax regime by reducing the number of slabs to five and increasing the tax exemption limit to three. "For Personal Income Tax, the new tax rates are 0 to Rs 3 lakhs - nil, Rs 3 lakh to 6 lakh - 5 per cent, Rs 6 lakh to 9 lakh - 10 per cent, Rs 9 lakh to 12 lakh - 15 per cent, Rs 12 lakh to 15 lakh - 20 per cent and above Rs 15 lakh - 30 per cent," she said. Explaining the above point, the FM said that an individual with an annual income of Rs 9 lakh will be required to pay only Rs 45,000. This would be only five per cent of the individual's income. "My third proposal is for the salaried class and the pensioners, including family pensioners, for whom I propose to extend the benefit of the standard deduction to the new tax regime. Each salaried person with an income of Rs 15.5 lakh or more will thus standby to benefit by Rs 52,000," Sitharaman told Parliament. Personal Income Tax from the Budget speech of Finance Minister Nirmala Sitharaman. (Source: Govt of India) pic.twitter.com/dYEeRjQ6Nt — ANI (@ANI) February 1, 2023 × The finance minister's fourth announcement was regarding the highest tax rate in India which is at 42.74 per cent, which is among the highest in the world. "I propose to reduce the highest surcharge from 37% to 25 % in the new tax regime. This would result in the reduction of the maximum rate to 39 per cent." The fifth and last announcement was regarding the limit for tax exemption on leave encashment on the retirement of non-government salaried employees. Sitharaman told Parliament that the limit of Rs 3 lakh for tax exemption for such employees was last fixed in 2002 when the highest basic pay in the government was Rs 30,000 per month. "In line with the increase in government salaries, I am proposing to increase this limit to Rs 25 lakh." "We are also making the new income tax regime the default tax regime, however, citizens will continue to have the option to avail the benefits of the old tax regime," Sitharaman pointed out. Apart from the above, Sitharaman also said she was making some other changes as given in the Annexure. She said that as per a result of these above proposals, the revenue of about Rs 38,000 crore – Rs 37,000 crore in direct taxes and Rs 1,000 crore in indirect taxes-would be forgone while revenue of about Rs 3,000 crore will be additionally mobilised. The total revenue forgone is about Rs 35,000 crore annually. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Union Budget 2023-24: Sitharaman's 5 announcements on personal income tax

India is gearing up for the Union Budget. Indian Finance Minister Nirmala Sitharaman has tabled the annual economic survey which is a report card for the centre to review how the economy has fared in the past year. Watch anchor Vikram Chandra in a conversation with PN Vijay as they talk more about the Union Budget 2023-24.

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