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Budget 2023 Live Updates: New

Income Tax slabs announced; PM
Modi says Budget provides
foundation for a developed India
Budget 2023 Live Updates: Finance minister
Nirmala Sitharaman announced a number of
changes in the income tax slabs in the new tax
regime. If we include all rebates, an individual will
have to pay no tax on income up to Rs 7 lakh in the
new tax regime. An individual with annual income
of Rs 9 lakh will have to pay only Rs 45,000 as tax in
the new regime. This is only 5% of a taxpayer's
income in the new regime. There is a standard
deduction of Rs 52,500 in the new tax regime. The
FM also said that the new tax regime would be the
default regime.

New income tax slabs 2023 - 24:

Up to Rs 3 lakh income there is 0% or NIL tax

From Rs 3 lakh to Rs 6 lakh the tax rate is 5%
From Rs 6 lakh to Rs 9 lakh the tax rate is 10%
From Rs 9 lakh to Rs 12 lakh the tax rate is 15%
From Rs 12 lakh to Rs 15 lakh the tax rate is 20%
Above Rs 15 lakh the tax rate is 30%

"This is the first Budget of Amrit Kaal", with these

words finance minister Nirmala Sitharaman started
the presentation of the last full Budget of the Modi
government. The world has recognized India
economy as a bright spot, the FM said. India's
growth at 7% in current fiscal highest among major
economies. Indian economy on right track, and
heading towards a bright future, Sitharaman said in
her budget speech.

Per capita income has increased to Rs 1.97 lakh. At

the same time, India's economy has grown from
10th to 5th largest in the world in the last 9 years,
Sitharaman said in the Union Budget speech.

India Budget 2023 is being presented at a time

when the major advanced economies in the world
are crippled by a slow down and are even staring at
a possible recession. In this backdrop, the Economic
Survey still expects India’s GDP to grow between the
6-6.8% range, maintaining its tag of being the
fastest growing economy in the world. What also
bodes well for the GDP growth prospects is that the
Survey has said that India’s recovery from the shock
of the Covid-19 pandemic is complete.

Indian Railways has received a capital outlay of Rs

2.40 lakh crore for the first time ever. This is the
highest capital outlay for railways, Sitharaman said.

Finance Minister Nirmala Sitharaman announced

a huge rise in capital expenditure. The Union
Budget has hiked the outlay on capital expenditure
by 33% to Rs 10 lakh crore. This would be 3.3% of
GDP. The FM has also announced a massive
increase in PM Awaas Yojana. In her Budget speech,
Sithraman highlighted the continuation of the food
security programme for another year and
announced steps for Agri startups, fisheries and
started a programme for primitive, vulnerable, tribal
groups.

But, Sitharaman also has the crucial task of not just

maintaining the fiscal deficit target of 6.4%, but also
providing a credible road map to bring it down
further in the coming years, closer to the FRBM
target.
The Times of India | Feb 1, 2023, 14:53:32 IST

KEY EVENTS

Union Budget 2023 for startups Budg

14:53 (IST), Feb 1

Income tax live: Rebate limit hike

"Currently, those with income up to Rs 5 lakh do
not pay any income tax in both old and new tax
regimes. I propose to increase the rebate limit to
Rs 7 lakh in the new tax regime. Thus, persons in
the new tax regime, with income up to Rs 7 lakh
will not have to pay any tax," Finance Minister
Nirmala Sitharaman said.

14:48 (IST), Feb 1

India Budget 2023 live: Budget provides

foundation for a developed India
Prime Minister Narendra Modi said that this is
'Amrit Kaal's' first budget and it provides
foundation to fulfil resolve for a developed India.

14:34 (IST), Feb 1

Budget 2023 live: Digital payments in

agri sector
The Prime Minister also emphasised that
success of digital payments has to be replicated
in agriculture sector. Hence, the government has
brought a scheme for digital agriculture
infrastructure.

14:29 (IST), Feb 1

India Budget 2023 live: Several steps

taken for women in Budget, says PM
Govt 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: PM Modi

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14:26 (IST), Feb 1

Budget 2023 live: PM Modi says Budget

is for all sectors
Praising Nirmala Sitharaman for a progressive
Union Budget 2023, Prime Minister Narendra
Modi said that the Budget caters to all sectors
alike.

14:21 (IST), Feb 1

Budget 2023 Live: Sports

"It was surprising that high performance,
grassroots athlete schemes and sports
infrastructure didn’t get a mention in the
Budget 2023-24. With India considering bidding
for the 2036 Olympics, the preparation needs to
begin now, both from infrastructure and talent
development perspective for India to step up
towards achieving its sporting and active
lifestyle ambitions," says Aman Dhall, Team
Owner, Gurgaon InCredibles at LastManStands.

14:19 (IST), Feb 1

Budget 2023 live: PM Modi says Budget

will fulfil dreams of aspirational society
The Union Budget 2023-24 will fulfil dreams of
aspirational society including poor people,
middle-class people, farmers, PM Narendra Modi
said in his address.

14:17 (IST), Feb 1

India Budget 2023 live: First budget of

'Amrit Kaal', says PM
Prime Minister Narendra Modi said that this first
Budget of 'Amrit Kaal' will build a strong
foundation for building a developed India.

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14:15 (IST), Feb 1

Budget 2023 Live: Budget for

'Vishwakarmas', says PM
Prime Minister Narendra Modi praised the
government for its Budget presentation and
said that it is a Budget for 'Vishwakarmas'

14:13 (IST), Feb 1

Budget 2023 Live: PM Modi

congratulates FM
Prime Minister Narendra Modi addressed the
nation after the Budget presentation and
congratulated FM SItharaman for a successful
Budget

14:07 (IST), Feb 1

Budget 2023 live: Allocation to defence

ministry
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.

14:05 (IST), Feb 1

India Budget 2023 live: Deposit limit for

Senior Citizen Savings Scheme doubled
Finance Minister Nirmala Sitharaman on
Wednesday proposed to double the deposit
limit for Senior Citizen Savings Scheme to Rs 30
lakh and Monthly Income Account Scheme to
Rs 9 lakh. In her Budget Speech, the minister
also announced a new small savings scheme for
women. "The maximum deposit limit for Senior
Citizen Savings Scheme will be enhanced from
Rs 15 lakh to Rs 30 lakh," the minister said in her
87-minute long speech. She also proposed that
the maximum deposit limit for Monthly Income
Account Scheme will be enhanced from Rs 4.5
lakh to Rs 9 lakh for a single account and from
Rs 9 lakh to Rs 15 lakh for a joint account.

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14:01 (IST), Feb 1

Budget 2023 live: PM Modi to address

shortly
Prime Minister Narendra Modi to address shortly
on the announcements made by Nirmala
Sitharaman in Union Budget 2023

14:00 (IST), Feb 1

Income Tax Slabs 2023 Live: New Income

Tax Regime Decoded
EY Analysis: While the answer is not straight
forward and it has to be seen on a person by
person level it seems like if a person is claiming a
deduction of more than Rs 425000 then the old
regime is beneficial unless the individual earns
over 5 crores.

13:59 (IST), Feb 1

Income Tax Live: Default income tax

regime
It is also proposed that the new tax regime will
be the default tax regime and individuals will
have an option to opt for the old tax regime

13:57 (IST), Feb 1

Budget 2023 live: Luxury cars and EVs to

cost more
Fully imported luxury cars and electric vehicles
(EVs) in India will now cost more as government
raised custom duty from 60% to 70% on these
items in Budget 2023.

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13:54 (IST), Feb 1

Income Tax 2023: Enhanced limits for

MSMEs
The limits for micro enterprises and
professionals has been enhanced in the Union
Budget 2023 to avail benefits of presumptive
taxation and 95% of the receipts to be non-cash.

13:43 (IST), Feb 1

Income Tax 2023: Tax benefits for

startups
The government on Wednesday proposed to
extend income tax benefits to startups
incorporated till March 2024. Nirmala
Sitharaman also said that the government
proposes to increase the benefit of carrying
forward losses for startups to 10 years. "I propose
to extend the date of incorporation for income
tax benefits to startups from March 31, 2023, to
March 31, 2024. I further propose to provide the
benefit of carry forward of losses on change of
shareholding of startups from seven years of
incorporation to ten years," she announced.
Sugar cooperatives can claim payments prior to
2016-17 made to sugarcane farmers as
expenditure, the minister added. New
cooperatives that commence manufacturing
activity till March 2024 would also attract a lower
tax rate of 15 per cent, she said in the Budget
speech.

13:28 (IST), Feb 1

New Income Tax 2023: Simplification in

indirect tax - customs duty reduced
Finance minister Nirmala Sitharaman on
Wednesday announced a cut in customs duty
on the import of certain inputs for mobile phone
manufacturing. In her Budget 2023-24 speech,
she said India's mobile phone output rose from
5.8 crore units in 2014-15 to 31 crore units last
fiscal. Her announcement comes at a time when
India has aggressively positioned itself as an
electronics powerhouse to the world, as global
players look for a China plus 1 strategy.

13:20 (IST), Feb 1

New tax slab 2023: Benefits for

pensioners
For pensioners, the finance minister announced
extending the benefit of standard deduction to
new tax regime. Each salaried person with an
income of Rs. 15.5 lakh or more will benefit by Rs.
52,500. Sitharaman, while presenting the Union
Budget in Parliament, said, "A person earning Rs
9 lakh a year will now be paying just Rs 45,000
instead of Rs. 60,000 currently. Similarly, a
person earning Rs 15 lakh will now pay only 10
per cent of this as tax."

13:19 (IST), Feb 1

New tax slabs 2023: Personal income tax

rates
On personal income tax, the FM announced that
"tax for income of Rs 0-3 lakh is nil, for income
above Rs 3 lakh and up to Rs 5 lakh will be taxed
at 5 per cent, for income of above Rs 6 lakh and
up to Rs 9 lakh will be taxed at 10 per cent and
for income above Rs 12 lakh and up to Rs 15 lakh
to be taxed at 20 per cent and above 15 lakh at
Rs 30 per cent."

13:19 (IST), Feb 1

Income Tax 2023 slab: Income tax rebate

limit
Finance minister Nirmala Sitharaman on
Wednesday announced an increase in the
income tax rebate limit from Rs 5 lakh to Rs 7
lakh stating that the new tax regime will now be
the default tax regime. Sitharaman also
proposed to change the tax structure in this
regime by reducing the number of tax slabs to 5
and increasing the tax exemption limit to Rs 3
lakh.

12:59 (IST), Feb 1

New Income tax 2023: Leave

encashment limit raised
Finance minister has proposed to hike tax
exemption on leave encashment on retirement
of non-government salaried employees to Rs 25
lakh from Rs 3 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," FM said.

12:45 (IST), Feb 1

New Income tax Slabs: Here is how tax

rates will look like now
There will be no tax for income up to Rs 3 lakh.
For income Rs 3-6 lakh, 5% tax will be charged;
highest tax rate of 30% on income above Rs 15
lakh under new I-T regime: FM Sitharaman

12:37 (IST), Feb 1

Budget 2023 live: Stock markets cheer

Budget 2023
The benchmark BSE sensex surged over 1,000
points to scale over 60,500-mark as investors
cheered announcements by Nirmala
Sitharaman. The broader NSE Nifty is up 258
points and trading at 17,920.

12:34 (IST), Feb 1

New Income Tax Live updates: Tax on

income over Rs 15 lakh
In the Union Budget 2023, Nirmala Sitharaman
announced that people earning over Rs 15 lakh
in a year will be subject to 30% tax.

12:32 (IST), Feb 1

Budget 2023 live: Surcharge rate reduced

The government has proposed to reduce the
highest surcharge rate from 37% to 25% under
new tax regime, FM Sitharaman said while
presenting the Budget 2023.

12:25 (IST), Feb 1

New Income Tax Slabs 2023-24: New tax

rates announced
The government has enhanced income tax
rebate limit up to Rs 7 lakh under new tax
regime, finance minister says

12:23 (IST), Feb 1

Budget 2023 live: ITR processing period

reduced
The income tax returns processing period has
been reduced by 16 days, says finance minister

12:20 (IST), Feb 1

Budget 2023 live: New I-T return forms

introduced
The government has introduced new Income
Tax return (ITR) forms for easier filing of returns:
FM Sitharaman

12:17 (IST), Feb 1

Budget 2023 Live: lower tax rate for new

cooperative societies
Benefit of lower tax rate of 15% to new
cooperative societies: FM

12:16 (IST), Feb 1

Budget 2023 Live: Made cash transfer of

Rs 2.2 lakh crore under PM-KISAN
scheme, says Sitharaman
The government made cash transfer of Rs 2.2
lakh crore under the PM-KISAN scheme, Finance
Minister Nirmala Sitharaman said on
Wednesday.Presenting the last full Budget of
the second term of the BJP-led NDA
government ahead of the general elections in
2024, she said the mission of the government is
to achieve knowledge-driven economy.

12:15 (IST), Feb 1

Cigarettes will get more expensive, says

FM

12:15 (IST), Feb 1

Budget 2023 live: Customs on kitchen

chimneys
Customs on kitchen chimneys to go down: FM

12:14 (IST), Feb 1

Union Budget 2023 Live: Center of

Excellence for Millets
The setting up of a Center of Excellence for
Millets, which have high nutritional content, will
help increase the share of gross sown area under
millets, which today stands at a mere 3% of total
gross cropped area - CRISIL Insta Analysis

12:14 (IST), Feb 1

Budget 2023 Live: Pradhan Mantri Awaas

Yojana
With allocation to the Pradhan Mantri Awaas
Yojana rising 66% to Rs 79,000 crore next fiscal,
more than 55% of the estimated gap in funding
for projects under the scheme is addressed. This
should help timely construction of urban and
rural houses - CRISIL Insta Analysis

12:14 (IST), Feb 1

India Budget 2023 Live: Scrapping

Adequate funding to scrap old government
vehicles and ambulances will be marginally
positive for SCV buses and other vehicle
categories - CRISIL Insta Analysis

12:14 (IST), Feb 1

Gold, silver and diamonds to get

expensive" 
- FM Sitharaman

12:13 (IST), Feb 1

States to be allowed 3.5% of GDP as fiscal

deficit, says FM

12:13 (IST), Feb 1

Union Budget 2023 Live:

Decarbonization
"It will be interesting to see what steps the
government takes, if at all, to address more
'hard-to-abate' sectors for decarbonisation.
Replicating the recently announced Green
Hydrogen scheme to include more similar
sectors, such as steel, shipping, fertilisers, etc.,
would go a long way in establising India's
leadership in decarbonisation." - Dr. Abhinav
Akhilesh, Partner, Public Sector Consulting,
Grant Thornton Bharat

12:12 (IST), Feb 1

Union Budget 2023 Live: Renewables

Viability gap funding for battery storage,
renewable energy evacuation, green credit
policy and incentives for further growth are
strong initiatives to support green growth and
achieve net zero mission by 2070 - EY Insta
Analysis

12:11 (IST), Feb 1

Budget 2023 Live: Powers under SEZ law

Deloitte Insta Analysis:: Powers under SEZ law to
be granted to IFSC for regulation of GIFT IFSC
alongwith single window regulatory mechanism
across all tax and regulatory authorities viz.
GSTN, SEZ, SEBI etc. this is a welcome move and
will reduce loading between multiple authorities
for businesses and ease doing business.

12:11 (IST), Feb 1

FM Nirmala Sitharaman on total receipts

Total receipts or receipts other than borrowing is
Rs 24.3 lakh crore of which net tax receipts are
Rs 20.9 lakh crore. The revised estimate of the
total expenditure is Rs 41.9 lakh crore, of which
the capital expenditure is about Rs 7.3 lakh crore

12:11 (IST), Feb 1

Integrated IT portal will be set up for

reclaiming unclaimed shares and
dividends: FM

12:10 (IST), Feb 1

India Budget 2023 Live: Credit guarantee

scheme for MSMEs
QuantEco Research Insta Analysis: Revamping of
credit guarantee scheme for MSMEs with Rs
9000 cr infusion would insulate them from rising
interest rate burden
 12:10 (IST), Feb 1

Union Budget 2023 Live: Digital Nation

QuantEco Research Insta Analysis: Focus on
digitalNATION continues; Use of DigiLocker and
Aadhar to establish personal identities will
smoothen current KYC hurdles

12:08 (IST), Feb 1

Budget 2023 Live: Infrastructure-capex

to support the economy
The Union Budget 2024 paves the way for yet
another year of the government using
infrastructure-capex to support the economy.
This is enhanced by the govt’s focus on green
capex transition support. Capex support from
the budget rises to 4.5% of GDP for the next
fiscal from sub-4% this fiscal and sub-3% in fiscal
2020 - CRISIL Insta Analysis

12:07 (IST), Feb 1

Budget 2023 Live: Capex crucial for the

infrastructure buildout
The 33% increase in capital investment outlay
using gross budgetary support, which has
already a strong growth this fiscal, and grants of
Rs 3.7 lakh crore are crucial for the infrastructure
buildout needed to crowd in private investments
and push India towards its $5 trillion economy
goal - CRISIL Insta Analysis

12:06 (IST), Feb 1

Budget fiscal deficit update: Revised

estimate of fiscal deficit
Revised estimate for 2022-23 fiscal deficit at 5.9%
of GDP, says FM

12:06 (IST), Feb 1

India Budget 2023 Live: Rs 35,000 crore

for energy transition
The allocation of Rs 35,000 crore for energy
transition, and viability gap funding for battery
storage are much needed steps to enable
growth in renewable energy capacity additions
and grid stability. CRISIL estimates India will
need at least 45 GW of energy storage capacity
by 2030 - CRISIL Insta Analysis

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