Check the essential details on Union Budget 2023 Date and Time, Expectations, and Income Tax from this article.
For significant economic development in the country, there is a need to frame Union Budget 2023. It will help the citizens to maintain their expenses for the same year according to their lifestyle choices.
You might have many questions in your head regarding the Union Budget 2023, economy, budget, expenditure, and more. Why not clear them by reading this entire article?
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Union Budget 2023
Everyone has the zeal to know the Union Budget 2023-2024 for the upcoming financial year. The citizens, minters and banking officials are eagerly waiting for the Government to release the new budget.
Chief Economic Advisor (CEA) V Anantha Nageswaran has agreed that this time the country’s economic status has improved as compared with the previous years. Foreign investors might be one of the reasons but the Government wishes to have the same scenario throughout.
What is Union Budget?
Considering the words of Article 112 of the Indian Constitution, the Union Budget of India is known to be a collection of capital, revenue, and overall expenses of India. There are several financial statements which are included in the Union Budget. These are helpful for the companies (Private or Government), individuals, investors and more to maintain the overall expenditure throughout the year.
The Central Government of India plans the detailed budget for present and future according to the requirements of the citizens. There are two kinds of budget that run in our country :
- Revenue Budget
- Capital Budget
Union Budget 2023 Date and Time
It is essential for the public of the country to know the date and time related to the Union Budget. The economic survey will be read on 31st January for FY 23-24. This will comprise of the details on economic development, problems and the solutions according to the instances prevailing in the country.
Finance Minister Nirmala Sitharaman will be presenting Union Budget 2023 on 1st February 2023 @11:00 am. The event will be conducted in the Parliament of India
The budget will finally be concluded on 8th April, per the media reports. The date is 01/02/2023, the day is Wednesday for Union Budget 2023, the time is 11:00 am, and the location will be Lok Sabha.
Phases for Union Budget 2023
There will be 2 phases in which the Union Budget will be announced :
Phase-1 : January 31 to February 11
Phase-2 : Mid-March April
Both of these phases are essential for people to know. The CA or the commerce companies work according to the phases of the Union Budget to manage the transactions of the people.
Union Budget 2023 Expectations
The main focus of the Government is to maintain fiscal deficit for the new financial year. Economic growth and overall development is the main focus of the Financial Ministers this time. Total Expenditure in 2022-23 was Rs 39,44,909 crores which was 46% more than that of 2021-2022. It is expected that taxes on capital and operational costs will be considered for 2023-2024.
The fact is India is experiencing technological advancements, new startups are coming up, education & healthcare area is developing, which will require an operational cost. Thus, the expectations for Union Budget 2023 is higher than that of the previous year’s.
Union Budget 2023 Income Tax
Tax is essential in India so that the Government can run the welfare schemes for the citizens. There will be some tax changes this year but not for individuals and corporations. It is predicted by financial experts that the Covid-19 pandemic has affected income tax. Therefore, the Government will be working on improving the taxes this year!
6.4% on GDP is expected to increase and the overall budget shall be increased more than 4 lakh crores this year. India is gradually maintaining its economic growth, thus, there will be several significant changes which the people of the Nation will be going to experience.
The above image shows the Union Budget 2023 Slab Rates according to HDFC Life. Exemption on Loan (personal loan), slab system, new tax regime, benefits to commercial firms and more will be seen in the new budget.
FAQ’s
What is Union Budget?
It is the annual budget of India that contains a list of expenditures by the Central Government for the duration from 1st April to 31st March.
What is the Date and Time for Union Budget 2023?
The date is 01/02/2023, the day is Wednesday for Union Budget 2023, the time is 11:00 am, and the location will be Lok Sabha.
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