Name: Budget 2023: Personal taxation expectations
Uploaded: 2023-01-25T17:17:41.000+05:30
Duration: T10M24S
Channel: Avni Raja
Description: With Budget 2023 Modi govt's last full budget before the 2024 elections, expectations are that FM will announce measures to reduce the burden on taxpayers. Feroze Azeez of Anand Rathi Wealth Management speaks to Avni Raja on wh...

With Budget 2023 Modi govt's last full budget before the 2024 elections, expectations are high that FM will reduce the burden on taxpayers. Nitin Baijal, Director, Deloitte tells Avni Raja what could be in store for taxpayers this budget. 

Budget 2023: What can taxpayers expect? 

With Budget 2023 Modi govt's last full budget before the 2024 elections, expectations are high that FM will reduce the burden on taxpayers. Nitin Baijal, Director, Deloitte India tells Avni Raja what could be in store for taxpayers this budget. 

With Budget 2023 Modi govt's last full budget before the 2024 elections, expectations are high that FM will reduce the burden on taxpayers. Nitin Baijal, Director, Deloitte India tells Avni Raja what could be in store for taxpayers this budget&nbsp;

For the past few years, the budget hasn't brought too much cheer for tax payers. Although a new exemption-less tax regime with lower taxes was announced in 2020, it hasn't seen too many takers. This year, expectations are high that there will be some significant announcements related to personal taxation. Nitin Baijal, Director, Deloitte India lists out what he believes the budget may include this time round.&nbsp; Tax slabs With the new exemption-less tax regime not taking off, there could be some announcements with the aim of making the new tax regime more attractive. It is also expected that the budget tinkers with the tax slabs in the old regime as well.&nbsp; Sections 80C &amp; 80D There has been no change in section 80C limits for the last 8-9 years. The limit needs to definitely be hiked from Rs 1.5 lakh to Rs 2.5 lakh. Another important point is that tuition fee should be put into a seperate category and not fall under section 80C.&nbsp; Healthcare costs have also been rising. Exemption under section 80D must be hiked.&nbsp; Long term capital gains tax LTCG definitely needs a relook. There should be LTCG parity among asset classes. The investments tax structure must be made easier. With the current LTCG which is different for investments in different asset classes, it can get confusing for the investor.&nbsp; Work from home expenses An introduction of a section for exemptions related to expenses and allowances for work from home would be very useful. Especially in terms of electricity reimbursements for example or people buying furniture from the market.&nbsp;

After a strong 2022, the real estate sector is hoping for announcements that will both benefit homebuyer and continue the momentum for the sector. Prashant Thakur of Anarock lists out what he hopes will be announced for the sector  

Budget 2023: What homebuyers can expect? 

After a strong 2022, the real estate sector is hoping for announcements that will both benefit homebuyer and continue the momentum for the sector. Prashant Thakur of Anarock lists out what he hopes will be announced for the sector&nbsp;&nbsp;

After years of facing rough weather, 2022 was a strong year for the real estate sector, especially in terms of residential demand. Prashant Thakur, Director, Ananrock tells Editorji's Avni Raja that he hopes the budget announcements provide an impetus to the real estate sector.&nbsp; Here is Thakur's wishlist from the upcoming budget.&nbsp; Affordable Housing The government has already done a lot to boost affordable housing. However, widening the definition of affordable housing is the need of the hour. The Rs 45 lakh cap for affordable housing must be hike to Rs 85 lakh for tier 1 cities and Rs 65 lakh for other cities.&nbsp;
PM Awas Yojana Budgetary allocation for the Pradhan Mantri Awas Yojana should be increased&nbsp; Interest on housing loan The deduction limit for interest payments on home loans from the existing Rs 2 lakh a year should be increased to Rs 5 lakh which will further boost housing demand. 
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With budget 2023 round the corner, we break down some of the most commonly used phrases and terms during the budget speech. Learn all about what a cess is and what is revenue deficit. 

Budget 2023: Budget terms explained; Cess & Revenue Deficit 

With budget 2023 round the corner, we break down some of the most commonly used phrases and terms during the budget speech

What is a cess?&nbsp; Cess is essentially a type of tax that is levied by the govt. The difference between a cess and other taxes is that a cess is for a specific objective or a specific purpose. It is also temporary in nature, which means that once the govt&rsquo;s objective is achieved, the cess can be removed. A cess can be levied on income or it can be levied on goods and services. Let&rsquo;s look at some examples of cess. You&rsquo;ve got the swachh bharat cess of 0.5%, so all the money which is collected from this cess goes towards the swachh bharat abhiyan. Education cess was also introduced to provide education to economically weaker sections. Krishi Kalyan cess was imposed to develop the agriculture sector. In case of any big natural disaster, a disaster relief cess can also be imposed. For instance, after the Kerala floods in 2018, the state govt imposed a 1% calamity cess.
What is Revenue Deficit?&nbsp;
A term that crops up often with respect to the budget. We know that the govt earns money from various sources, taxes, profits of govt cos etc. All of these are ways that the govt earns money. Every year, govt expects or projects how much its earnings or revenues are going to be for the next year. Sometimes, expectations and reality can be quite different. So when the actual revenue of the govt turns out to be less that what the govt had expected its revenue to be, it is called as revenue deficit.

With budget 2023 round the corner, here are some often used phrases explained. Learn all about the govt's tax revenue and non-tax revenue. 

 Budget 2023: Tax & Non-tax revenue; Key terms explained 

With budget 2023 round the corner, here are some often used phrases explained.&nbsp;

Budget 2023 will be presented on the 1st of February. Ahead of the budget speech, here are some of the key words and phrases explained.&nbsp; 
<h2>What is tax-revenue?&nbsp;</h2>
Tax revenue is one of the ways the govt earns money. This include both direct as well as indirect taxes. All taxes including income tax, corporate tax, customs duty, excise duty, GST, Cess are all part of what makes up the govt&rsquo;s tax revenue bucket. Tax revenue is one of the main ways that the govt actually earns money.&nbsp;
<h2>What is non tax revenue?&nbsp;</h2>
Non-tax revenue encompasses all other sources of revenue for the govt excluding tax revenue . For example, profits from govt companies, returns on investments the govt makes, the money that the govt gets by selling either a part of or an entire company that it owns, govt services which include the tolls that we pay, electricity bills. All of this forms the govt&rsquo;s non-tax revenue stream.&nbsp;

Budget 2023: Fiscal deficit, direct & indirect tax; Key terms including fiscal deficit, direct tax and indirect tax, explained 

Budget 2023: Fiscal deficit, direct & indirect tax; Key terms explained 

With Budget 2023 round the corner, here are some key terms explained.&nbsp;

Budget 2023: Here are some key budget terms explained&nbsp; What is fiscal deficit?&nbsp; The govt has various sources of income &ndash; called as govt revenue. For example, taxes, profits from companies that are owned by the govt etc. The govt spending a lot as well, for example on roads, infrastructure, salaries of govt employees, interest costs, administrative costs etc. Most of the time the govt ends up spending more than its earning. So, this difference between what the govt spends and what it earns, when it spends more than it earns, is called as the FISCAL DEFICIT. What is a direct tax?&nbsp; A direct tax is a tax that you pay on your income or earnings. For example, the salary that you earn, you pay income tax on that. If you have a house on rent, the rental income is taxed. If you sell a house, the income you get for that will also be taxed. Essentially, it is that portion of your income that goes directly from you to the govt in the form of tax. Direct taxes are structured in such a way, that the more you earn, the higher the amount of tax you pay is.&nbsp;
What is an indirect tax?&nbsp; Earlier, we had several kinds of indirect taxes, which have now all been merged into the GST or the goods and services tax. Whenever you go and buy anything or pay for any service, whether its buying shoes or clothes or going for a movie or to a restaurant or stay in a hotel. You are paying a small part of this GST or indirect tax. Why is it indirect? Because it goes from you to the seller, that&rsquo;s whoever you&rsquo;re buying that particular good or service from&hellip;and the seller then passes it on to the govt. So its not going directly from you to the govt like in the case of a direct tax, but from you to the seller to the govt. The tax here is built into the price, its included in what you have to pay. Any tax that you pay on your expenses is known as indirect taxes.

Currently, 12% GST being is being levied on room tariff below Rs 1000 per night

Budget 2023: Travel, Tourism & Hospitality industry's expectations

Currently, 12% GST being is being levied on room tariff below Rs 1000 per night

Budget 2023 After facing rough waters in the last two years due to the covid pandemic, the tourism and hospitality industry experts feel that sector needs some relief from the upcoming budget in order to expand various segments of the industry.
GST on rooms: Experts say the current 18% GST is too high. The industry can generate more demand, provide more employment and garner more revenue if charged only 12 per cent uniform GST across every room category.&nbsp;
RBI Infrastructure lending norm criteria According to Ritesh Agarwal, founder and group CEO, OYO, under the RBI infrastructure lending norms criteria, hotels built with Rs 200 crore investment, get the infrastructure status. &ldquo;We urge the government to bring down the same to Rs 10 crore to give a boost to budget segment hotels. This will help hotels avail term loans at lower rates of interest and also benefit from longer repayment periods." Free e-visas for tourists:&nbsp;2023 is a crucial year for the travel industry as it expects to witness strong growth after lockdowns. Therefore, the industry expects the government to announce a free e-visa scheme for five lakh international tourists similar to what has been done in the past. Policies to incentivise new hotel openings in remote regions: The sector also hopes that the Union Budget will introduce policies that will incentivise new hotel openings, especially in remote regions and areas in the North East. A new tourism policy is also expected to be announced.

The ACFI is an industry body representing manufacturers/ importers of technical and formulation of pesticides at the pan-India level

Budget 2023: Here's what Agro-chemicals industry body ACFI wants

Budget 2023: Agro-chemicals industry body ACFI's demands  

The ACFI is an industry body representing manufacturers/ importers of technical and formulation of pesticides at the pan-India level

Budget 2023 Agro Chem Federation of India (ACFI) has demanded that the government should cut import duty on crop protection chemicals in the upcoming budget and also provide fiscal incentives to private players for undertaking research.
<h3>Budget 2023 for agriculture</h3>
The ACFI is an industry body representing manufacturers/ importers of technical and formulation of pesticides at the pan-India level.
"India presently has no choice but to import to ensure that Indian farmers are not deprived of new technological crop protection solutions," ACFI Chairman Parikshit Mundhra said in a statement.
He urged the Union Finance Minister to reduce import duty on crop protection chemicals.
Mundhra demanded that there is a need to provide fiscal incentives to private sector players to undertake research and development in the agriculture sector in association with KVKs (Krishi Vigyan Kendras).
ACFI also demanded that the GST on crop protection chemicals should be brought down to 5 per cent as in the case of fertilisers.
The Federation said that the current GST of 18 per cent on the chemicals is not in the interest of small and marginal farmers as they have to shell out more money to purchase the crop protection chemicals.
On budget demand, RG Agarwal, Chairman of agrochemical firm Dhanuka Group, said the government should provide some incentive to help farmers in faster adoption of technology.
"Government has been promoting the usage of technology in the agriculture sector in a big way over the last few years. Needless to say, the adoption of precision farming and sustainable agriculture practices will go a long way in enhancing crop yield, lowering cost, and improving soil conditions," he said.
The adoption and implementation of the best practices need to fasten and towards this end, it would be imperative for the government to provide some financial incentive to farmers, which will encourage them to embrace technology, Agarwal said.&nbsp;

Insurance penentration is extremely low in India. To address this, the insurance industry has a slew of expectations from the budget. Some of which, have been long standing demands, which the industry is hoping will get addressed this time. 

Budget 2023: What's the insurance industry demanding? 

Budget 2023: What Insurance industry is demanding?

Insurance penetration is extremely low in India. To address this, the insurance industry has a slew of expectations from the budget. Some of which, have been long standing demands, which the industry is hoping will get addressed this time.&nbsp;

<h3> Budget 2023 for Insurance Industry</h3>
The insurance industry is hoping that at least some of their demands will be met in the upcoming budget announcement. The industry's demands include:&nbsp; GST on Insurance: In a move to make insurance products more affordable and attractive, the industry wants GST rationalization on insurance products from the current 18%.&nbsp; Health insurance premium limit: Covid-19 has proven that the current limit of Rs. 25,000 is not enough and it needs to be significantly increased to at least Rs. 50,000.&nbsp;
Parametric insurance:&nbsp;In the last few years, India has seen a lot of natural disasters like floods, earthquakes, landslides among others. ''While the gap between insured and economic damages remains wide, governments have to allocate large sums of money toward relief measures. This issue can be addressed through parametric insurance (index-based solution), which will help bridge the protection gap. The provision to launch Parametric insurance should be included in the forthcoming Budget," says Tapan Singhel, MD and CEO, Bajaj Allianz General Insurance.&nbsp;
Insurance for all: Though the government is vying for an &lsquo;Insurance for all by 2047&rsquo; theme but still according a reports, 40 crore Indians have no health insurance. The Union Budget should include a provision for health insurance at a government-tender rate for all. This tender pricing should be extended to all employers/companies to obtain employee insurance.
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Due to the funding crunch, startups across the world, including in India, have resorted to layoffs to cut costs

Startups' expectations from Budget 2023 

Startups expectations from Budget 2023 

Amid the wave of layoffs in the sector, startups have a list of demands from budget 2023 to provide a boost to both employment and funding.&nbsp;

Budget 2023 After a tough 2022 due to funding crunch and macroeconomic uncertainty, Indian startups have high hopes from the upcoming Union Budget.
<h3>BUDGET 2023 FOR STARTUPS </h3>
Single window clearance is one of the major demands for Indian startups as opposed to registration with multiple authorities to claim tax incentives.
ESOP taxation: Startups want a modification in ESOP taxation. NASSCOM has recommended that the facility of deferment of ESOP tax be given to a wider pool of startups.&nbsp;
Minimum alternative tax (MAT) Startups and Nasscom also want minimum alternative tax (MAT) for eligible startups to be reduced to 9 percent from 15 percent. This will enable small businesses to meet their working capital requirements.&nbsp;
Tax relief incentive: Another demand is to increase the angel investor pool at the seed stage for Indian startups, offer a tax relief incentive of 30 percent of the cost of equity shares set off against the angel investor&rsquo;s income tax liability for the year in which the investment was made.&nbsp; Long term capital gains tax: LTCG on unlisted shares and public stock investments to be brought on parity. &ldquo;The current tax provisions do not provide a level playing field to domestic investors vis-&agrave;-vis foreign investors", says NASSCOM.&nbsp; &nbsp; &nbsp;

India currently spends 3% of GDP on education, now the education industry wants to increase spending to 6% of GDP 

Budget 2023: Education sector's demand

India currently spends 3% of GDP on education, now the education industry wants to increase spending to 6% of GDP&nbsp;

The education sector has seen a significant transformation in the last few years, however experts say that India needs further substantial reforms and support from the Budget to bridge the gap between education and employment.&nbsp;
<h3>Budget 2023 education</h3>
The first and most important demand is the budgetary allocation. The education sector is seeking at least 6 per cent of the country&rsquo;s GDP to be spent on education.&nbsp;
The sector also expects the Union Budget to touch upon enhancing education delivery and improvising on teacher training programmes like NISHTHA, Samagra Shiksha, SWAYAM, etc. Another demand is to lower the GST of ed-tech platforms. While Ed-tech platforms are being touted as the future of the education sector, a GST of 18 per cent is discouraging the industry&rsquo;s growth. The upcoming Union Budget should focus on reducing the GST to make digital learning affordable. According to Lejo Sam Oommen, MD, ETS India, the Union budget 2023 outlay must provision for &lsquo;Internationalization&rsquo; at State and Central Government Universities, while also making India a destination for foreign students. Exchange programmes between global institutions and Indian universities will augur well for learners who are presently devoid of international exposure.

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With Budget 2023 Modi govt's last full budget before the 2024 elections, expectations are that FM will announce measures to reduce the burden on taxpayers. Feroze Azeez of Anand Rathi Wealth Management speaks to Avni Raja on what taxpayers can expect

Budget 2023: Personal taxation expectations 

With Budget 2023 Modi govt's last full budget before the 2024 elections, expectations are that FM will announce measures to reduce the burden on taxpayers. Feroze Azeez of Anand Rathi Wealth Management speaks to Avni Raja on what taxpayers can expect this budget.  

With Budget 2023 Modi govt's last full budget before the 2024 elections, expectations are that FM will reduce the burden on taxpayers. Feroze Azeez of Anand Rathi Wealth Management speaks to Avni Raja on what taxpayers can expect this budget.&nbsp;&nbsp;

What can taxpayers expect from Budget 2023?&nbsp; Feroze Azeez of Anand Rathi Wealth Management lists out what he thinks the FM should address in the upcoming budget.&nbsp; Change in tax slabs:&nbsp;Tax rate of 30% should be reduced to 25%. Threshold limit for the highest tax rate should be increased from ₹10 lakh to ₹20 lakh.&nbsp; Increase in 80C limit: Increasing the limit in section 80C to ₹2.5 lakh from ₹1.5 lakh will increase savings and increase investments in ELSS, NPS, PPF etc.&nbsp;
Increase in 80D limit: An increase in the limit under Section 80D for medical insurance premium will help increase penetration in the insurance sector.
Exemption in Long term capital gains: LTCG should exempted on Mutual funds if held for 5 or 10 years. This will increase the flow in mutual funds and people will stay invested in single fund for longer period of time.
Introduction of Debt linked saving scheme (DLSS):&nbsp; This product can be a debt alternative with lower Lock-in compared to current investment options like NSC which has a higher lock-in.
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The Survey also talks about the post-COVID economic recovery and says that the Economy has nearly "recouped" what was lost, "renewed" what had paused, and "renerengised" what had slowed during the pandemic and since the conflict in Europe

FM tables economic survey; economy projected to grow at 6.5% in FY24

The Survey also talks about the post-COVID economic recovery and says that the Economy has nearly "recouped" what was lost, "renewed" what had paused, and "renerengised" what had slowed during the pandemic and since the conflict in Europe

Finance Minister Nirmala Sitharaman has tabled the Economic Survey in the Lok Sabha. The survey expects India's economy to grow at 6.5 per cent in 2023-24 compared to 7 per cent in the current fiscal (2022-23), and 8.7 per cent in 2021-22. It says that India will remain the fastest growing major economy in the world, driven by private consumption, higher capex, strengthening corporate balance sheet, credit growth to small businesses and return of migrant workers to cities. The Survey also talks about the post-COVID economic recovery and says that the Economy has nearly "recouped" what was lost, "renewed" what had paused, and "renerengised" what had slowed during the pandemic and since the conflict in Europe. The Economic Survey has also highlighted that though RBI&rsquo;s projection of 6.8 per cent inflation this fiscal is outside the upper target limit, but it&rsquo;s not high enough to deter private consumption, and also not too low to weaken inducement to invest.

Economic Survey expects India’s GDP growth to slow from 7 percent in the current fiscal (2022-23) to 6.5 per cent in 2023-24

Economic Survey 2023: Inflation, Borrowing Cost, CAD Key Concerns

Economic Survey expects India&rsquo;s GDP growth to slow from 7 percent in the current fiscal (2022-23) to 6.5 per cent in 2023-24

The Economic Survey expects India&rsquo;s GDP growth to slow from 7 percent in the current fiscal (2022-23) to 6.5 per cent in 2023-24. While doing so, it outlines the key challenges to growth. The survey says that borrowing cost may remain 'higher for longer', and an entrenched inflation may prolong the interest rate tightening cycle. It also expects the challenge of rupee depreciation to persist with the likelihood of further interest rate hikes by the US Federal Reserve. India&rsquo;s widening current account deficit or CAD is another key concern highlighted in the Survey. It says that CAD may continue to widen as global commodity prices remain elevated. However, the survey adds that the overall external situation remains manageable as India has sufficient forex reserves to finance CAD and intervene in forex market to manage rupee volatility.

Economic Survey also helps policymakers identify the main challenges to the nation’s GDP growth. The Economic Survey document comprises Volume I, Volume II, and the statistical appendix

Economic Survey 2023: What is it? who is going to present it and what is expected?

Economic Survey also helps policymakers identify the main challenges to the nation&rsquo;s GDP growth. The Economic Survey document comprises Volume I, Volume II, and the statistical appendix

What is Economic Survey? It is a comprehensive analysis of the state of India's economy over the past financial year. It analyses the trends and gives detailed data on various sectors including agricultural, manufacturing and services. It also covers topics such as employment, inflation, trade, foreign exchange reserves, and other economic areas. It helps the policymakers identify the main challenges to economic growth and formulate their response accordingly. The Economic Survey is prepared under the guidance of the Chief Economic Adviser. Who will present it? Union Finance Minister Nirmala Sitharaman will table the Economic Survey in the Parliament after President Droupadi Murmu&rsquo;s address to the joint sitting of the Lok Sabha and the Rajya Sabha. At 2 PM, CEA V Anantha Nageswaran will address a press conference sharing the details of the document. Growth Picture: Expectations From Economic Survey The Economic Survey 2022-23 is likely to peg India&rsquo;s GDP growth at 6 to 6.8 per cent. It may say that growth is seen at 6.5 per cent for 2023-24 under the baseline scenario, which would be the slowest in three years.

Budget 2023: PM Modi addresses the nation ahead of the Budget 2023 session


PM Modi says India's budget will attempt to meet the hopes and aspirations of the common citizens&nbsp;

Prime Minister Narendra Modi on Tuesday said amid global economic turmoil, India&rsquo;s budget will attempt to meet the hopes and aspirations of common citizens and be a ray of hope for the world.
Addressing the media ahead of the Budget Session of Parliament, Modi said recognised voices in the world of economy were bringing positive messages from all sides.
The prime minister said the Budget, to be presented by Finance Minister Nirmala Sitharaman on Wednesday, will strive to fulfil people's hopes, aspirations and also boost the hopes with which the world is looking at India.
"The ray of hope being seen by the world will glow brighter -- for this, I firmly believe the finance minister will make all efforts to meet these aspirations," Modi said.
He also noted that President Droupadi Murmu was delivering her maiden address to the joint sitting of Parliament at the start of the Budget Session.
The President's speech is the pride of the Constitution of India, the pride of India's parliamentary system, and also an opportunity to respect women and the great tribal traditions of the country, Modi said.

In order to boost affordability especially amid rising interest rates, the middle-class is hoping for the tax deduction limit against home loan interest to be hiked from 2 lakh rupees to 5 lakh rupees


Budget 2023: From tax slab to GST on health insurance, here's what the middle-class wants

Budget 2023: What does the middle-class want

<ul>
<li>In order to boost affordability especially amid rising interest rates, the middle-class is hoping for the tax deduction limit against home loan interest to be hiked from 2 lakh rupees to 5 lakh rupees</li>
</ul>

Budget 2023 As February 1st approaches, expectations are soaring high. Here's what the middle-class wants:
 Income tax One of the biggest expectations this time is a change in the tax slabs. Several tax experts are of the opinion that a revision in the existing income tax slabs will greatly benefit taxpayers. Others expect that the basic exemption limit could be hiked from 2.5 lakh rupees to 5 lakh rupees.&nbsp;
<h3> Budget 2023 Tax Slabs&nbsp; </h3>
Health insurance Another big focus especially after the pandemic, remains health insurance, a segment that is even now, highly under-penetrated. Experts strongly believe that the govt should ensure more people are encouraged to buy health insurance by increasing the deduction limit under section 80D from the current 25,000 rupees to 1 lakh rupees. Focus on creating jobs Citizens across the board are hoping that job creation remains a big focus in this budget. Given that layoffs are trending especially in the western countries currently, a report shows that one in every four Indians is worried about the a job layoff. With that, experts believe that government should step in by aggressively expanding job-oriented sectors such as manufacturing, infrastructure in Tier-2, Tier-3, and Tier-4 cities.
Home loans interest rates Fourth on our list is the home loan interest deduction limit. In order to boost affordability especially amid rising interest rates, the middle-class is hoping for the tax deduction limit against home loan interest to be hiked from 2 lakh rupees to 5 lakh rupees.
Tution fee Another demand to move tuition fees of children to a separate provision from the section 80C deductions. The provision is already saturated with several options including various tax saving investments and expenses but has a limit of just 1.5 lakh rupees.
Section 80 C That brings us to the last point on our list. An increase in the section 80 C limit. The 1.5 lakh investment limit gets exhausted quickly. And expectations are that this limit gets increased to at least 2 or 2.5 lakh rupees. This will not just help taxpayers save more but also boost investments.

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