Budget 2023 Today: Time, Expectations, When and Where to Watch Online Live Updates & More

Budget 2023 Today: Union Finance Minister Nirmala Sitharaman is set to table the Union Budget for the financial year 2023-24 to which is February 1. Check this article to know about the Budget expectations for the Income Tax Payers.
Union Budget 2023
Union Budget 2023

The Union Budget 2023 is about to be completed as a whole. It will be intriguing to see how the government manages expectations and addresses the fiscal deficit targets as this will be the last full Budget of the current administration.

And we now have answers to all of the concerns and questions raised during the presentation of the Budget 2023. Like:

Union Budget 2023 Date & Time 

On Wednesday, February 1, the Union Budget for this year will be presented. However, the live streaming of the Union Budget presentation will begin at 11 am on the official channels.

Financial Year

Union Budget 2023-24

Presented On

Parliament

Presented By

Finance Minister Nirmala Sitharaman

Presentation Date

1 Feb 2023

Release By

Central Government

Assign By

President of India

Nodal Organisation

Department of Economic Affairs

Who will present the Union Budget?

On February 1, Finance Minister Nirmala Sitharaman will deliver the Union Budget. Sitharaman will present the Union Budget for the fifth time. The 2022 Finance Minister's speech introducing the budget was about 1.5 hours long. Her 2021 budget speech, which lasted 2 hours and 40 minutes, was the longest in Indian history.

Who introduced the first budget in India after Independence?

Budget 2023 When & Where To Watch

Lok Sabha TV, Rajya Sabha TV, DD News, and other news channels will broadcast the Union Budget 2022 live. As an alternative, viewers can visit the official Sansad TV and Twitter accounts for the parliament as well as the Doordarshan and the Lok Sabha's official YouTube accounts for the Budget 2023 speech.

Check - Budget 2023 Live Updates and Latest News

The "Union Budget Mobile App" is a bilingual app created by the Finance Ministry that is accessible on both Android and iOS devices. The Union Budget Web Portal, located at www.indiabudget.gov.in, is where you can download this app. Following the conclusion of the finance minister's speech on the budget in Parliament on the scheduled date, all 14 Union Budget documents, including the Annual Financial Statement (commonly known as the Budget), Demand for Grants (DG), Finance Bill, etc., will be accessible on the app.

Download - Economic Survey 2023 PDF

India Budget 2023: Budget Session of Parliament

The Budget session is anticipated to last until February 10. After a break for the standing committees to review the grant requests from various ministries, the second phase of the budget session is initially expected to start on March 6 and end on April 6.

Who delivered the longest Budget speech in India?

Budget 2023 Expectations


According to
Devyani Jaipuria (Chairperson Dharav High School, Pro- Vice Chairperson- DPS International Gurugram, DPS 45 & DPS Jaipur), "Contributing a lion’s share in the economy, the education sector has been given the focus and attention in the Union Budgets every year that it needs. The recently launched National Education Policy was very encouraging. Increasing the GDP spend from 1.7% to 6% will help in opening more opportunities and bring education for everyone regime closer to success. We have similar expectations from the upcoming budget. After all the several progressive reforms in NEP, we are hoping the Union Budget will announce developmental plans for areas like digitization, internationalization of higher education, investment in skill development, and emphasis on regional languages in technical and medical education, among others. Also, with technology taking the center stage, new fields of employment such as Animation, Visual Effects, Gaming, and Comic (AVGC) are booming and require support to flourish. Thus, we are expecting the upcoming Budget to be exemplary and give the education sector a breather from the ongoing fund crunch."

The Finance Minister is expected to adopt tax-related relief measures and/or changes to the income tax slabs, which income taxpayers, especially those in the salaried class, have high hopes for. During the presentation of the Union Budget 2023, the common man will be eagerly awaiting FM Sitharaman's announcement regarding changes to the income tax slabs because these changes will have a significant impact on their finances. Additional presumptions about the Union Budget 2023 include:

Restructuring Of The Income Tax Slabs  

In this pandemic era, people's earnings are depreciating every year due to inflation and rising living expenses. Many people hope and anticipate that the government will take these factors into account when reorganizing the tax slabs in order to lessen the tax burden on the general public.

 Increase In The Limit Of Standard Deduction  Back in 20

For salaried workers, a standard deduction was first introduced in 2018 that provided an exemption of $40,000; this exemption was later raised to $50,000 in the interim budget for 2019. Given the rising costs and the global inflation that is out of control, the common employees also anticipate that this limit will be increased.

Increase In Exemption Limit Under Section 80C 

The general public can currently make a variety of investments that are eligible under Section 80C of the Income Tax Act and receive a deduction of up to 1.5 lakhs. Many members of the general public anticipate that this limit will be increased to $2 lakhs during this year's Union Budget.

Who delivered the shortest Budget speech in India?

The annual budget of the Republic of India is known as the Union Budget of India, also known as the Annual Financial Statement under Article 112 of the Indian Constitution. In order for it to be implemented before the start of the new fiscal year in April, the government presents it on the first day of February. The nodal organization in charge of creating the budget is the department of economic affairs (DEA) in the finance ministry.

FAQ

Who announced the first Budget?

After Independence, India's first Finance Minister, Shri Shanmukham Chetty, presented the first budget of independent India on 26th November 1947.

What are the 3 types of Budgets?

The three types of budgets are a surplus budget, a balanced budget, and a deficit budget.

Who will present the Union Budget 2023?

Union finance minister Nirmala Sitharaman
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