Union Budget 2023: Nirmala Sitharaman budget Date, Time and expectation

The spotlight is on Union Finance Minister Nirmala Sitharaman as she presents the Budget for the fiscal year 2023-2024 on February 1. Union Budget 2023: Nirmala Sitharaman budget Date, Time and expectation. The budget, as per tradition, will begin at 11 AM at the Parliament.

You can watch the Budget 2023 speech on Sansad TV – the official channel of Parliament and Doordarshan, the national broadcaster. The speech will also be available for viewing on their YouTube channels. You can also watch budget update on Newsnext.live website. The Budget speech usually lasts for about two hours but the durations have differed over the years.

Since 2020, the Budget has been presented in paperless format. This year too, Finance Minister Nirmala Sitharaman will deliver the Budget in paperless format. Income tax slabs 2023-24: FM Nirmala Sitharaman should revise the income tax slabs so that the 30% slab rate kicks in at a much higher income.

It’s time to create a class of super-rich for whom the higher tax rates are applicable, experts say. In the first episode of TOI Wallet talks, Surabhi Marwah from EY and Tapati Ghosh from Deloitte talk about their top personal tax expectations from Union Budget 2023.

Work from home benefits:

“Post the covid-19 pandemic, related lockdowns and restrictions, many companies have now adopted a hybrid working arrangement wherein employees are allowed to work from home. Facilities and enablement provided to employees for work for home even though of personal nature e.g., refreshments should not be consiered as a taxable perquisit,” says Assocham in its pre-Budget 2023 memorandum.

TDS rates too high:

“In view of huge refunds granted every year, it needs to be analysed which class of investors received refund and accordingly, the TDS on those should be waived or the rates of TDS for that class should be reduced. Taxes are deducted at source, inter alia, on interest, royalties, fees for technical services, etc.

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Tax deducted by various segments of business vary somewhere between 1-42%. The tax deparment issues refunds every year and is burdened with interest liability u/s 244A, much of which could have been avoided. Therefore, there is a need to relook at the TDS rates,” says Assocham in its pre-Budget 2023 memorandum.