Live Budget 2023 Updates: New Tax Regime is the Default Tax Regime. However citizen can opt for Old Tax Regime.:

• New Tax Regime is the Default Tax Regime. However citizen can opt for Old Tax Regime.
• Individual of Annual Income of 9 Lakh now has to pay tax of only 45K
• Rebate Enhanced to 7Lakh in New Tax Regime
• Presumptive Tax limits enhanced; for professionals Rs. 75 lakhs (earlier 50 lakhs); for Traders Rs. 3 Crores; maximum cash 5%.
• Income Tax Deduction on Payment to MSME; Only when payment is actually made
• Next generation Income Tax Return form Roll Out Proposed
• Natural calamity duty on cigarettes enhanced
• BCD on Compuded rubber enhanced
• Custom duty decreased from 21% to 13% on certain goods
• The maximum deposit for senior citizen saving scheme enhanced from 15 Lakh to 30 Lakh
• Centralized handling of various forms filed under Companies Act; proposed
• Revamping for MSMEs; Reduction of Cost of credit by 1%;
• Customs duty on lab grown diamonds to be reduced
• Phase-III of e-courts will be launched, says FM Sitharaman
• Green credit program to be notified under the environment protection act.
• Funds to be given to IIT for encouraging research on Lab-grown Diamonds
• Vivad se Vishwas-1 for MSME for non completing contract due to Covid
• FM Announces Vivad se Vishas 2 Scheme
• One-stop identity to be built using Aadhaar and digilocker.
• Capital investment outlay is being increased steeply for third year in a row to Rs 10 lakh crore. The increased capital outlay for infrastructure to crowd in private investment, says FM
• 50-year interest free loans will continue for states, announces Sitharaman in Budget speech
• National digital library for children and adolescents will be set up for facilitating quality books
• The outlay for PM Azaz Yojana is being increased by 66% to over Rs 79,000 crore, says Sitharaman.
• In next 3 years, government will employ 38,800 teachers and support staff for 740 Eklavya model schools supporting tribal students, says FM
• India's per capita income has increased to Rs 1.97 lakh crore, says Sitharaman
• Rs. 9.6 cr LPG connections, 220 cr Covid vax for 102 cr people given,
• Rs. 47.8 cr Jan Dhan accounts opened Govt to launch a Rs 2,200 crore Aatmanirbhar clean plan program
• 157 new nursing colleges will be established in core locations, says FM
• An Agriculture Accelerator Fund will be set up to encourage agri-startups by young entrepreneurs, says FM
• Agricultural accelerator fund to be setup to support agricultural start-ups
• Union budget live: National Rural Livelihood Mission has achieved remarkable success by mobilising rural women into 1 lakh SHGs, says FM
• FM announces digital Platform for Agriculture.
• The Centre will provide free food grains to all antyodaya and priority households until December 2023. Centre will bear entire expenditure of Rs 2 lakh crore on the scheme
• EPFO membership doubled to 7 crores reflects increased employment
• Indian economy has become a lot more formalized with EPFO membership doubling: FM
• Digital infrastructure and Covid vaccinations helped India stay on track
• Our vision for amritkaal includes a technology driven economy.
• During the pandemic, we ensured that no one goes to bed hungry with a scheme to supply free foodgrains: FM
• FM Sitharaman to present Union Budget at 11am
• PM Mr. Narendra Modi has arrived at Parliament for the Union Cabinet meeting
• Union FM Nirmala Sitharaman arrives at Parliament

Before the 2024 Lok Sabha elections, Union Finance Minister Nirmala Sitharaman will deliver the last comprehensive Union Budget of the Modi administration today, February 1. The strategy is anticipated to increase funding for logistics, defence, and infrastructure, benefiting allied businesses. The first half of the Parliamentary Budget Session, which began on Tuesday, will end on February 13. For the second half of the Budget Session, which will end on April 6th, the Parliament will reconvene on March 12. https://www.youtube.com/watch?v=9qQSv9m6iUA