'First Budget in Amrit Kal': FM Nirmala Sitharaman presents Budget 2023
1 min read . Updated: 01 Feb 2023, 01:13 PM IST
Premium- ‘This is the first Budget of Amrit Kaal,’ Finance Minister Nirmala Sitharaman said in her opening remarks
Finance Minister Nirmala Sitharaman is presenting the Union Budget 2023-24. This is Sitharaman's fifth Budget presentation since 2019.
"This is the first Budget of Amrit Kaal," Finance Minister Nirmala Sitharaman said in her opening remarks, referring to the Modi government's "New India" mantra.
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"The Indian economy is on the right track and heading towards a bright future," she said in her Budget 2023 speech.
"With a vision of an empowered and inclusive economy, the Finance Minister presented Budget 2023 being the first budget of Amrit Kaal. Regarding tax proposals, rationalisation of the tax rates and slabs under the new tax regime is one of the major proposals which would surely bring cheer for salaried professionals who will have more cash in hand. Reducing surcharge from 37% to 25% for the taxpayers having income above INR 5 crores and opting for new tax regime would bring some cheer for High Net Worth individuals. The government’s focus is clearly to make new tax regime as default tax regime with phasing out of various deductions and exemptions," said Akhil Chandna, Partner- Tax, Grant Thornton Bharat.
