5 min read
Updated on Mar 14, 2023
Finance Minister Nirmala Sitharaman is presenting the Union Budget 2023 at 11 am today, February 1, 2023, at the Parliament in Delhi. This is going to be the fifth Budget presentation made by the minister. This year, the Budget has arrived ahead of the nine state assembly polls to be held this year.
The Budget 2023 will be presented on February 1, 2023, (Wednesday) at 11 am. It will start with a speech by FM Sitharaman at Parliament of India in New Delhi.
The budget speech can be watched live on Lok Sabha TV (Sansad TV), the official parliament channel, and on Doordarshan.
As the cabinet met at the parliament today to discuss the Union Budget for 2023-24, all eyes were glued towards Union Finance Minister Nirmala Sitharaman who was presenting the Budget live.
Here are some highlights of the budget 2023-24 pertaining to the insurance and healthcare sector:
Below are the key highlights of budget 2023-24 announcements with regard to the healthcare and insurance sector:
Let’s take a look at the latest update on New Income Tax Slabs Under New Tax Regimes.
As always, the insurance sector like other sectors has waited with high expectations from the Union Budget for the year 2023-24. Lowering of the surcharge in the highest bracket of income-tax from 37 % to 25 % has been a real respite to the highest tax payers and to taxpayers under the new tax regime.
Further, salaried individuals are also likely to gain from the budget with low-income tax rates and revised slabs being introduced under the new tax regime. The income tax-rebate extended on income up to INR 7 lakhs under the new tax regime is another boost for taxpayers to encourage them to accept the new tax regime. Overall, the new tax regime has been revamped and made better, thereby making exemptions of the old tax regime in a way superfluous.
The union government also proposed to set a cap on deductions received from capital gains on residential houses investments to INR 10 crore under different sections such as 54 and 54F. This cap has been similar to the one where the government proposed limiting the income tax exemption from policies with a very high value of INR 5 lakh and above.
The government also proposed to double the limit for deposits under SCSS or Senior Citizen Savings Scheme to INR 30 lakh and the MIAS or Monthly Income Account Scheme to INR 9 lakh from INR 4.5 lakh and from INR 9 to INR 15 lakh in case of joint account.
With the new tax regime becoming the default one, the government has accordingly taken a number of measures to make it all the more appealing.
Overall, the limiting exemption on income tax from the proceeds of insurance policies might impact the insurance companies hugely.
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What's inside? Where and when to watch Union Budget 2023-24 LIVE When will the Budget speech be presented? Where to watch the budget presentation live?.
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