New Delhi: Finance Minister Nirmala Sitharaman has reached Rashtrapati Bhavan to call on President Murmu. She will then attend the Union Cabinet meeting, and then present Union Budget 2023-24.
Earlier today, Sitharaman visited the Ministry of Finance in the North Block in the Central Secretariat building.
This Budget marks the last Budget of Prime Minister Narendra Modi government in the Parliament of this term.
Budget session going to have 27 sittings
This year's Budget holds much significance as the country is scheduled to have the next Lok Sabha election in April-May 2024. The budget session of the Parliament began on Tuesday with President's address. This year's budget session is going to have 27 sittings till April 6 with a month-long recess to examine the budget papers.
The first part of the session will conclude on February 13. Parliament will reconvene on March 12 for the second part of the Budget Session and conclude on April 6. The Union Finance Minister, Nirmala Sitharaman on Tuesday tabled the Economic Survey for the Financial Year 2022-23.
Scope of tax exemption can increase
This time people are expecting increase in income tax limit. It's been 8 years, nothing has changed since then. So this time the scope of tax exemption can increase. After all, it is about more than 8 crore tax payers.
In 2014, the exemption limit was raised to Rs 2.5 lakh. It can be increased to 5 lakhs. If the exemption is increased, the lower income class will get relief. Some money will also come in the market. Economy can get support.
Union finance minister Nirmala Sitharaman will have to walk a tight-rope between staying fiscally prudent and general public expectations of lower taxes and a wider social security net, while at the same time firing the engines of the economy before general elections
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