Union Budget 2023: Date, Time, And Common Expectations

The release of the annual Union Budget is an important day for the Indian economy as the government introduces changes in taxation laws and other financial laws through the yearly Union Budget. Changes in the budget not only affect business owners and industrialists but also similarly affect all the common folk from the rich to the poor. Moreover, the Union Budget also provides insight into the government’s plans on how to influence and change the economy over the coming months.

The official date for the announcement of the Union Budget has been set on February 1, 2023. As for the time, the Union Budget presentation is expected to begin at 11 am in the morning. Usually, the presentation happens at the start of the budget session or the Parliamentary session. This year, however, it is expected that the Parliamentary session will take place a day before on January 31, 2023, and the Union Budget would then be presented on February 1, 2023.

If you wish to watch the live coverage of the Union Budget, then you are in luck as it would be broadcast on TV as well as live-streamed on the internet. The TV channels Doordarshan and Sansad TV would be airing the Union Budget live on TV. If you wish to watch it online, then you can tune into the YouTube channels of PIB and Sansad TV on the day of the presentation.

While we’re unsure of the exact changes that are going to be introduced into the Union Budget 2023, here are some common expectations for changes that the regular public might be expecting:

Restructuring Of The Income Tax Slabs 

As inflation and cost of living continue to rise in this pandemic era, the money that people earn continues to lose value every year. A lot of people wish and expect the government to take these factors into consideration and restructure the tax slabs to reduce the tax burden on the general populace. 

Increase In The Limit Of Standard Deduction 

Back in 2018, a standard deduction was introduced for salaried employees which allowed an exemption of ₹40,000, which was later increased to ₹50,000 in the interim budget of 2019. The common employees also expect this limit to be raised higher given the rising costs and the rampaging inflation worldwide. 

Also Read: Senior Citizens' Budget Expectations

Increase In Exemption Limit Under Section 80C

Currently, the general public can get a deduction of up ₹1.5 lakh by making various investments that are eligible under Section 80C of the Income Tax Act. A lot of the general public also expects this limit to be raised up to ₹2 lakh during the Union Budget this year. 

Increase In Deduction Limit Under Section 80D

Section 80D allows for citizens to get deductions on health insurance premiums as well as other health and medical related expenses. Currently the deduction allowed under Section 80D is ₹25,000 for the general public and ₹50,000 for senior citizens. People are also expecting this limit to be raised, since health insurance premiums and treatment costs have also gone up. 

Also Read: Interesting Facts From The History Of The Union Budget