Analysis Of Union Budget 2023

The Union Budget, 2023 has been presented in the backdrop of a volatile geopolitical and economic environment. However, the Budget does a good balancing act, staying course to meet the target to cut down on the fiscal deficit and at the same time focusing on the increased capital outlay to bolster growth.

From the Direct-tax perspective, however, "certainty and continuity in the policy decisions" and "ease of compliances" appear to be the central theme. Several significant tax amendments have been proposed in Finance Bill, 2023, for e.g.,

• New tax regime for taxation at concessional rates, for individual and HUF and for new manufacturing co-operatives setup between 01.04.2023 to 31.03.2024.