Budget Preparation: Preparations for your and our budget are going to start soon. For this purpose, the meeting will start from November 21. In this meeting, the Finance Minister will meet several important committees. The Finance Minister will discuss the budget with various committees. Before this, the first round of meetings with various ministries was concluded.
A pre-budget meeting will be held with these committees
As per the published schedule, the first pre-budget meeting will be held on November 21. In this, a meeting will be held with the stakeholders of the infra sector and climate change groups. A meeting with stakeholders related to agriculture and agro-processing will be held on November 22. On this day there will be a meeting with people associated with financial sector and capital market. After this, trade unions, labor and economic committees meet on November 28.
The Union Budget will be presented on February 1
The Union Budget for the financial year 2023-24 will be tabled in Parliament on February 1, 2023. Let us tell you that the Union Budget of India is prepared after a multi-sector discussion. In this, many ministries of the government including the Ministry of Finance, Niti Aayog are also involved. The Ministry of Finance issues guidelines on the basis of expenditure, and the Ministries inform on their behalf of the demand for funds.
Changes in capital gains tax are possible
According to the agency, capital gains tax on equity shares, bonds and real estate may be changed in this budget (Budget 2023). An official who spoke to the agency said the move will be taken to remove the disparity between different tax rates and tenure of property. Thus, there is a possibility to change the capital gains tax in the budget of the next financial year.
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LTCG is taxed at 10%
Currently, long-term capital gains (LTCG) are taxed at 10 per cent on stocks held for more than one year. At the same time, the tax rate on capital gains is 20 percent if securities and immovable assets are held for three years and two years respectively.