Budget 2023

My limited take on the historic budget based on the seven principles of Amrit Kaal and ticking all the boxes are as under:

(1) I am leading a comparatively comfortable retired life thanks to the forced investment in life insurance due to tax incentives. There’s no incentive now to save and a person will have more money in hand to indulge in higher spending.

(2) As my job is not pensionable, I was thinking of moving part of my retrial benefit into HV insurance product to get a fixed monthly interest free pension after initial lock in. This opportunity is now gone.

(3) I would celebrate happy occasions by sending small gift remittances to my daughter who’s abroad. Amount remitted up to Rs7 lakhs in a FY attracted no TCS. The new provisions will attract a TCS of 20% on such remittances. 

(4) As I preferred forced saving, during my work life, I opted for old tax regime, which I proposed to continue post retirement. The Government is determined to push everyone to new tax regime. 

To be honest, while I am reading lots of analysis and hearing panel discussions, on the personal front, I am not feeling too enthused🥲.