Budget 2023 wishlist: What investors, consumers and taxpayers want in the coming budget

Satishwar B., MD & CEO, shares his wishlist for Budget 2023 for investors.

After weeks of consultation with industry bodies and financial experts, the Finance Ministry has started work on Budget 2023-24. The Budget is expected to give a big push to capital expenditure, but Finance Minister Nirmala Sitharaman is confident that the buoyancy in tax collections in 2022-23 can fund the additional spending.

Gross tax revenue collections in the first half of the year (April-September) were up 18% compared to the previous year. At the same time, the financial services industry, investors and taxpayers are seeking more tax deductions and lower tax rates.

“Pension and annuity income should be made tax-free in the hands of policyholders, or a deduction for the principal component should be allowed,” says Satishwar B, Managing Director & CEO, Aegon Life Insurance.