Budget 2023 | Here is Grant Thornton's budget watchlist

The big budget day is almost upon us. In fact, the Economic Survey has been tabled in the Parliament, which gives a quick snapshot into the health of the economy. CNBC-TV18’s Surabhi Upadhyay caught up with Vikas Vasal, National Managing Partner-Tax at Grant Thornton Bharat to decode and keep the budget 2023 simple.

He also spoke about what lies ahead, what to watch out for, and why you should watch out for the details in the budget.

Talking about income tax, Vasal said, “Two things, in particular, can be looked into, which is the key expectation. One, the new tax regime which the government had launched, recently, in terms of giving away tax exemptions and reductions and making it simple, has not caught up with the individuals for the simple reason that effective tax outgo is still lower under the old regime vis-à-vis optional regime. Second, in terms of the highest tax rate, which effectively boils down to 43 percent for high-net-worth individuals. This is an area which is a cause of concern and is adding to the immigration issues which high earning individuals are looking at.”