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We are Sharing With You Highlights of Union Budget 2023-24 . So kindly Check Out our http://www.castudynotes.com website Thank you.CA STUDY NOTES
Highlights of Union Budget 2023-24.
- EPFO Numbers doubled to 27 crores
- Agriculture accelerator fund to boost startup in Agri sector. Special scheme to boost fisheries
- 38,800 teachers will be employed in 3.5 lakh Eklavya tribal school.
- Capital outlay of Rs. 2.40 lakh crore for Railways.
- 50 New Airports and Heliports to be made.
- Rs. 10,000 crore for urban infra fund every year
- Rs. 75,000 crore for 100 transport infra projects
- 3 Centers of Excellence for “Artificial Intelligence” will be set up.
- KYC procedure to be simplified. PAN to be come common business identifier.
- Scope of Digi locker to be increased.
- More than 39,000 compliances reduced. Jan Vishwas Bill to amend 42 laws
- Rs. 35,000 crore for Energy transmission
- 10,000 bio input research centers to be set up.
- 30 Skill India International centers to be set up.
- NFIR (National Financial Information Registry) to be launched for financial strategy.
- Reducing cost of MSME Credit by 1%. Infusion of Rs. 9,000 crore in corpus for MSME credit.
- ‘Mahila Samman Bachat Scheme’ for Women for Rs. 2,00,000 @ 7.5%
- SCSS enhanced from 15 lakh to 30 Lakh.
Direct and Indirect tax
- Promote domestic manufacturing and exports.
- Tax exemption on Capital Goods and Lithium batteries.
- Mobiles, camera lenses to become cheaper.
- Gold, Silver & Diamonds, cigarettes, imported rubber to get expensive.
- Enhanced limit for 3 crore and 75 lakhs for presumptive taxation.
- Higher TDS limit of RS. 3 cr for Cooperatives
- New IT Return Form for easier filing .
- 100 Joint Commissioners to be appointed for disposal of small appeals.
- TDS reduced on EPF withdrawal
- Section 54 and 54F to be amended.
- Rebate limit increased to 7 lakh in new tax regime.
- Number of slabs reduced from 7 to 5 in new tax regime.
- Only 5% tax on Individual’s Annual income of 9,00,000 only to pay Rs. 45,000 as tax.
- Salaried class and pensioner: Standard Deduction increased
- Highest tax rate 42.74 % reduced
- Propose to reduced Higher surcharge rate from 37 % to 25% in new tax regime.
- Leave Encashment: Limit increased from Rs. 3,00,000 to Rs. 25,00,000.
Major Direct tax proposals (from speech)
👉 1. Rollout of next gen ITR form
👉 2. New limit for 44AD & ADA : 3 crore & 75 Lacs
👉 3. Expense deduction to MSME to be allowed on payment basis
👉 4. New cooperatives manufacturing tax @ 15% if upto 31.03.24
👉 5. Higher loan limit /cash deposit Rs 2 lacs for PAC society -RDB
👉 6. Startups:
a) Date of incorporation for. startup extended to 31.03.24
b) Extension of CF losses 7 yrs in case of change in shareholders
👉 7. Selective scrutiny + More CIT to dispose off small appeals
👉 8. Extension of tax benefits for IFSC
👉 9. Personal Income tax
a) Tax rebate limit extended to 7 lacs (new regime)
b) change in tax slabs & new tax rates
0-3 L : Nil
3-6 L : 5%
6L-9L : 10%
12-15 L : 20%
15L +: 30%
c) Salaried class & pensioners(incl family pensioners) :
Standard deduction extended
d) Highest surcharge reduced from 37% to 25%
Now MMTR : 39%
e) Leave encashment exemption (pvt) increased from 3Lacs to 25 Lacs
f) New tax regime is now default tax regime -Old tax regime will continue.
Budget Snapshots :
- Per capita income at ₹1.97 lac more than double in last 5 years
- India 5th largest economy of the world.
- Digital payments of 126 lac crores in 2022
- 11.7 crore toilets. 9.64 crore cylinders. 220 crore Covid doses.
- 2.2 lac crores direct Trf to farmers
- Huge impetus on tourism. State and centre aligned and public private partnership programmes
- Green economy to be pushed beyond realms. Carbon footprint reduction roadmap
- Government to support agri tech startup’s. Agricultural accelerator fund to be set up
- Public private partnership allowed in cotton manufacturing
- India to become global hub for millets. India is largest producer and second largest exporter of all kinds of millets.
- Indian institute of millet research will be made international
- Agricultural credit target to be made till 20 lac crore with support to dairy.
- ₹2200 crores for horticulture
- Agricultural societies, dairy and fishery societies to be set up
- 157 new nursing colleges to be set up
- National book trust and children book trust to be revamped. New non curriculum books in regional Languages to be added.
- ₹6000 allocated to fisheries
- PMPVTG to be launched. Tribal areas to be developed. Education, infra, telecom, and sustainable livelihood to be developed. ₹15000 crores
- PMAVAS to be increased to ₹79000 crores. Increase of 66%
- Capital investment outlay increased to ₹10 lac crores. Increase of 33%. Approx 3.3% of GDP
- Effective Capex to be ₹13.7 lac crores. Approx 4.5% of GDP
- 50 additional AirPort to be revived for better connectivity.
- Railway outlay ₹2.4 lac crore. 9 times the budget of 2013-14
- Urban development infra fund to be started. Managed by NHB
- Septic tanks in city and towns to be changed. Manhole to machine holes
- Jan Vishwas bill to normalise laws.
- Centre of excellence for artificial intelligence. Three labs to be set up with private help in top institutes of the country.
- National data governance policy to be brought out.
- Vivad se Vishwas 2 launched. For contractual disputes. Voluntary settlement scheme.
- E-courts phase 3 launched
- Digi lockers to be made universally available
- ₹7000 crores for phase 3 of e-courts
- Lab grown diamonds to be emphasised.
- 100 labs for 5G development
- Focus on green growth. National green hydrogen ₹19700 crores allocation
- ₹35000 crores in energy TRANSITION
- Green hydrogen production to be made till 5MMT TILL 2030
- Renewal energy allocated ₹20700 crores
- Mangrove plantation along coastline wherever feasible.
- 1 crore farmers to be trained for natural farming.
- 3000 legal provisions decriminalised
- 36 skill international setups to be made
- Tourism made easy. Every destination to be made full package.
- Dekho apna Desh to be launched. Swadesh Darshan launched. Domestic tourism against international tourism promoted.
- ₹9000 fresh allocation to credit guarantee scheme
- Data embassies at IFSC GIFT
- Fresh IEPF only portal
- Digital public infrastructure to get proper help
- Mahina samman bachat Patra one time new small saving scheme for 2 years till March 2025. Deposit facility till 2 lac at fixed interest rate of 7.5%
- Max deposit limit for senior citizen FD scheme enhanced to ₹30 lacs
- Entire 50 year loans to state to be spent on infra Capex. Mandatorily to be spent. Scrapping old govt vehicles.
- Fiscal deficit of states to be 3.5% of GSDP
- 2022-23 revised estimates are 24.3 lac crores (20.9 are tax receipts)
- Fiscal deficit at 6.4%.
- 2023-24 incoming 27.25 lc crores and expense at 45 lac crores.
- Fiscal deficit 2023-24 5.9%
- Fiscal deficit target of below 4.5% by 2025-26
- Gst paid compressed biogas to be duty free.
- Except agri custom duty reduced to 13% from 21%
- 31 crore unit produced in india in 2022. Relief of custom duty on import of certain parts like cam are lens
- Manufacture of tv on parts of cells, custom duty now be 2.5%
- BCD on electric chimney 7.5 to 15% and on heat coil to be 15% from 20
- Deethyl alchohol on BCD reduced to 2.5%
- Marine products- shrimp feed duty reduced.
- BCD on seeds of lab grown diamond reduced.
- Exemption in bcd of some products of input of iron n steel reduced or removed.
- Some cigarette to be costlier by 16%
- 72 lac returns filed on a single day.
- Processing days of ITR reduced from 93 days to 16 days.
- 44AD and 44ADA are now at 3 crores and 75 lacs.
- Gst exempted for blending of CNG
- 16% fresh NCCD om cigarette
- Primary agricultural society can deposit cash up to 2 lac.
- Income tax benefit and c/o losses till 10 years of incorporation
- Deploy 100 joint commissioners to get cases disposed.
- Income tax- rebate increased limit to 7 lacs in the new tax regime
- New income tax slab will have only 5 slabs. 0-3 nil. 3-6 5%. 6-9 10%
- Standard deduction under new tax regime to be 52500 for salary up to 15.5 lac
- Highest tax rate is 42.7%. Now reduced. Surcharge now at 25% from 37%. New tax now at 39%
- Leave encashment now at 25 lac
- New income tax regime is now the default setting.
- Revenue of 38000 crores will be foregone by tax consolidation.
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