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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.

General

1. EPFO Numbers doubled to 27 crores
2. Agriculture accelerator fund to boost startup in Agri sector. Special scheme to boost fisheries
3. 38,800 teachers will be employed in 3.5 lakh Eklavya tribal school.
4. Capital outlay of Rs. 2.40 lakh crore for Railways.
5. 50 New Airports and Heliports to be made.
6. Rs. 10,000 crore for urban infra fund every year
7. Rs. 75,000 crore for 100 transport infra projects
8. 3 Centers of Excellence for “Artificial Intelligence” will be set up.
9. KYC procedure to be simplified. PAN to be come common business identifier.
10. Scope of Digi locker to be increased.
11. More than 39,000 compliances reduced. Jan Vishwas Bill to amend 42 laws
12. Rs. 35,000 crore for Energy transmission
13. 10,000 bio input research centers to be set up.
14. 30 Skill India International centers to be set up.
15. NFIR (National Financial Information Registry) to be launched for financial strategy.
16. Reducing cost of MSME Credit by 1%. Infusion of Rs. 9,000 crore in corpus for MSME credit.
17. ‘Mahila Samman Bachat Scheme’ for Women for Rs. 2,00,000 @ 7.5%
18. SCSS enhanced from 15 lakh to 30 Lakh.

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Direct and Indirect tax

1. Promote domestic manufacturing and exports.
2. Tax exemption on Capital Goods and Lithium batteries.
3. Mobiles, camera lenses to become cheaper.
4. Gold, Silver & Diamonds, cigarettes, imported rubber to get expensive.
5. Enhanced limit for 3 crore and 75 lakhs for presumptive taxation.
6. Higher TDS limit of RS. 3 cr for Cooperatives
7. New IT Return Form for easier filing .
8. 100 Joint Commissioners to be appointed for disposal of small appeals.
9. TDS reduced on EPF withdrawal
10. Section 54 and 54F to be amended.
11. Rebate limit increased to 7 lakh in new tax regime.
12. Number of slabs reduced from 7 to 5 in new tax regime.
13. Only 5% tax on Individual’s Annual income of 9,00,000 only to pay Rs. 45,000 as tax.
14. Salaried class and pensioner: Standard Deduction increased
15. Highest tax rate 42.74 % reduced
16. Propose to reduced Higher surcharge rate from 37 % to 25% in new tax regime.
17. Leave Encashment: Limit increased from Rs. 3,00,000 to Rs. 25,00,000.

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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%
9L-12L: 15%
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 :

1. Per capita income at ₹1.97 lac more than double in last 5 years
2. India 5th largest economy of the world.
3. Digital payments of 126 lac crores in 2022
4. 11.7 crore toilets. 9.64 crore cylinders. 220 crore Covid doses.
5. 2.2 lac crores direct Trf to farmers
6. Huge impetus on tourism. State and centre aligned and public private partnership programmes
7. Green economy to be pushed beyond realms. Carbon footprint reduction roadmap
8. Government to support agri tech startup’s. Agricultural accelerator fund to be set up
9. Public private partnership allowed in cotton manufacturing
10. India to become global hub for millets. India is largest producer and second largest exporter of all kinds of millets.
11. Indian institute of millet research will be made international
12. Agricultural credit target to be made till 20 lac crore with support to dairy.
13. ₹2200 crores for horticulture
14. Agricultural societies, dairy and fishery societies to be set up
15. 157 new nursing colleges to be set up
16. National book trust and children book trust to be revamped. New non curriculum books in regional Languages to be added.
17. ₹6000 allocated to fisheries
18. PMPVTG to be launched. Tribal areas to be developed. Education, infra, telecom, and sustainable livelihood to be developed. ₹15000 crores
19. PMAVAS to be increased to ₹79000 crores. Increase of 66%
20. Capital investment outlay increased to ₹10 lac crores. Increase of 33%. Approx 3.3% of GDP
21. Effective Capex to be ₹13.7 lac crores. Approx 4.5% of GDP
22. 50 additional AirPort to be revived for better connectivity.
23. Railway outlay ₹2.4 lac crore. 9 times the budget of 2013-14
24. Urban development infra fund to be started. Managed by NHB
25. Septic tanks in city and towns to be changed. Manhole to machine holes
26. Jan Vishwas bill to normalise laws.
27. Centre of excellence for artificial intelligence. Three labs to be set up with private help in top institutes of the country.
28. National data governance policy to be brought out.
29. Vivad se Vishwas 2 launched. For contractual disputes. Voluntary settlement scheme.
30. E-courts phase 3 launched
31. Digi lockers to be made universally available
32. ₹7000 crores for phase 3 of e-courts
33. Lab grown diamonds to be emphasised.
34. 100 labs for 5G development
35. Focus on green growth. National green hydrogen ₹19700 crores allocation
36. ₹35000 crores in energy TRANSITION
37. Green hydrogen production to be made till 5MMT TILL 2030
38. Renewal energy allocated ₹20700 crores
39. Mangrove plantation along coastline wherever feasible.
40. 1 crore farmers to be trained for natural farming.
41. 3000 legal provisions decriminalised
42. 36 skill international setups to be made
43. Tourism made easy. Every destination to be made full package.
44. Dekho apna Desh to be launched. Swadesh Darshan launched. Domestic tourism against international tourism promoted.
45. ₹9000 fresh allocation to credit guarantee scheme
46. Data embassies at IFSC GIFT
47. Fresh IEPF only portal
48. Digital public infrastructure to get proper help
49. 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%
50. Max deposit limit for senior citizen FD scheme enhanced to ₹30 lacs
51. Entire 50 year loans to state to be spent on infra Capex. Mandatorily to be spent. Scrapping old govt vehicles.
52. Fiscal deficit of states to be 3.5% of GSDP
53. 2022-23 revised estimates are 24.3 lac crores (20.9 are tax receipts)
54. Fiscal deficit at 6.4%.
55. 2023-24 incoming 27.25 lc crores and expense at 45 lac crores.
56. Fiscal deficit 2023-24 5.9%
57. Fiscal deficit target of below 4.5% by 2025-26
58. Gst paid compressed biogas to be duty free.

59. Except agri custom duty reduced to 13% from 21%
60. 31 crore unit produced in india in 2022. Relief of custom duty on import of certain parts like cam are lens
61. Manufacture of tv on parts of cells, custom duty now be 2.5%
62. BCD on electric chimney 7.5 to 15% and on heat coil to be 15% from 20
63. Deethyl alchohol on BCD reduced to 2.5%
64. Marine products- shrimp feed duty reduced.
65. BCD on seeds of lab grown diamond reduced.
66. Exemption in bcd of some products of input of iron n steel reduced or removed.
67. Some cigarette to be costlier by 16%
68. 72 lac returns filed on a single day.
69. Processing days of ITR reduced from 93 days to 16 days.
70. 44AD and 44ADA are now at 3 crores and 75 lacs.
71. Gst exempted for blending of CNG
72. 16% fresh NCCD om cigarette
73. Primary agricultural society can deposit cash up to 2 lac.
74. Income tax benefit and c/o losses till 10 years of incorporation
75. Deploy 100 joint commissioners to get cases disposed.
76. Income tax- rebate increased limit to 7 lacs in the new tax regime
77. New income tax slab will have only 5 slabs. 0-3 nil. 3-6 5%. 6-9 10%
78. Standard deduction under new tax regime to be 52500 for salary up to 15.5 lac
79. Highest tax rate is 42.7%. Now reduced. Surcharge now at 25% from 37%. New tax now at 39%
80. Leave encashment now at 25 lac
81. New income tax regime is now the default setting.
82. Revenue of 38000 crores will be foregone by tax consolidation.

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