
<p class="wp-block-paragraph"> Hello Dear Students,</p>



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<p class="wp-block-paragraph"><em>We are Sharing With You Highlights of Union Budget 2023-24 . So kindly Check Out our www.castudynotes.com website Thank you.</em></p>
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<h2 class="wp-block-heading"> <span style="text-decoration: underline;"><strong>Highlights of <em>Union Budget 2023-24</em></strong>.</span></h2>



<h3 class="wp-block-heading"><em><strong>General</strong></em></h3>



<ol class="wp-block-list">
<li>EPFO Numbers doubled to 27 crores</li>



<li>Agriculture accelerator fund to boost startup in Agri sector. Special scheme to boost fisheries</li>



<li>38,800 teachers will be employed in 3.5 lakh Eklavya tribal school.</li>



<li>Capital outlay of Rs. 2.40 lakh crore for Railways.</li>



<li>50 New Airports and Heliports to be made.</li>



<li>Rs. 10,000 crore for urban infra fund every year</li>



<li>Rs. 75,000 crore for 100 transport infra projects</li>



<li>3 Centers of Excellence for “Artificial Intelligence” will be set up.</li>



<li>KYC procedure to be simplified. PAN to be come common business identifier.</li>



<li>Scope of Digi locker to be increased.</li>



<li>More than 39,000 compliances reduced. Jan Vishwas Bill to amend 42 laws</li>



<li>Rs. 35,000 crore for Energy transmission</li>



<li>10,000 bio input research centers to be set up.</li>



<li>30 Skill India International centers to be set up.</li>



<li>NFIR (National Financial Information Registry) to be launched for financial strategy.</li>



<li>Reducing cost of MSME Credit by 1%. Infusion of Rs. 9,000 crore in corpus for MSME credit.</li>



<li>‘Mahila Samman Bachat Scheme’ for Women for Rs. 2,00,000 @ 7.5%</li>



<li>SCSS enhanced from 15 lakh to 30 Lakh.</li>
</ol>



<p class="wp-block-paragraph">ððððððFINTRAIL ðððððð</p>



<h2 class="wp-block-heading"><em><strong>Direct and Indirect tax</strong></em></h2>



<ol class="wp-block-list">
<li>Promote domestic manufacturing and exports.</li>



<li>Tax exemption on Capital Goods and Lithium batteries.</li>



<li>Mobiles, camera lenses to become cheaper.</li>



<li>Gold, Silver &; Diamonds, cigarettes, imported rubber to get expensive.</li>



<li>Enhanced limit for 3 crore and 75 lakhs for presumptive taxation.</li>



<li>Higher TDS limit of RS. 3 cr for Cooperatives</li>



<li>New IT Return Form for easier filing .</li>



<li>100 Joint Commissioners to be appointed for disposal of small appeals.</li>



<li>TDS reduced on EPF withdrawal</li>



<li>Section 54 and 54F to be amended.</li>



<li>Rebate limit increased to 7 lakh in new tax regime.</li>



<li>Number of slabs reduced from 7 to 5 in new tax regime.</li>



<li>Only 5% tax on Individual’s Annual income of 9,00,000 only to pay Rs. 45,000 as tax.</li>



<li>Salaried class and pensioner: Standard Deduction increased</li>



<li>Highest tax rate 42.74 % reduced</li>



<li>Propose to reduced Higher surcharge rate from 37 % to 25% in new tax regime.</li>



<li>Leave Encashment: Limit increased from Rs. 3,00,000 to Rs. 25,00,000.</li>
</ol>



<p class="wp-block-paragraph">ððððððFINTRAIL ðððððð</p>



<p class="wp-block-paragraph"></p>



<h2 class="wp-block-heading"><strong><em>Major Direct tax proposals (from speech)</em></strong></h2>



<p class="wp-block-paragraph">ð 1. Rollout of next gen ITR form</p>



<p class="wp-block-paragraph">ð 2. New limit for 44AD &; ADA : 3 crore &; 75 Lacs</p>



<p class="wp-block-paragraph">ð 3. Expense deduction to MSME to be allowed on payment basis</p>



<p class="wp-block-paragraph">ð 4. New cooperatives manufacturing tax @ 15% if upto 31.03.24<br>ð 5. Higher loan limit /cash deposit Rs 2 lacs for PAC society -RDB</p>



<p class="wp-block-paragraph">ð <em>6. Startups:</em><br>a) Date of incorporation for. startup extended to 31.03.24<br>b) Extension of CF losses 7 yrs in case of change in shareholders</p>



<p class="wp-block-paragraph">ð 7. Selective scrutiny + More CIT to dispose off small appeals</p>



<p class="wp-block-paragraph">ð 8. Extension of tax benefits for IFSC</p>



<p class="wp-block-paragraph">ð <em>9. Personal Income tax</em><br>a) Tax rebate limit extended to 7 lacs (new regime)</p>



<p class="wp-block-paragraph">b) change in tax slabs &; new tax rates</p>



<p class="wp-block-paragraph">0-3 L : Nil<br>3-6 L : 5%<br>6L-9L : 10%<br>9L-12L: 15%<br>12-15 L : 20%<br>15L +: 30%</p>



<p class="wp-block-paragraph">c) Salaried class &; pensioners(incl family pensioners) :<br>Standard deduction extended</p>



<p class="wp-block-paragraph">d) Highest surcharge reduced from 37% to 25%<br>Now MMTR : 39%</p>



<p class="wp-block-paragraph">e) Leave encashment exemption (pvt) increased from 3Lacs to 25 Lacs</p>



<p class="wp-block-paragraph">f) New tax regime is now default tax regime -Old tax regime will continue.</p>



<p class="wp-block-paragraph"></p>



<h2 class="wp-block-heading"><em><strong>Budget Snapshots </strong>:</em></h2>



<ol class="wp-block-list">
<li>Per capita income at â¹1.97 lac more than double in last 5 years</li>



<li>India 5th largest economy of the world.</li>



<li>Digital payments of 126 lac crores in 2022</li>



<li>11.7 crore toilets. 9.64 crore cylinders. 220 crore Covid doses.</li>



<li>2.2 lac crores direct Trf to farmers</li>



<li>Huge impetus on tourism. State and centre aligned and public private partnership programmes</li>



<li>Green economy to be pushed beyond realms. Carbon footprint reduction roadmap</li>



<li>Government to support agri tech startup’s. Agricultural accelerator fund to be set up</li>



<li>Public private partnership allowed in cotton manufacturing</li>



<li>India to become global hub for millets. India is largest producer and second largest exporter of all kinds of millets.</li>



<li>Indian institute of millet research will be made international</li>



<li>Agricultural credit target to be made till 20 lac crore with support to dairy.</li>



<li>â¹2200 crores for horticulture</li>



<li>Agricultural societies, dairy and fishery societies to be set up</li>



<li>157 new nursing colleges to be set up</li>



<li>National book trust and children book trust to be revamped. New non curriculum books in regional Languages to be added.</li>



<li>â¹6000 allocated to fisheries</li>



<li>PMPVTG to be launched. Tribal areas to be developed. Education, infra, telecom, and sustainable livelihood to be developed. â¹15000 crores</li>



<li>PMAVAS to be increased to â¹79000 crores. Increase of 66%</li>



<li>Capital investment outlay increased to â¹10 lac crores. Increase of 33%. Approx 3.3% of GDP</li>



<li>Effective Capex to be â¹13.7 lac crores. Approx 4.5% of GDP</li>



<li>50 additional AirPort to be revived for better connectivity.</li>



<li>Railway outlay â¹2.4 lac crore. 9 times the budget of 2013-14</li>



<li>Urban development infra fund to be started. Managed by NHB</li>



<li>Septic tanks in city and towns to be changed. Manhole to machine holes</li>



<li>Jan Vishwas bill to normalise laws.</li>



<li>Centre of excellence for artificial intelligence. Three labs to be set up with private help in top institutes of the country.</li>



<li>National data governance policy to be brought out.</li>



<li>Vivad se Vishwas 2 launched. For contractual disputes. Voluntary settlement scheme.</li>



<li>E-courts phase 3 launched</li>



<li>Digi lockers to be made universally available</li>



<li>â¹7000 crores for phase 3 of e-courts</li>



<li>Lab grown diamonds to be emphasised.</li>



<li>100 labs for 5G development</li>



<li>Focus on green growth. National green hydrogen â¹19700 crores allocation</li>



<li>â¹35000 crores in energy TRANSITION</li>



<li>Green hydrogen production to be made till 5MMT TILL 2030</li>



<li>Renewal energy allocated â¹20700 crores</li>



<li>Mangrove plantation along coastline wherever feasible.</li>



<li>1 crore farmers to be trained for natural farming.</li>



<li>3000 legal provisions decriminalised</li>



<li>36 skill international setups to be made</li>



<li>Tourism made easy. Every destination to be made full package.</li>



<li>Dekho apna Desh to be launched. Swadesh Darshan launched. Domestic tourism against international tourism promoted.</li>



<li>â¹9000 fresh allocation to credit guarantee scheme</li>



<li>Data embassies at IFSC GIFT</li>



<li>Fresh IEPF only portal</li>



<li>Digital public infrastructure to get proper help</li>



<li>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%</li>



<li>Max deposit limit for senior citizen FD scheme enhanced to â¹30 lacs</li>



<li>Entire 50 year loans to state to be spent on infra Capex. Mandatorily to be spent. Scrapping old govt vehicles.</li>



<li>Fiscal deficit of states to be 3.5% of GSDP</li>



<li>2022-23 revised estimates are 24.3 lac crores (20.9 are tax receipts)</li>



<li>Fiscal deficit at 6.4%.</li>



<li>2023-24 incoming 27.25 lc crores and expense at 45 lac crores.</li>



<li>Fiscal deficit 2023-24 5.9%</li>



<li>Fiscal deficit target of below 4.5% by 2025-26</li>



<li>Gst paid compressed biogas to be duty free.</li>
</ol>



<ol class="wp-block-list" start="59">
<li>Except agri custom duty reduced to 13% from 21%</li>



<li>31 crore unit produced in india in 2022. Relief of custom duty on import of certain parts like cam are lens</li>



<li>Manufacture of tv on parts of cells, custom duty now be 2.5%</li>



<li>BCD on electric chimney 7.5 to 15% and on heat coil to be 15% from 20</li>



<li>Deethyl alchohol on BCD reduced to 2.5%</li>



<li>Marine products- shrimp feed duty reduced.</li>



<li>BCD on seeds of lab grown diamond reduced.</li>



<li>Exemption in bcd of some products of input of iron n steel reduced or removed.</li>



<li>Some cigarette to be costlier by 16%</li>



<li>72 lac returns filed on a single day.</li>



<li>Processing days of ITR reduced from 93 days to 16 days.</li>



<li>44AD and 44ADA are now at 3 crores and 75 lacs.</li>



<li>Gst exempted for blending of CNG</li>



<li>16% fresh NCCD om cigarette</li>



<li>Primary agricultural society can deposit cash up to 2 lac.</li>



<li>Income tax benefit and c/o losses till 10 years of incorporation</li>



<li>Deploy 100 joint commissioners to get cases disposed.</li>



<li>Income tax- rebate increased limit to 7 lacs in the new tax regime</li>



<li>New income tax slab will have only 5 slabs. 0-3 nil. 3-6 5%. 6-9 10%</li>



<li>Standard deduction under new tax regime to be 52500 for salary up to 15.5 lac</li>



<li>Highest tax rate is 42.7%. Now reduced. Surcharge now at 25% from 37%. New tax now at 39%</li>



<li>Leave encashment now at 25 lac</li>



<li>New income tax regime is now the default setting.</li>



<li>Revenue of 38000 crores will be foregone by tax consolidation.</li>
</ol>



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