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What is new tax regime in budget 2023?
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Feb 1, 2023 · Income tax slabs under the new tax regime have been reduced to five in FY 2023-24 from six. Further the basic exemption limit has been hiked to Rs.3 lakh from Rs.2.5 earlier under the new income tax regime. The amount of rebate under Section 87A has been enhanced under the new tax regime to taxable income of Rs 7 lakh.
- Income Tax Budget 2023 Explained Highlights: New income tax ...
Budget 2023 tweaked the income tax slabs under the new tax...
- Income Tax Budget 2023 Explained Highlights: New income tax ...
- Budget 2023 Highlights: Direct Tax
- Budget 2023 Highlights: Indirect Tax
- Budget 2023 Highlights: Inclusive Development
- Budget 2023 Highlights: Reaching The Last Mile
- Budget 2023 Highlights: Infrastructure and Investment
- Budget 2023 Highlights: Unleashing The Potential
- Budget 2023 Highlights: "Green Growth"
- Budget 2023 Highlights: Youth Power
- Budget 2023 Highlights: Financial Sector
- Budget 2023 Highlights: Key Numbers and Budget Allocation
Deemed Income
'Resident but Not Ordinarily Resident' person to pay taxes on money received (in form of gift) from Residents if it is more than ₹50,000.
Changes in New Tax Regime
The new tax regime is now the default tax regime. The government has taken 5 key measures to make the new tax regime more attractive. However, taxpayers have an option to choose the old tax regime. 1. Change in new tax regime slabs for FY 2023-24 (AY 2024-25): 1. Tax rebate on an income of up to ₹7 lakhshas been introduced under the new tax regime. This means that taxpayers with an income of up to ₹7 lakhs will not have to pay any tax at all! 2. Standard deduction: 2.1. Salary income: ₹50,000...
Presumptive Taxation Limits Revised for FY 2023-24
*The increase in limits is subject to a condition that the 95% of the receipts must be through online channels.
Customs Duty Changes
The indirect tax proposals made in Budget 2023 promote exports, encourage domestic manufacturing, enhance domestic value addition, and boost green energy and mobility. The customs duties were revised on the following list of items- 1. National Calamity Contingent Duty (NCCD) on specified cigarettes was increased. 2. The customs duty for importing silver dore, bars and articles has been increased to align them with that on gold and platinum. Further, the duty on jewellery made from precious me...
GST Changes
1. Section 10 stands amended such that a taxpayer can opt into the composition scheme even if they are supplying goods through e-commerce operators where TCS is collected under Section 52. 2. Section 16 is amended for a condition that in cases where a recipient taxpayer fails to pay to their supplier invoice value including the GST within 180 days from the date of issue of invoice, then they must pay with interest computed under Section 50 on it. 3. Section 17(5) is revised to include another...
The government's policy of "Sabka Saath Sabka Vikas" has benefited various sections of society, including women, SCs, STs, OBCs, and other underprivileged groups. The budget will continue to build on those efforts.
Building on the success of the Aspirational District program, government launchedProposed an outlay of Rs 15000 crores for the newly launched Pradhan Mantri PVTG (Primitive Vulnerable Tribal Group) over next 3 years to improve socio-economic conditions of the vulnerable tribal...Outlay for PM Awaas Yojana was enhanced by 66% to over Rs 79,000 crores.In the next three years, the center plans to hire 38,800 teachers and support staff for 740 Eklavya Model Residential Schools, which will cater to 3.5 lakh tribal students.Proposed capital expenditure is increased by 33% to Rs 10 lakh crore.50-year interest free loan to state governmemnts will be extended for one more year resulting in an outflow of rs 1.3 lakh crore.Planned outlay of Rs 2.4 lakh crore towards railwaysFifty airports, heliports, water aerodromes, and advanced landing grounds will be revived to enhance regional air connectivity.Vivad se Vishwas I: During the Covid period, if MSMEs failed to fulfill their contracts, the government and its undertakings will refund 95% of the forfeited amount relating to bid or performance s...KYC process will be streamlined and PAN card will be adopted as a single identifier.A National Data Governance Policy will be introduced, providing access to anonymized data for the purpose of research and innovation by startups and academia.To improve the ease of doing business in India, 39,000 complinaces have been reduced and 3,400 provisions have been decriminalised.The government included "Green Growth" among the seven focus areas of this year's Budget, with the aim of achieving net zero carbon emissions in India by 2070. To support this following announcements were made: 1. Green hydrogen: allocated Rs 19,700 crore for the National Green Hydrogen Mission, which will promote a shift to low carbon intensity in...
The PM Kaushal Vikas Yojana 4.0 will be launched to skill lakhs of youth, covering new-age courses.National Apprenticeship Promotion Scheme to provide stipend to 47 lakh youth over next three years through Direct Benefit Transfer (DBT).Revamp credit guarantee schemes for MSMEs will be implemented starting 2023, with an infusion of Rs 9,000 crore. This will provide additional collateral-free guaranteed credit of Rs 2 lakh crore. F...To improve business operations in GIFT IFSC, government will Implement a unified IT system for registration and approval from SEZ authorities, IFSCA, GSTN, SEBI,RBI and IRDAI.Central Processing Center will be established to provide quicker responses to businesses through centralized handling of various forms under the Companies Act.Integrated IT portal will be established which will help investors to reclaim unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority (IEPFA).FY23 GDP growth estimated at 7%. To spend Rs 2,200 crore on high-value horticulture crops as part of the Atmanirbhar Clean Plant Programme to enhance the supply of superior, disease-free planting material. The agricultural credit target will be increased to Rs 20 lakh crore. 1. While the current fiscal deficit is 6.4% of GDP. the government aims to...
4 days ago · The article explains the concept of income tax slabs under old and new regimes, the revised tax rates for FY 2024-25, how to calculate income tax, meaning of surcharge, budget updates impact, and consequences of not filing ITR on time.
Feb 2, 2023 · Budget 2023 tweaked the income tax slabs under the new tax regime. The maximum exemption limit will be Rs 3 lakh and for every additional Rs 3 lakh income, the next slab rate will apply. Up to Rs 3 lakh - 0 per cent tax. Between Rs 3 and 6 lakh - 5 per cent tax. Between Rs 6 and 9 lakh - 10 per cent tax.
Feb 1, 2023 · Tax structure in new personal income tax regime, introduced in 2020 with six income slabs, to change by reducing the number of slabs to five and increasing the tax exemption limit to Rs. 3 lakh. Change to provide major relief to all tax payers in the new regime.
Feb 1, 2023 · Income Tax Slabs Budget 2023-24 Live Updates: Key personal income tax changes announced in Budget 2023. Finance Minister Nirmala Sitharaman holds a folder-case containing Union Budget...
Feb 1, 2023 · Providing relief to middle-class individuals, she proposed a change in the tax structure in the new personal income tax regime by reducing the number of slabs to five and increasing the tax exemption limit to Rs. 3 lakh.
