Union Finance Minister of India, Nirmala Sitharaman presented the Union Budget 2023, the fifth budget of Modi 2.0 on Wednesday (today). In the last full-fledged Budget before the general elections next year, the Nirmala Sitharaman said that the Indian economy is on the right path and heading towards a bright future. This Budget is the first in Amrit Kaal, she added.
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 become 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 centres to be set up.
14. 30 Skill India International centres 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.
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 with upto 5% Cash Transactions.
6. Higher TDS limit of RS. 3 cr for Cooperatives for Cash Withdrawal
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 from 30% to 20% without PAN Cases.
10. Section 54 and 54F to be amended to cap
11. Rebate limit increased to 7 lakh(5 lakh earlier) in *New Tax Regime*.
12. Number of slabs reduced from 5 in *New Tax Regime*.
13. Only 5% Tax(effective tax rate) on Individual’s Annual income of 9,00,000 only to pay Rs. 45,000 as tax under the *New Tax Regime*.
14. Only 10% Tax(effective tax rate) on Individual’s Annual Income of Rs. 15,00,000 only to pay Rs. 1,50,000 as tax under the *New Tax Regime*.
14. Salaried class and pensioner: Standard Deduction introduced in *New Tax Regime* for Income under salary greater than 15.5 lakh.
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.