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Presentationonbudget2023 24 230201200109 7a4f5a20
Presentationonbudget2023 24 230201200109 7a4f5a20
PRESENTED BY -
ABHISHEK SHIVHARE
What is Budget?
A budget is a financial plan for a specified period say
Year in general. The Government of India i.e., Ministry
of Finance after consultation with all the other
ministries prepares the annual budget. The budget will
be generally presented by the Finance Minister on the
first day of February in Parliament. The
proposed budget will come into effect from April 1st of
the respective year.
Why Budget 2023 is unique?
International economic organisations and bodies like IMF, World
Bank, OECD, WTO predicting India is at the center stage of world
economy with relatively highest forwarding GDP despite of many
macro-economic headwinds such as global recession, higher
inflation, fuel prices, and protectionism. With this background, it's
not just India but the world is watching how the budget 2023 would
be presented and what impact or influence that it is going to bring.
Undoubtedly, most awaited budget that is expected to have fiscal
consolidation and Capital expenditure on par with earlier year to
spur the employment opportunities and to activate the private
sector spending.
Key Takeaways & Analysis
• Middle class salaried friendly budget where the
salaried get anywhere between 25K to 45K benefit from
Tax Relief up to Rs. 7L.
2. Rebate u/s 87A has been increased to Rs 7 lakhs from Rs 5 lakhs under new tax
Regime. This is not applicable for Old tax regime. This was an expectation Team
EZTax.in
3 .The highest surcharge rate of 37% is decreased to 25% under New Tax Regime.
Taxpayers with taxable income of above Rs 5 crores is required to pay only 25%
surcharge instead of 37%.
4. Income Tax slab rates under New Tax regime has been changed which is as
follows.
Rs 0-3 lakhs - 0%
Rs 3-6 lakhs - 5%
Rs 6-9 lakhs - 10%
Rs 9-12 lakhs - 15%
Rs 12-15 lakhs - 20%
5. The Tax exemption limit is increased to Rs 3 lakhs for the
taxpayers under New Regime
6. Leave Encashment exemption on retirement of non-
government salaried employees is increased to Rs 25 lakhs
from Rs 3 lakhs
7. New tax regime will be the default tax regime. However
taxpayer can continue to avail the old tax regime
8. The deduction from capital gains on investment in
residential house u/s 54 and 54F is capped at Rs 10 crore. This
impacts very few people in the country
9. Deduction for expenditure on payments made to MSME's
will be allowed only when payment is actually made
10. w.e.f 01/04/2023, if aggregate of premium for life insurance
policies issued on or after 01/04/2023 is above Rs 5 lakhs,
income from only those policies with aggregate premium upto
Rs 5 lakhs shall be exempt
11. TDS Rate on EPF withdrawal in Non PAN cases is reduced to 20%
from 30%
12. The threshold for TDS on Cash withdrawal from co-operative banks
is increased to Rs 3 crores
GST
•No major changes in GST
•A simplified tax structure with fewer tax rates is proposed
which helps in reducing compliance burden and improving
tax administration
Customs Duty
•Reduction in number of basic customs duty rates on goods, other
than textiles and agriculture, from 21 to 13.
Health
1. 157 new nursing colleges will be established
2. Facilities in select ICMR labs will be made available for research by public
and private medical college faculty and private sector R&D teams
3. To promote research and innovation in pharmaceuticals , a new
programme will be taken up through centres of excellence.
4. A Mission to eliminate sickle cell Anaemia by 2047 will be launched
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