Highlights of Union Budget 2023-24 – Everything You Need to Know

Highlights of Union Budget 2023-24 - Everything You Need to Know

Budget 2023: Finance Minister Nirmala Sitharaman presented her fifth Budget today (February 1, 2023). This is the last full-fledged budget of the second Narendra Modi government ahead of the general elections in 2024. Economic agenda focuses on three things – facilitating ample opportunity for citizens, especially the youth, providing a strong impetus to growth and job creation, and third stabilising the macro economy.

  1. General
    1. EPFO Numbers doubled to 27 crores.
    2. Agriculture accelerator fund to boost startups in the Agri sector. Special scheme to boost fisheries.
    3. 38,800 teachers will be employed in 3.5 lakh Eklavya tribal schools.
    4. Capital outlay of Rs. 2.40 lakh crore for Railways.
    5. 50 New Airports and Heliports to be made.
    6. Rs. 10,000 crores for urban infra fund every year.
    7. Rs. 75,000 crores 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 a common business identifier.
    10. Scope of Digi locker to be increased.
    11. More than 39,000 compliances were reduced. Jan Vishwas Bill to amend 42 laws
    12. Rs. 35,000 crores 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 the cost of MSME Credit by 1%. Infusion of Rs. 9,000 crores in the 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.
  2. Direct and Indirect tax
    1. Promote domestic manufacturing and exports.
    2. Tax exemption on Capital Goods and Lithium batteries.
    3. Mobiles and camera lenses to become cheaper.
    4. Gold, Silver & Diamonds, cigarettes, and imported rubber get expensive.
    5. Enhanced limit for 3 crores 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. Sections 54 and 54F are to be amended.
    11. Rebate limit increased to 7 lakh in the new tax regime.
    12. Number of slabs was reduced from 7 to 5 in the new tax regime.
    13. Only 5% tax on an 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 reduce the Higher surcharge rate from 37 % to 25% in the new tax regime.
    17. Leave Encashment: Limit increased from Rs. 3,00,000 to Rs. 25,00,000.

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