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February 1, 2023

Top 100 Highlights of Budget 2023-24 by Finance Minister Nirmala Sitharaman

by CA Shivam Jaiswal in Budget, Income Tax

Top 100 Highlights of Budget 2023-24 by Finance Minister Nirmala Sitharaman

  1. Income upto Rs 7 Lakhs – No Income Tax for new Tax Regime. Rebate limit increased to Rs. 7 Lakhs. now no tax upto 7 Lakhs
  2. I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 Lakhs. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 Lakhs
  3. Individual with Annual Income of 9lacs will be required to Pay Rs. 45,000/ of Income Tax
  4. Salaried Class and Pensioner Standard Deduction increased to Rs 52,500/-
  5. 20% TCS on overseas tour package
  6. Selling an old house and buying a new one? Now there is limit on Capital Gain Exemption in Section 54 and 54F of Rs 10 Crore High-net-worth assessees, purchasing very expensive residential houses will not get Tax benefit
  7. Lumpsum amount received in Insurance will be Taxable if your Life Insurance Policy Premium is more than 5 lakhs in a year. You won’t get an exemption in 10(D) on the sum received under a life insurance policy, including a bonus on such a policy.
  8. PAN to be a common business identifier for entities.
  9. Required financial support to be provided to poor persons who are in prison and unable to afford penalty or bail amount
  10. Presumptive tax for professionals Rs. 75 lakhs (earlier 50 lakhs) for Traders Rs. 3 lakhs maximum cash 5%.
  11. Senior Citizen Saving Scheme amount increased from 15 Lakhs to 30 Lakhs. Big boost for the security of Senior Citizens who now earn 8% return on higher govt secured investment scheme
  12. Unified Filing Process announced in the budget. This will require entities to do only one time filing for all compliances under several regulations. Data will be shared with all regulators
  13. Mobile phones, TVs, camera lenses & lithium batteries to be cheaper.
  14. Announced Mahila Samman Saving Certificate announced at 7% interest rate.
  15. Reduction in Basic customs duty from 21% to 13%
  16. Estimates fiscal deficit of 5.9% of GDP in FY24, reiterate commitment to bring fiscal deficit to below 4.5% of GDP by fY26
  17. TDS rate reduced from 30% to 20% without PAN while withdrawing in certain cases
  18. Central Processing Centre to be set up for faster response to companies filing forms under Companies Act
  19. 9.6 cr LPG connections, 220 cr Covid vax for 102 cr people given, 47.8 cr JanDhan accounts opened
  20. National Rural Livelihood Mission has achieved remarkable success by mobilising rural women into 1 lakh SHGs
  21. The world has recognized India as a bright star, our growth for current year is estimated at 7.0%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war
  22. This is the first budget in Amrit Kaal, this budget hopes to build on the foundation laid in previous budget and the blueprint laid for India@100, we envision a prosperous and inclusive India in which the fruits of development reach all
  23. Economy has become a lot more formalised; efficient implementation of many schemes like Ujjwala, Jan Dhan Accounts, Cash Transfer of 2.2 lakh cr to farmers have insured inclusive growth
  24. India’s growth at 7 pc in current fiscal highest among major economies; Indian economy on right track
  25. •11.7 Crore Toilets under Swacch Bharat Mission •9.6 Cr LPG Ujjwala •220 Crore COVID-19 Vaccination •47.8 Crore PM Jan Dhan Yojna •46.4 Crore under PM Insurance Schemes •2.2 Lakh Crore Cash Transfer to 11.4 Crore Farmers
  26. Govt implementing scheme to supply free grains to poor under PMGKAY with expenditure of Rs 2 lakh cr from Jan 1
  27. Indian economy has increased in size from being 10th to 5th largest in last nine years
  28. The agricultural credit target will be increased to Rs 20 lakh crores with a focus on animal husbandry, dairy and fisheries
  29. 157 new nursing colleges will be setup in co-location with the 157 medical colleges that have already been setup
  30. Large potential to be tapped in tourism; promotion of tourism to be taken up in mission mode:
  31. Implementing many programs for green fuel, green energy, green farming, green mobility, green buildings, green equipment, and creating policies for efficient energy use across various economic sectors
  32. Green growth efforts to help reduce carbon intensity; create green job opportunities. Green growth efforts to help reduce carbon intensity; create green job opportunities
  33. The National Book Trust and Children Book Trust will be encouraged. National Digital Library for children and adolescents for facilitating availability of quality books.
  34. Indian Institute of Millet Research will be supported as a centre of excellence
  35. Agri accelerator fund will be set up to encourage agri startups in rural areas
  36. Govt to support Hyderabad-based millet institute as centre of excellence
  37. New program to promote Research & innovation in Pharma sector will be launched; will encourage industry to invest too
  38. Agriculture credit target increased to Rs 20 lakh cr for FY’24, with focus on animal husbandry, dairy and fisheries
  39. National cooperative database is being created to map cooperative societies
  40. Govt plans to set up massive decentralised storage capacity to help farmers
  41. Capital investment outlay increased by 33%YOY to Rs10 lakh cr; 3.3 percent of GDP
  42. The agricultural credit target will be increased to Rs 20 lakh crores with a focus on animal husbandry, dairy and fisheries
  43. For realising vision of Make AI In india, 3 centres of excellence will be setup in partnership with Private sector
  44. PM Awas Yojana outlay hiked by 66 pc to Rs 79,000 cr
  45. More than 39,000 compliance has been reduced to make environment more business friendly
  46. All cities and towns will be enabled for 100% mechanical desludging of septic tanks to transition from man-hold to machine-hold mode
  47. Capital investment outlay being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP
  48. 63,000 Primary Agricultural Credit Societies are being computerized with investment of Rs. 2,516 crores; model bylaws were formulated for PACS, national database is being prepared, with this, massive decentralized storage capacity to be set up
  49. The Economy has become a lot more formalized as reflected by the doubling of EPFO membership to 27 crore and ₹ 7,400 crore digital payments of ₹126 lakh crore through #UPI in 2022
  50. Centre to continue 50-year interest-free loans to state governments for one more year
  51. Govt to provide Rs 5,300 cr assistance to drought-prone central region of Karnataka
  52. The outlay for PM Awaas Yojana being enhanced by 66% to over Rs 79,000 crores
  53. e-court 3.0 Rs. 7,000 Crores investment e-court is future
  54. Dedicated multidisciplinary courses for medical devices to be supported in institutions to ensure skilled manpower for futuristic medical tech and high end manufacturing and research
  55. New programme to promote research and innovation in pharmaceuticals to be taken up through centres of excellence, industry to also be encouraged to invest in research and development in priority areas
  56. Facilities in select ICMR labs to be made available for research by public and private medical college faculty, private sector research teams for encouraging collaborative research and innovation
  57. Mission to eliminate sickle cell anaemia by 2047 to be launched, will entail awarness creation, universal screening of 7 crore people in 0 – 40 years in affected tribal areas, and counselling
  58. The tourism sector holds huge opportunities for jobs and entrepreneurship. promotion of tourism will be taken up on mission mode with the active participation of states’ convergence of government programs and public-private partnership
  59. 157 new nursing colleges to be established in colocation with existing 157 medical colleges set up since 2014
  60. 63,000 Primary Agricultural Credit Societies are being computerized with investment of Rs. 2,516 crores; model bylaws were formulated for PACS, national database is being prepared, with this, massive decentralized storage capacity to be set up
  61. For the first time package of assistance for traditional artisans and craftspeople has been conceptualized, which will enable them to improve the quality, scale, and reach of their products, integrating with the MSME value chain
  62. For realising the vision of Make AI in India and Make AI work for India, 3 Centres of Excellence for Artificial Intelligence will be set up in top educational institutions
  63. For enhancing ease of doing business, more than 39,000 compliances have been reduced, over 3,400 legal provisions decriminalised
  64. For business establishments required to have Permanent Account Number, the PAN will be used as a common identifier for all Digital Systems of specified government agencies
  65. Rs 35,000 crores priority capital for the energy transition; Battery storage to get viability gap funding
  66. National Data Governance Policy will enable anonymised data; KYC process will be simplified by adopting risk-based system:
  67. Govt to bring National Data Governance policy
  68. Rs. 500 crores committed for Goverdhan Scheme for Bio Gas
  69. 50 additional airports, helipods, water aero drones, advanced landing grounds will be revived to improve regional air connectivity:
  70. Aspirational Blocks programme covering 500 blocks has been launched for saturation of govt. programmes; Pradhan Mantri Primitive Vulnerable Tribal Groups Development Mission is being launched to improve conditions of vulnerable tribal groups
  71. If MSMEs fail to execute contract, 95 pc of performance security will be returned to small business as part of Vivad Se Vishwas
  72. Pradhanmantri Kaushal Vikas Yojana 4.0 in next 3 years plan to provide training to lakhs of youth
  73. 38,000 teachers and support staff to be recruited in next 3 years, for 740 Eklavya Model Residential Schools serving 3.5 lakh tribal students
  74. The Mission will saturate these families with basic facilities such as safe housing, clean drinking water, improved access to education, health, nutrition and sustainable livelihood opportunities; Rs. 15,000 crores to implement the Mission in 3 years
  75. To skill the youth for international opportunities, 30 Skill India International Centres will be set up across different States
  76. Govt to bring another dispute resolution scheme under Vivad Se Vishwas-2 to settle commercial disputes
  77. Customs duty on lab grown diamonds to be reduced
  78. State support mission of Niti Aayog will be continued for 3 years
  79. Replacing old polluting vehicles is an important part of greening our economy. We have allocated adequate funds to scrap old vehicles of the central govt
  80. The Unified Skill India Digital platform will enable demand-based formal skilling, linking with employers (including MSMEs) and facilitating access to entrepreneurial schemes
  81. For efficient administration of justice, Phase 3 of the eCourt’s project will be launched with an outlay of Rs 7000 Crores:
  82. Govt to support setting up of battery energy storage of 4,000 MwH
  83. States will be encouraged to set a ‘Unity Mall’ in State capital or the most popular tourist destination in the state for the promotion and sale of ‘One District, One product’ and GI products and other handicraft
  84. Govt to set up Gowardhan Scheme for promoting circular economy with total investment of Rs 10,000 cr
  85. Credit guarantee for MSMEs – Rs 9000 crores infused in the corpus which will allow additional collateral-free credit of Rs 2 lakh crores; to be effective from 1st April 2023
  86. MIS Scheme limit increased from 4.5 lakh to 9 lakh
  87. Revamped credit guarantee scheme will take effect from April 1, 2023, through the infusion of Rs 9,000 crore in the corpus. This will enable additional collateral-free credit of Rs 2 lakh crore to MSMEs.
  88. To provide support to 47 lakh youths in 3 years, a Direct Benefit Transfer under a pan India national apprenticeship scheme will be rolled out
  89. Rs 7.3 lakh crore debt settled before initiating insolvency. Banks recovered 77% more than the liquidation value due to IBC
  90. One-time new small savings scheme MAHILA SAMMAN SAVING CERTIFICATE to be made available for 2 years upto March 2025, with deposit facility of upto Rs 2 lk in name of women, with 2 year tenor, with 7.5% fixed rate & partial withdrawal option
  91. PM-PRANAM will be launched to incentivise states to promote alternative fertilisers
  92. Govt to facilitate 1 crore farmers to adopt natural farming
  93. Over the next 3 years, one crore farmers will get assistance to adopt natural farming. 10,000 bio input resource centres will be set up
  94. Revamped credit guarantee scheme for MSMEs with infusion of Rs 9,000 cr to be launched from April 1
  95. Pradhan Mantri Kaushal Vikas Yojna 4.0 will be launched to skill lakhs of youth
  96. Govt to launch Dekho Apna Desh initiative to promote domestic tourism
  97. Govt to set up National Financial Information Registry for facilitating efficient flow of credit, foster financial stability
  98. 100 critical transport infrastructure projects for last and first mile connectivity for ports, coal, steel, fertilizer and food grain sectors to be taken up on priority with investment of Rs. 75000 crores, including Rs. 15000 crores from pvt. Sources
  99. Integrated IT portal will be set up for reclaiming unclaimed shares and dividends
  100. Govt to set up single window system for registrations and approvals in IFSC Gift City
  101. Average income tax return processing time has reduced from 93 days in 2021 to 16 days in 2022. New common Income Tac Return Form would be introduced
  102. 16% increase in NCCD on Certain Cigarettes
  103. 100 Joint Commissioners to be allocated for disposing off small appeals

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