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2023-02-01 11:43:14 Highlights of *Union Budget 2023-24*.

*General*
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 be come 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 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 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.
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. Section 54 and 54F to be amended.
11. Rebate limit increased to 7 lakh in new tax regime.
12. Number of slabs reduced from 7 to 5 in new tax regime.
13. Only 5% tax on 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 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. ओपन / कमेंट

2023-02-01 11:42:50 Major Direct tax proposals (from speech)*

1. Rollout of next gen ITR form
2. New limit for 44AD & ADA : 3 crore & 75 Lacs
3. Expense deduction to MSME to be allowed on payment basis
4. New cooperatives manufacturing tax @ 15% if upto 31.03.24
5. Higher loan limit /cash deposit Rs 2 lacs for PAC society -RDB
*6. Startups:*
a) Date of incorporation for. startup extended to 31.03.24
b) Extension of CF losses 7 yrs in case of change in shareholders

7. Selective scrutiny + More CIT to dispose off small appeals

8. Extension of tax benefits for IFSC

*9. Personal Income tax*
a) Tax rebate limit extended to 7 lacs (new regime)

b) change in tax slabs & new tax rates

0-3 L : Nil
3-6 L : 5%
6L-9L : 10%
9L-12L: 15%
12-15 L : 20%
15L +: 30%

c) Salaried class & pensioners(incl family pensioners) :
Standard deduction extended

d) Highest surcharge reduced from 37% to 25%
Now MMTR : 39%

e) Leave encashment exemption (pvt) increased from 3Lacs to 25 Lacs

f) New tax regime is now default tax regime -Old tax regime will continue. ओपन / कमेंट

2023-02-01 10:19:48 New Tax Regime
Personal Income Tax

0 - 3 lacs - nil
3 - 6 lacs - 5%
6 - 9 lacs - 10%
9 - 12 lacs - 15%
12 - 15 lacs - 20%
Above 15 lacs - 30% ओपन / कमेंट

2023-02-01 10:17:54 41. 3000 legal provisions decriminalised
42. 36 skill international setups to be made
43. Tourism made easy. Every destination to be made full package.
44. Dekho apna Desh to be launched. Swadesh Darshan launched. Domestic tourism against international tourism promoted.
45. ₹9000 fresh allocation to credit guarantee scheme ओपन / कमेंट

2023-02-01 10:17:38 36. ₹35000 crores in energy TRANSITION
37. Green hydrogen production to be made till 5MMT TILL 2030
38. Renewal energy allocated ₹20700 crores
39. Mangrove plantation along coastline wherever feasible.
40. 1 crore farmers to be trained for natural farming. ओपन / कमेंट

2023-02-01 10:17:31 31. Digi lockers to be made universally available
32. ₹7000 crores for phase 3 of e-courts
33. Lab grown diamonds to be emphasised.
34. 100 labs for 5G development
35. Focus on green growth. National green hydrogen ₹19700 crores allocation ओपन / कमेंट

2023-02-01 10:17:13 Will set up 50 additional #airports, #heliports, #aerodromes,

FM announces outlay for Artificial Intelligence!

I hope she also announces some outlay to eradicate Natural Foolishness! ;)

We will invest Rs 75,000 cr in transport infra,

Rs 10,000 Cr / year for Urban Infra Development Fund

95% of the forfeited amount will be returned to MSMEs for contract failure during COVID-19

PMGKAY - Free food scheme extended - expenditure of Rs 2 lakh cr from Jan 1

3 centres for excellence for artificial intelligence will be set up in top institutes… will bring in national data governance policy

#UDAAN: 50 additional airports, helipads, water aero drones, advanced landing grounds will be revived to improve of regional air connectivity; FM

FM #NirmalaSitharaman: 3 centres for excellence for artificial intelligence will be set up in top institutes… will bring in national data governance policy

FM Nirmala Sitharaman announces Rs 2,500 cr for Agri Credit Societies in the Union Budget

States and cities will be encouraged to undertake carbon planning: FM

"To set up three centers of excellence for AI," says Finance Minister as she presents the Union Budget ओपन / कमेंट

2023-02-01 10:17:04 26. Jan Vishwas bill to normalise laws.
27. Centre of excellence for artificial intelligence. Three labs to be set up with private help in top institutes of the country.
28. National data governance policy to be brought out.
29. Vivad se Vishwas 2 launched. For contractual disputes. Voluntary settlement scheme.
30. E-courts phase 3 launched ओपन / कमेंट

2023-02-01 10:16:58 19. PMAVAS to be increased to ₹79000 crores. Increase of 66%
20. Capital investment outlay increased to ₹10 lac crores. Increase of 33%. Approx 3.3% of GDP
21. Effective Capex to be ₹13.7 lac crores. Approx 4.5% of GDP
22. 50 additional AirPort to be revived for better connectivity.
23. Railway outlay ₹2.4 lac crore. 9 times the budget of 2013-14
24. Urban development infra fund to be started. Managed by NHB
25. Septic tanks in city and towns to be changed. Manhole to machine holes ओपन / कमेंट

2023-02-01 10:16:52 17. ₹6000 allocated to fisheries
18. PMPVTG to be launched. Tribal areas to be developed. Education, infra, telecom, and sustainable livelihood to be developed. ₹15000 crores ओपन / कमेंट