BUDGET 2023 - QUICK GO POINTS

[CSSwati Rawat]

BUDGET 2023 - WHAT ALL IT IS BENEFICIAL 

Personal income tax
0-3 lakh- nil
3-6 lakh -5%
6-9 lakh - 10%
9-12 lakh-15%
12-15 lakh -20%
Above 15 lakh - 30%
Major relief to all tax payers in new regime 

Enhanced income tax exemption limit up to Rs 7 lakh under new tax regime

People earning over Rs 15 lakh in a year will be subject to 30% tax.

Average processing period of 93 days in FY13-14 reduced to 16 days now; 45% Returns processed within 24 hours.

New Income Tax return (ITR) forms for easier filing of returns.

Reduce the highest surcharge from 37% to 25% in the new tax regime, max rate of 39%.

Relief in custom duty on import of certain parts of mobile phones like camera lens and batteries by another year.

Customs on kitchen chimneys to go down

Benefit of lower tax rate of 15% to new cooperative societies.