TMI Live commentary on Budget 2023

1-2-2023

Contents

Budget 2023 - Live commentary with the presentation of Budget by the FM in the Parliament

Appointment of 100 Joint Commissioners for the disposal of small cases.
Leave encashment limit increased from 15 lakhs to 25 Lakhs
Surcharge Rate - Higher Slab reduced from 37% to 25%
Salaries Persons - Tax benefit upto 52000 rupees
New Tax Regime - Slabs of Rs. 3 Lakhs instead of 2.5 Lakhs
New Slabs in new tax regime
- Income upto Rs. 3 lakh - Nill
- Income above Rs 3 lakh and up to Rs 5 lakh to be taxed at 5%
- Income of above Rs 6 lakh and up to Rs 9 lakh to be taxed at 10%
- Income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20%
- Income above Rs 15 lakh to be taxed at Rs 30%.
New Tax Regime - No Tax upto Rs. 7 lakhs
TDS rates for EPF withdrawals, market linked debentures reduced from 30% to 20% in case of non -PAN cases.
Rebate u/s 87A - income tax - upto Rs. 7 lakhs - No tax is payable
Long Term Capital Gain exemption for residential properties qualifying u/s 54 and 54F increased to 10 cores
Carry forward of losses - in case of start ups - increased to 10 years in case of change in shareholding
Cash Deposit limit for primary agriculture society members increased to Rs. 2 Lakhs per member.
TDS on cash withdrawn by Co-operative Societies increased to 3 crores
Relief to sugar cooperative societies for payment to sugar cane farmers for Rs.10K Crores for the period prior to Year 2016-17
Increase turnover limit for presumptive taxation
45% of return process within 24 hours
Processing period of ITR reduced to 16 days only

Compounded rubber BCD increase 10 % to 20 % upto 30Kg
Reduce BCD on seeds as India has top diamond manufacture industries to promote employment.
Alcoholic use in industry exempt BCD
Customs duty reduced on Certain Green Fuel
Chemical and petrochemicals industries - reduce on BCD on acid, and other chemicals etc
Custom duty exemption for imports of Batteries for manufacturing industries
Green mobility scheme - Exempt excise duty and GST on gas compressed in bottle and battery use in EV vehicle
Customs Duties - Reduction in rates on various items - Reduced from 21 to 13% rate reduced BCD on goods other than Textile Industries and others
Fiscal Deficit is estimated at 5.9% of GDP and estimated to reduced to the FY to 4.5 till 2025-26
Fiscal Deficit of states increased from 3.5% to 4.6%
Mahila samane bacht patra available up to March 2025 , which available in saving certificate @7.5% with partial withdrawal
Sr.. Citizen scheme investment scheme increased from 15 lakhs to 30 lakhs
Bank of India Act are being proposed
Single window for IFSC, banking units. SEZ for services related to GST RBI and other compliance
To simplify ease - to carry out comprehensive model by financial market
Innovative use of Financial markets - revamping of credit facilities from 1 st April 2023
Handicraft product and other states products for tourism purposes
Unity mall setup by state government in state capital for tourism ,which available to one star one product
To prefer domestic tourism over international tourism - for middle class
50 challenging destination will be added for tourism
PM Kaushal Vikas yojona 4.0 to to skill 4 lakhs youth
Replacing old polluting vehicles , vehicles scrapping policy - state will also supporting
Vehicle replacement policy launch, old poluting vehicle scraps the old vehicle allocate fund by CG and support by SG along with SG ambulance
Amrit drohar scheme for optimse use of wet land
Nature Farming - 1 Crores farmers to adopt
Gobardhan programme - 500 waste to wet plant for biogas
PM Pranam Scheme - for fertilizers and balance use of chemical in fertilizers
Entity digi locker create for msme company and other corporate agecy for share documents to other government agency and banks
E-courts for efficient administration of cases 700 crores
Vivad se vishwas for MSME 95% forfeited amount will be return to them by govt
Information of return filer ,with the permission of return filer may be share with other government agency
PAN will be common identifier for all financial and government agencies
One stop solution for updating various KYC and other information through APP
KYC policies will be simplify
Digital India
Artificial Intelligence
Ease of doing Business - For than 39 compliance's have been reduced and various provisions have been decriminalized
Modi government ensure to transperant and smooth administrative department work for common people
Under mission karma yogi - to provide opportunity to govt employees for enhancing skills
Enhanced focus for scientific management for dry and wet waste
50 additional airports and helipads for regional air connectivity
50-year interest free loan to State governments extended for one more year
Capital outlay - For Railway - 2.04 laksh cores - 9 times of budget of 2013-14
Direct capital investments - 3.7 lakh crores which is 4.7% of GDP
Capital Investment increased 33% to 10 Lakh Crores which is 3.3% of GDP
Focus on investment and infrastructure
740 Eklavya model schools - for serving 3 lakh tribal students
To inculcate financial sector to age appropriate material for financial knowledge in those libraries.
National digital library for children and adults for accessibility of education material physically and digitally
National Children Libraries - Digital and Physical
Facilities of ICMR labs for research for public and pvt entities for encouraging collaborative developments
Research for Medical tools / equipments
Big plan to open new medical centers / hospitals / labs and medical research facilities.
Development and creation job - Promotion of tourism
PM Kaushal Yojana / Vishwakarma Scheme - weaker sections and small scale household skilled workers
Significant improvement in sustainable growth / economic sustainability
126 lakh crores UPI Payments
7400 crores digital payments
Per capita income increased