Indian Budget 2023-2024 Bullets points for compliance and economy growth Relaxation to Micro, small and medium enterprises in relation to presumptive taxation. Reduction of Custom Duty & Personal tax benefit under new income tax regime

1. BUDGET 2023-24
(AMRITKAAL)
KEY HIGHLIGHT
CA AJAY KUMAR

2. KEY NUMBERS FOR GROWTH OF THE ECONOMY
• FY23 growth estimated at 7%
• To spend Rs 2200 crore for high value horticulture
• Agri credit target increased to Rs 20 lk cr
• To spend Rs 2200 crore for high value horticulture
• Proposed capital expenditure of Rs 10 lk cr for FY24, up 33%
• Plan to increase PM Housing outlay to Rs 79000 crore
• Plan to spend Rs 15000 cr vulnerable tribal group (PVTG) over 3 years

3. TAXATION KEY HIGHLIGHTED POINTS
• Ease of Doing Business PAN is KEY
• Indirect Taxation
• Direct Taxation (Key-New tax regime)

4. EASE OF DOING BUSINESS PAN IS KEY
Ease of Doing Business PAN is KEY:
• For business establishments required to have Permanent Account
Number, the PAN will be used as a common .
• PAN as common identifier for all digital systems of govt agencies
• One stop solution for reconciliation and updating identity maintained by
various agencies to be established using digi locker and Aadhaar as
foundational identity

5. INDIRECT TAXATION KEY HIGHLIGHTED POINTS
Bullets key highlighted points for indirect taxation
• 16% increase in NCCD(“National Calamity Contingent duty”) on certain cigarettes.
• New cooperatives that commence manufacturing till March, 2024 to get lower tax rate of 15%.
• Basic customs duty on crude, glycerin is proposed to be reduced to 2.5%.
• Propose to increase import duty on silver bars to align it with gold, platinum.
• Extend customs duty cut on imports of parts of mobile phones by 1 year.
• To reduce customs duty on open cells of TV panels to 2.5%
• Customs duty on lab grown diamonds to be reduced.
• basic custom duty rates on goods other than textiles and agriculture, from 21 to 13

6. DIRECT TAXATION KEY HIGHLIGHTED POINTS
Key Highlighted points for income tax
• New tax regime to become the default tax regime.
• No tax on income up to Rs 7 lakh a year in new tax regime.
• Govt proposes to increase income tax rebate limit from Rs 5 lakh to Rs 7 lakh in new tax regime.
• Govt proposes to cap deductions from capital gains on investments in residential houses to Rs 10
crore.
• Presumptive tax for professionals Rs. 75 lakhs (earlier 50 lakhs) for Traders Rs. 3 lakhs maximum
cash 5%.
• TDS rate reduced from 30% to 20% without PAN while withdrawing in certain cases.
• Salaried Class and Pensioner Standard Deduction increased to Rs 52,500.
• 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.

7. THANK YOU
ASC & ASSOCIATES TEAM
CA Ajay Kumar