The document summarizes key changes to India's direct tax and GST regulations for fiscal year 2023-24 as announced in the Union Budget 2023. Some highlights include: - The highest surcharge rate under the new income tax regime has been reduced from 37% to 25% for individuals earning over Rs. 5 crore annually. - Threshold limits for presumptive taxation schemes like 44AD and 44ADA have been increased to Rs. 3 crore and Rs. 75 lakh respectively. - The capital gains tax exemption limit has been capped at Rs. 10 crore. - Several changes have been introduced to simplify GST compliance like restricting filing of annual returns to 3 years and allowing