In the budget 2023, the default tax regime is the New Tax Regime (Scheme). But citizens can choose from the previous tax regime (Scheme)
KEY POINTS OF Budget 2023
1. In the budget 2023, the default tax regime is the New Tax Regime (Scheme). But citizens can choose from the previous tax regime (Scheme)
2. A person making Rs. 9 lakhs per year now just has to pay Rs. 45K in taxes.
3. The New Tax Regime exempts up to Rs. 7 Lakh from income tax.
4. Presumptive Tax Limits for Business Users Increased; for Professionals, Rs. 75 Lakhs (Up from 50 Lakhs); for Traders, Rs. 3 Crores; Maximum Cash Should Be 5%.
5. TDS (Income Tax Deduction) should only be included in payments to MSME at the time of payment.
6. Under the new tax system, the highest surcharge rate was cut from 37% to 25%.
7. The cigarette tax for natural disasters was raised by around 16%.
8. The customs duty on several items was lowered from 21% to 13% in the budget.
9. The senior citizen savings program’s maximum FD limit increased from 15 lakhs to 30 lakhs.
10. Credit guarantee for MSMEs redesigned program with Rs 9000 crore-Cost of credit 1% effective April 1, 2023.
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11. Lab-produced diamonds will pay less in customs
12. Under the Environmental Protection Act, the Green Credit Program will be informed.
13. Donations to IIT to support the study of lab-grown diamonds.
14. Will launch the National Digital Youth Library.
15. New training programs for youth in medical technology.
16. The creation of a single identity through the use of Digi locker and Aadhaar.
17. The amount spent on capital investments is rising by 33% to Rs 10 lakh crore. Infrastructure spending has gone boosted to encourage private investment.
18. State governments will continue to be eligible for 50-year interest-free loans.
19. A national children’s digital library will be established to provide access to high-quality books.
20. The PM Awaas Yojana would now cost more than Rs 79,000 crore, an increase of 66%.
21. For the 740 Eklavya model, the government will hire 38,800 instructors and other personnel during the next three years.
22. India now has a per capita income of Rs. 1.97 lakh crore.
23. The opening of Rs. 47.8 CR Jan Dhan accounts. The government will begin a Rs 2,200 billion Aatmanirbhar clean plan scheme.
24. 157 new nursing colleges will be built alongside medical institutions in key areas.
25. To promote young, beginning farmers, the agriculture credit objective would be doubled to Rs 20 lakh crore.
A digital platform for agriculture will be announced.
26. New age courses on AI and technology will be introduced in order to equip lakhs of youngsters over the course of three years through “Amrit Peedhi.” There will be 30 skilling centers established, and 47 lakh young people will also receive stipend support.
27. Physical and virtual connectivity, travel advisors, safety for tourists, and street food will all be available on an application.
28. 50 locations will be chosen for the ‘Dekho Apna Desh’ initiative’s tourist development in India.
29. A knowledge- and the technology-driven economy is what we envision.
30. Free food grain program for an additional year, ensuring that no one goes hungry during the covid years from January 2023.
(The IBC NewsTV team may have changed just the report’s headline and cover image; the remaining text was created automatically from a syndicated feed.)