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India Budget 2023 PDF download

1 year ago

India Budget 2023 PDF download. Union Finance Minister Nirmala Sitharaman on Wednesday presented the Union Budget 2023, the fifth budget of Modi 2.0. In the last full-fledged Budget before the general elections next year, Nirmala Sitharaman said that the Indian economy is on the right path and heading towards a bright future.

No changes in the old tax regime
New tax regime to become the default tax regime. However, citizens can opt for the old tax regime.
No tax on income up to Rs 7.5 lakh a year in new tax regime (with inclusion of standard deduction)
Govt proposes to reduce highest surcharge rate from 37% to 25% in new tax regime

New Income Tax Slabs Under New Tax Regimes

Rs 0-3 lakh: Nil
Rs 3-6 lakhs: 5%
Rs 6-9 lakhs: 10%
Rs 9-12 lakhs: 15%
Rs 12-15 lakhs: 20%
Rs Over 15 lakhs: 30%

An individual with annual income of Rs 9 lakh will have to pay only Rs 45,000 in taxes: FM Sitharaman
Income of Rs 15 lakh will fetch Rs 1.5 lakh tax, down from Rs 1.87 lakh
A Rs 50,000 standard deduction to taxpayers has been introduced under the new regime
Payment received from Agniveer Corpus Fund by Agniveers to be exempted
Tax exemption removed in insurance policies with premium over Rs 5 lakh
For online games, govt proposes to provide for TDS and taxability on net winnings at the time of withdrawal or at the end of fiscal
Tax exemption on leave encashment on retirement of non-government salaried employees hiked to Rs 25 lakh from Rs 3 lakh.
A higher limit of Rs 3 crore for TDS on cash withdrawal to be provided to co-operative societies.
Next-generation Common IT Return Form to be rolled out for tax payer convenience
Grievance redressal mechanism to be strengthen.
TDS rate to be reduced from 30 per cent to 20 per cent on taxable portion of EPF withdrawal in non-PAN cases.

Indirect Taxes

16% tax hike on certain cigarettes
New cooperatives that commence manufacturing till March, 2024 to get lower tax rate of 15%
Basic customs duty on crude, glycerine reduced to 2.5%.
Import duty on silver bars hiked to align it with gold, platinum
Extend customs duty cut on imports of parts of mobile phones by 1 year
To promote TV manufacturing, customs duty on open cells of TV panels reduced to 2.5%
Relief provided on Customs Duty on import of certain parts & inputs like camera lens
Concessional duty on lithium-ion cells for batteries extended for another year
Number of basic custom duty rates on goods other than textiles and agriculture reduced from 21 to 13. As a result, there are minor changes in taxes on some items toys, bicycles, automobiles.