Finance Minister Mrs. Nirmala Sitharaman has started presenting the budget 2023 today i.e. 01.02.2023 in parliament at 11:00 am today.
PAN will be made the single business Identifier in India.
Stay tuned for regular updates in Direct Tax and Indirect Tax:
Income tax Updates:
6.5 crore returns filed during last year.
Average processing days reduced to 16 days from 93 days.
Common IT return form will be introduced.
Increase limits of 3 crore from 2 crore u/s 44AD and from 50 lakh to 75 lakh u/s 44ADA.
New corporation who starts manufacturing before 31.03.2024 will get benefit of 15% lower tax rate.
2 lakh limit per member for cash deposit and loan deposit to primary agricultural society and bank.
Start-up: Incorporation date increased from 31.03.2023 to 31.03.2024 for tax exemption benefit.
100 Joint commissioner will dispose appeals on behalf of CIT(A).
Deduction from capital gain capped at 10 crore u/s 54 and 54F.
Personal Income tax:
5 major announcements:
1. Rebate limit increased to 7 lakh u/s 87A in new regimes.
2. Tax structure in new regime changed: 0-3 lakh nil tax, 3-6 lakh tax at 5%, 6-9 lakh income 10%, 9-12 lakh income 15%, 12-15 lakh income 20% and above 15 lakh 30%.
3. Salaried employee will get standard deduction of Rs. 52500 in new regime.
4. Highest surcharge rate reduced to 25% from 37% in new tax regime hence highest tax rate will be 39% in new regime.
5. Leave encashment limit increased to 25 lakh for government employees.
New tax regime will be default and assessee can choose for old tax regime.
No changes in old regime.
Fewer tax rates will be announced. Custom rates will be reduced from 21% to 13% except some industry.
Custom duty exempt on import of machine required to produce Lithium ion battery.
Relief on custom duty on import of certain part and input such as camera Lense etc used in manufacturing mobile phone.
Reduce basic custom duty on seeds used in diamonds production.
Duty on cigarettes increased by 16%.
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