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Budget 2023-24
Dear All,
Let’s discuss Budget 2023-24
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5 Replies
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Ya, important 😀
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We will discuss tomorrow after Budget session.
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Yes there were changes in personal taxation, they again changed slabs and rates. Looks like beneficial for small tax payers. It also benefited the HNI assesses as surcharge being reduced.
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Key Direct Tax Proposals from FM’s Budget Speech
1) Lower tax rate for new cooperative societies – Benefit of lower tax rate of 15% to new cooperative societies
2) Surcharge rate reduced – The government has proposed to reduce the highest surcharge rate from 37% to 25% under new tax regime
3) New tax rates announced – The government has enhanced income tax exemption limit up to Rs 7 lakh under new tax regime, finance minister says
4) Aim to maintain continuity, further rationalisation of provisions.
5) Next generation ITR to be rolled out
6) Enhanced limits for presumptive taxation for MSMEs and Professionals at Rs. 3 cr & Rs.75 lacs turnover, respectively
7) New Cooperatives into manufacturing to enjoy lower tax rate of 15%
8) Relaxation in TDS on cash withdrawal in cooperative sector
9) Startups to be allowed carry forward of losses on change in shareholding for 10 years
10) Propose to deploy 100 Jt. Commissioners to reduce appeals pendency
11) Extends the date of incorporation for start ups for income-tax benefits upto Mar 31, 2024
12) Reducing litigations in income tax – 100 joint commissioner to dispose of pending appeals
13) Propose to limit capital gains exemption on investment in residential housing to Rs.10 Cr.
14) Online Gaming TDS threshold of Rs.10,000 to be removed
15) Extension of period for relocation of funds into IFSC upto Mar’25
16) EEE status to Agniveer Fund
17) Conversion of gold into electronic gold receipts and vice versa not to be treated as capital gains
18) 5 major announcements on Personal Income-tax: 1. Rebate limit increased to 7 Lakh INR in the New Tax Regime, 2. Proposes to reduce the number of slabs to 5 and increase the exemption limit to 3 Lakhs (0-3 lakhs – NIL, 3-6 lakhs 5%, 6-9 lakhs 10%, 9-12 lakhs 15%, 12-15 lakhs 20%, above 15 lakhs 30%)
19) Highest surcharge to be reduced from 37% to 25%, resultant reduction in MMR to 39%
20) New income tax regime to become default tax regime but taxpayers allowed to take benefit of the old regime
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