Budget -2023

 CUSTOM DUTY HIKED ON GOLD, SILVER ARTICLES

💥Tax Proposals in thr Finance Minister speech in Budget 2023*

*Indirect Taxes*

1. Customs duty on goods of textiles, toys, bicycle reduced from 21 to 13%

2. To promote Green Mobility - basic customs duty concession for lithium ion battery

3. To promote Electronics manufacture- relief on customs duty for camera lens and lithium battery  

4. Television - TV panels customs duty reduced

5. Electric kitchen chimney to reduce inverted duty structure from 7.5 to 15 percent

6. Benefit for ethanol blending program and acid program and epichlorohydrine

7  Marine Products- to promote exports - shrimps, etc. Duty on shrimpfeed reduced

8. Basic Customs duty reduced for seeds in manufacture for diamonds

9. Customs duty to increase in silver bars

10. Steel - concessional customs duty on  steel and ferrous products 

11. Copper - concessional customs duty on copper

12. Rubber - concessional customs duty on rubber

13. Cigarettes - increased tax 

*Direct Taxes*

1. Common IT form and grievance redressal system

2. MSME - avail benefit of presumptive taxation increased to 44AD to 3 crores

Professionals u/s 44ADA - 75 lakhs 

Provided receipt in cash doesn't exceed 5%

3. TDS only on payment for deduction

4.  Co-operatives tax -15%

Higher limit of 2 lakh per member for cash deposit in agricultural banks

Higher limit of Rs. 3 crores on TDS for cooperative societies

5. Startups

To avail startup benefits from 31-03-2023 to 31-03-2024

6. 100 new joint commissioners for appeal

7. S.54 to S.54F capped at 10 crores

8. TDS on Online gaming - 

9. TDS 30% to 20% on taxable portion of EPF

10. Extending funds for GIFT and IFSC

*Personal Income Tax*

1. Rebate for income upto 7 lakhs u/s 87A in the new tax regime

2. New tax regime from

0-3 lakhs nil

3-6 lakhs- 5%

6-9 lakhs 10%

9-12 lakhs 15%

12-15 lakhs  20%

Above 15 lakhs- 30 %

3. Standard deduction for new tax regime for Rs. 15.5 lakhs or more -52,500

4. Reduction of highest surcharge from 37% to 25% on new income tax regime

5. Limit on tax exemption for leave encashment is increased from 3,00,000 to 25,00,000

6. New income tax regime default regime