BUDGET 2023 - QUICK GO POINTS

Budget 2023: New Tax Proposals Offer Relief, Simplified Returns, and Reduced Surcharge; Income Tax Exemption Limit Raised Budget 2023 introduces several tax proposals aimed at providing relief to taxpayers. The personal income tax rates are structured progressively, with no tax for income up to Rs 3 lakh and a maximum rate of 30% for income above Rs 15 lakh. The income tax exemption limit under the new regime is increased to Rs 7 lakh. The processing period for tax returns has significantly reduced, with 45% processed within 24 hours. New simplified Income Tax Return forms are introduced. The highest surcharge in the new regime is reduced from 37% to 25%. There are also customs duty reductions on certain mobile phone parts and kitchen chimneys, and a lower tax rate of 15% for new cooperative societies. (AI Summary)