Budget 2023 - Live commentary with the presentation of Budget by the FM in the Parliament 

• Appointment of 100 Joint Commissioners for the disposal of small cases.
• Leave encashment limit increased from 15 lakhs to 25 Lakhs
• Surcharge Rate - Higher Slab reduced from 37% to 25% 
• Salaries Persons - Tax benefit upto 52000 rupees
• New Tax Regime - Slabs of Rs. 3 Lakhs instead of 2.5 Lakhs
• New Slabs in  new tax regime 
  • Income upto Rs. 3 lakh - Nill
  • Income above Rs 3 lakh and up to Rs 5 lakh to be taxed at 5%
  • Income of above Rs 6 lakh and up to Rs 9 lakh to be taxed at 10%
  • Income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20%
  • Income above Rs 15 lakh to be taxed at Rs 30%.
• New Tax Regime - No Tax upto Rs. 7 lakhs 
• TDS rates for EPF withdrawals, market linked debentures reduced from 30% to 20% in case of non -PAN cases. 
• Rebate u/s 87A - income tax - upto Rs. 7 lakhs - No tax is payable
• Long Term Capital Gain exemption for residential properties qualifying u/s 54 and 54F increased to 10 cores
• Carry forward of losses - in case of start ups - increased to 10 years in case of change in shareholding 
• Cash Deposit limit for primary agriculture society members increased to Rs. 2 Lakhs per member.
• TDS on cash withdrawn by Co-operative Societies increased to 3 crores
• Relief to sugar cooperative societies for payment to sugar cane farmers for Rs.10K Crores for the period prior to Year 2016-17
• Increase turnover limit for presumptive taxation 
• 45% of return process within 24 hours
• Processing period of ITR reduced to 16 days only

 

• Compounded rubber BCD increase 10 % to 20 % upto 30Kg
• Reduce BCD on seeds as India has top diamond manufacture industries to promote employment. 
• Alcoholic use in industry exempt BCD
• Customs duty reduced on Certain Green Fuel 
• Chemical and petrochemicals industries - reduce on BCD on acid, and other chemicals etc
• Custom duty exemption for imports of Batteries for manufacturing industries
• Green mobility scheme - Exempt excise duty and GST on gas compressed in bottle and battery use in EV vehicle
• Customs Duties - Reduction in rates on various items - Reduced from 21 to 13% rate reduced BCD on goods other than Textile Industries and others
• Fiscal Deficit is estimated at 5.9% of GDP and estimated to reduced to the FY to 4.5 till 2025-26
• Fiscal Deficit of states increased from 3.5% to 4.6%
• Mahila samane bacht patra available up to March 2025 , which available in saving certificate @7.5% with partial withdrawal
• Sr.. Citizen scheme investment scheme increased from 15 lakhs to 30 lakhs
• Bank of India Act are being proposed
• Single window for IFSC, banking units. SEZ for services related to GST RBI and other compliance
• To simplify ease - to carry out comprehensive model by financial market
• Innovative use of Financial markets - revamping of credit facilities from 1 st April 2023
• Handicraft product and other states products for tourism purposes
• Unity mall setup by state government in state capital for tourism ,which available to one star one product
• To prefer domestic tourism over international tourism - for middle class
• 50 challenging destination will be added for tourism
• PM Kaushal Vikas yojona 4.0 to to skill 4 lakhs youth
• Replacing old polluting vehicles , vehicles scrapping policy - state will also supporting
• Vehicle replacement policy launch, old poluting vehicle scraps the old vehicle allocate fund by CG and support by SG along with SG ambulance
• Amrit drohar scheme for optimse use of wet land
• Nature Farming - 1 Crores farmers to adopt
• Gobardhan programme - 500 waste  to wet plant for biogas
• PM Pranam Scheme - for fertilizers and balance use of chemical in fertilizers
• Entity digi locker create for msme company and other corporate agecy for share documents to other government agency and banks
• E-courts for efficient administration of cases 700 crores
• Vivad se vishwas for MSME 95% forfeited amount will be return to them by govt
• Information of return filer ,with the permission of return filer may be share with other government agency
• PAN will be common identifier for all financial and government agencies 
• One stop solution for updating various KYC and other information through APP
• KYC policies will be simplify
• Digital India 
• Artificial Intelligence 
• Ease of doing Business - For than 39 compliance's have been reduced and various provisions have been decriminalized 
• Modi government ensure to transperant and smooth administrative department work for common people
• Under mission karma yogi - to provide opportunity to govt employees for enhancing skills
• Enhanced focus for scientific management for dry and wet waste
• 50 additional airports and helipads for regional air connectivity
• 50-year interest free loan to State governments extended for one more year
• Capital outlay - For Railway - 2.04 laksh cores - 9 times of budget of 2013-14
• Direct capital investments - 3.7 lakh crores which is 4.7% of GDP
• Capital Investment increased 33% to 10 Lakh Crores which is 3.3% of GDP
• Focus on investment and infrastructure 
• 740 Eklavya model schools - for serving 3 lakh tribal students
• To inculcate financial sector to age appropriate material for financial knowledge in those libraries.
• National digital library for children and adults for accessibility of education material physically and digitally
• National Children Libraries - Digital and Physical 
• Facilities of ICMR labs for research for public and pvt entities for encouraging collaborative developments
• Research for Medical tools / equipments 
• Big plan to open new medical centers / hospitals / labs and medical research facilities.
• Development and creation job - Promotion of tourism 
• PM Kaushal Yojana / Vishwakarma Scheme - weaker sections and small scale household skilled workers
• Significant improvement in sustainable growth / economic sustainability 
• 126 lakh crores UPI Payments
• 7400 crores digital payments
• Per capita income increased

New personal income tax structure revises thresholds and reliefs, altering surcharge, TDS and capital gains provisions. The budget restructures the personal income tax regime with higher tax free thresholds, reorganised slabs, a reduced top surcharge, expanded rebate provisions and modified TDS in non PAN cases; it increases specified limits for leave encashment and senior citizen schemes and extends start up loss carry forward relief upon change of shareholding while providing targeted LTGC exemptions for qualifying residential property disposals.