FM MS NIRMALA SITHARAMAN
|
UNION BUDGET 2023
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UNION BUDGET2023 - FOR FY 2023-24
INCOME TAX SLABS FOR FY 2023 -24 UNDER NEW REGIME
AS per budget speech delivered by FM :
1. Upto Rs.3,00,000 Nil
2. From Rs.3,00,001 to Rs.6,00,000 5 per cent.
3. From Rs.6,00,001 to Rs.9,00,000 10 per cent.
4. From Rs.9,00,001 to Rs.12,00,000 15 per cent.
5. From Rs.12,00,001 to Rs.15,00,000 20 per cent.
6. Above Rs.15,00,000 30 per cent.”;
a Tax rebate under Section 87 A is allowed up to an income of Rs 7. lakhs
b . Standard Deduction of Rs 50,000 allowed on salaries / pension
AS per budget speech delivered by FM :
1. Upto Rs.3,00,000 Nil
2. From Rs.3,00,001 to Rs.6,00,000 5 per cent.
3. From Rs.6,00,001 to Rs.9,00,000 10 per cent.
4. From Rs.9,00,001 to Rs.12,00,000 15 per cent.
5. From Rs.12,00,001 to Rs.15,00,000 20 per cent.
6. Above Rs.15,00,000 30 per cent.”;
a Tax rebate under Section 87 A is allowed up to an income of Rs 7. lakhs
b . Standard Deduction of Rs 50,000 allowed on salaries / pension
FINANCE MINISTER'S BUDGET SPEECH :
HIGHLIGHTS : INCOME TAX LIMIT ENHANCED TO RS 7 LAKHS FROM EXISTING 5 LAKHS
Dated 01.02.2023 : Finance Minister Smt. Nirmala Sitharaman was scheduled to present the Union Budget for FY 2023-24 today at 11.am .
1. FM Smt. Nirmala Sitharaman began her budget speech as scheduled .
2. FM enlisted the following priorities :
1) Inclusive Development
2) Reaching the Last Mile
3) Infrastructure and Investment
4) Unleashing the Potential
5) Green Growth
6) Youth Power
7) Financial Sector
3. The agriculture credit target will be increased to `Rs 20 lakh crore with focus on animal husbandry, dairy and fisheries.
4. Capital investment outlay is being increased steeply for the third year in a row by 33 per cent to ` 10 lakh crore, which would be 3.3 per cent of GDP.
5. A National Digital Library for children and adolescents will be set-up for facilitating availability of quality books across geographies, languages, genres and levels, and device agnostic accessibility.
6. The outlay for PM Awas Yojana is being enhanced by 66 per cent to over Rs 79,000 crore.
7. The KYC process will be simplified adopting a ‘risk-based’ instead of ‘one size fits all’ approach. The financial sector regulators will also be 15 encouraged to have a KYC system fully amenable to meet the needs of Digital India.
8. For the business establishments required to have a Permanent Account Number (PAN), the PAN will be used as the common identifier for all digital systems of specified government agencies. T
9 . Credit Guarantee Corporation will be provided additional funding of Rs 9,000 crores .
10. The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from Rs 15 lakh to Rs 30 lakh.
11. The maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for single account and from `Rs9 lakh to Rs 15 lakh for joint account.
12. Banking Act will be amended .
13 . The Revised Estimate of the total receipts other than borrowings is `Rs 24.3 lakh crore, of which the net tax receipts are Rs` 20.9 lakh crore. The Revised Estimate of the total expenditure is Rs41.9 lakh crore, of which the capital expenditure is about ` 7.3 lakh crore.
14 . For FY 2023-24, the total receipts other than borrowings and the total expenditure are estimated at Rs 27.2 lakh crore and Rs 45 lakh crore respectively. The net tax receipts are estimated at `Rs 23.3 lakh crore.
15. Indirect tax : Custom tax slabs will be reduced to 13 from 21 .
DIRECT TAX :
16 . A cap of Rs 10 crores is proposed for deduction from capital gains on investment in residential house under sections 54 and 54F . Another proposal with similar intent is to limit income tax exemption from proceeds of insurance policies with very high value.
17. Direct Tax : Common IT Return forms will be introduced
18. Following measures proposed
a. Removing the minimum threshold of ` 10,000/- for TDS and clarifying taxability relating to online gaming;
b. Not treating conversion of gold into electronic gold receipt and vice versa as capital gain;
c. Reducing the TDS rate from 30 per cent to 20 per cent on taxable portion of EPF withdrawal in non-PAN cases;
d. Taxation on income from Market Linked Debentures.
19. Currently, those with income up to Rs 5 lakh do not pay any income tax in both old and new tax regimes. FM proposed to increase the rebate limit to Rs 7 lakh in the new tax regime. Thus, persons in the new tax regime, with income up to Rs 7 lakh will not have to
pay any tax.
20 . NEW TAX SLABS UNDER NEW TAX REGIME
1. Upto Rs.3,00,000 Nil
2. From Rs.3,00,001 to Rs.6,00,000 5 per cent.
3. From Rs.6,00,001 to Rs.9,00,000 10 per cent.
4. From Rs.9,00,001 to Rs.12,00,000 15 per cent.
5. From Rs.12,00,001 to Rs.15,00,000 20 per cent.
6. Above Rs.15,00,000 30 per cent.”;
a Tax rebate under Section 87 A is allowed up to an income of Rs 7. lakhs
b . Standard Deduction of Rs 50,000 allowed on salaries / pension
C . To reduce the highest surcharge rate from 37 per cent to 25 per cent in the new tax regime
21. Cash Deposits up to Rs 2 lakhs allowed for farmers toWards loan repayment in co-operative societies / rural banks .
22. NEW TAX REGIME WILL BE STANDARD TAX REGIME . However old tax regime will be permitted as optional .
23. For commemorating Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025. This will offer deposit facility upto `Rs 2 lakh in the name of women or girls for a tenor of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option.
24. The limit of Rs 3 lakh for tax exemption on leave encashment on retirement of non-government salaried employees will be enhanced to Rs 25 lakhs .
To go through Finance Bill 2023 , CLICK HERE To read FM Speech , CLICK HERE
HIGHLIGHTS : INCOME TAX LIMIT ENHANCED TO RS 7 LAKHS FROM EXISTING 5 LAKHS
Dated 01.02.2023 : Finance Minister Smt. Nirmala Sitharaman was scheduled to present the Union Budget for FY 2023-24 today at 11.am .
1. FM Smt. Nirmala Sitharaman began her budget speech as scheduled .
2. FM enlisted the following priorities :
1) Inclusive Development
2) Reaching the Last Mile
3) Infrastructure and Investment
4) Unleashing the Potential
5) Green Growth
6) Youth Power
7) Financial Sector
3. The agriculture credit target will be increased to `Rs 20 lakh crore with focus on animal husbandry, dairy and fisheries.
4. Capital investment outlay is being increased steeply for the third year in a row by 33 per cent to ` 10 lakh crore, which would be 3.3 per cent of GDP.
5. A National Digital Library for children and adolescents will be set-up for facilitating availability of quality books across geographies, languages, genres and levels, and device agnostic accessibility.
6. The outlay for PM Awas Yojana is being enhanced by 66 per cent to over Rs 79,000 crore.
7. The KYC process will be simplified adopting a ‘risk-based’ instead of ‘one size fits all’ approach. The financial sector regulators will also be 15 encouraged to have a KYC system fully amenable to meet the needs of Digital India.
8. For the business establishments required to have a Permanent Account Number (PAN), the PAN will be used as the common identifier for all digital systems of specified government agencies. T
9 . Credit Guarantee Corporation will be provided additional funding of Rs 9,000 crores .
10. The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from Rs 15 lakh to Rs 30 lakh.
11. The maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for single account and from `Rs9 lakh to Rs 15 lakh for joint account.
12. Banking Act will be amended .
13 . The Revised Estimate of the total receipts other than borrowings is `Rs 24.3 lakh crore, of which the net tax receipts are Rs` 20.9 lakh crore. The Revised Estimate of the total expenditure is Rs41.9 lakh crore, of which the capital expenditure is about ` 7.3 lakh crore.
14 . For FY 2023-24, the total receipts other than borrowings and the total expenditure are estimated at Rs 27.2 lakh crore and Rs 45 lakh crore respectively. The net tax receipts are estimated at `Rs 23.3 lakh crore.
15. Indirect tax : Custom tax slabs will be reduced to 13 from 21 .
DIRECT TAX :
16 . A cap of Rs 10 crores is proposed for deduction from capital gains on investment in residential house under sections 54 and 54F . Another proposal with similar intent is to limit income tax exemption from proceeds of insurance policies with very high value.
17. Direct Tax : Common IT Return forms will be introduced
18. Following measures proposed
a. Removing the minimum threshold of ` 10,000/- for TDS and clarifying taxability relating to online gaming;
b. Not treating conversion of gold into electronic gold receipt and vice versa as capital gain;
c. Reducing the TDS rate from 30 per cent to 20 per cent on taxable portion of EPF withdrawal in non-PAN cases;
d. Taxation on income from Market Linked Debentures.
19. Currently, those with income up to Rs 5 lakh do not pay any income tax in both old and new tax regimes. FM proposed to increase the rebate limit to Rs 7 lakh in the new tax regime. Thus, persons in the new tax regime, with income up to Rs 7 lakh will not have to
pay any tax.
20 . NEW TAX SLABS UNDER NEW TAX REGIME
1. Upto Rs.3,00,000 Nil
2. From Rs.3,00,001 to Rs.6,00,000 5 per cent.
3. From Rs.6,00,001 to Rs.9,00,000 10 per cent.
4. From Rs.9,00,001 to Rs.12,00,000 15 per cent.
5. From Rs.12,00,001 to Rs.15,00,000 20 per cent.
6. Above Rs.15,00,000 30 per cent.”;
a Tax rebate under Section 87 A is allowed up to an income of Rs 7. lakhs
b . Standard Deduction of Rs 50,000 allowed on salaries / pension
C . To reduce the highest surcharge rate from 37 per cent to 25 per cent in the new tax regime
21. Cash Deposits up to Rs 2 lakhs allowed for farmers toWards loan repayment in co-operative societies / rural banks .
22. NEW TAX REGIME WILL BE STANDARD TAX REGIME . However old tax regime will be permitted as optional .
23. For commemorating Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025. This will offer deposit facility upto `Rs 2 lakh in the name of women or girls for a tenor of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option.
24. The limit of Rs 3 lakh for tax exemption on leave encashment on retirement of non-government salaried employees will be enhanced to Rs 25 lakhs .
To go through Finance Bill 2023 , CLICK HERE To read FM Speech , CLICK HERE
HALWA CEREMONY CELEBRATED :
Dated 27.01.2023 : The Halwa ceremony, marking the final stage of the Budget preparation process for Union Budget 2023-24, was held yesterday afternoon, in the presence of Finance Minister Smt. Nirmala Sitharaman .
A customary Halwa ceremony is performed every year before the “lock-in” process of Budget preparation begins .
All the 14 Union Budget documents, including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution, will available on the “Union Budget Mobile App” for hassle-free access of Budget documents by Members of Parliament (MPs) and the general public using the simplest form of digital convenience. It is bilingual (English & Hindi) and will be available on both Android and iOS platforms. The App can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in).
The Budget documents will be available on the Mobile App after the completion of the Budget Speech by the Finance Minister in Parliament on 1st February, 2023.
Dated 27.01.2023 : The Halwa ceremony, marking the final stage of the Budget preparation process for Union Budget 2023-24, was held yesterday afternoon, in the presence of Finance Minister Smt. Nirmala Sitharaman .
A customary Halwa ceremony is performed every year before the “lock-in” process of Budget preparation begins .
All the 14 Union Budget documents, including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution, will available on the “Union Budget Mobile App” for hassle-free access of Budget documents by Members of Parliament (MPs) and the general public using the simplest form of digital convenience. It is bilingual (English & Hindi) and will be available on both Android and iOS platforms. The App can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in).
The Budget documents will be available on the Mobile App after the completion of the Budget Speech by the Finance Minister in Parliament on 1st February, 2023.
MOF INVITES YOUR SUGGESTIONS :
Dated 26.11.2022 : As done every year , Ministry of Finance has invited suggestions from the public for the preparation of Union Budget 2023 . One can visit the website of the Government of India by clicking here and log-in to the website by quoting e-mail / mobile number and OTP received .
The last date to submit te suggestion is 10th December 2022.
Dated 26.11.2022 : As done every year , Ministry of Finance has invited suggestions from the public for the preparation of Union Budget 2023 . One can visit the website of the Government of India by clicking here and log-in to the website by quoting e-mail / mobile number and OTP received .
The last date to submit te suggestion is 10th December 2022.
PRE -BUDGET CONSULTATIONS :
Dated 21.11.2022 : Finance Minister Smt. Nirmala Sitharaman will start her Pre-Budget consultations with different stakeholder Groups from today , 21st November 2022 in New Delhi in connection with the forthcoming General Budget 2023-24. The meetings are held virtually. It will be her 1st Pre-Budget consultations for the budget to be presented in the February next year .
Update : The first meeting was held with the captains of industry & experts of infrastructure & climate change today . The meeting in the morning was attended by Union Minister of State for Finance Pankaj Chaudhary & Dr Bhagwat Kishanrao Karad . The meeting was also attended by; Finance Secretary Dr T.V. Somanathan; Secretaries of DEA, , and CEA Dr Anantha Nageswaran .
The second meeting was held in the afternoon with second group of captains of industry & experts of infrastructure & climate change
UPDATE OF 22.11.2022 : The third meeting was held today with experts in Agriculture and representatives of Agro-processing industry in New Delhi .
UPDATE OF 24.11.2022 : The pre-budget consultations are continuing . The fourth meeting was held on 22.11.2022 with experts of Financial sector and Capital markets . The 5th meeting was held today with the experts in Service and trade .
UPDATE OF 25.11.2022 : Union Finance Minister today held a meeting with the Finance Ministers of all States and Union Territories (with legislature) for taking their inputs and suggestions for the upcoming UnionBudget 2023-24, in New Delhi, today.
UPDATE OF 28.11.2022 : The pre-budget consultations are continuing . The seventh meeting was held today with the labour organizations .
UPDATE OF 29.11.2022 : The pre-budget consultations ended yesterday after the eigth meeting held with the senior economists .
Dated 21.11.2022 : Finance Minister Smt. Nirmala Sitharaman will start her Pre-Budget consultations with different stakeholder Groups from today , 21st November 2022 in New Delhi in connection with the forthcoming General Budget 2023-24. The meetings are held virtually. It will be her 1st Pre-Budget consultations for the budget to be presented in the February next year .
Update : The first meeting was held with the captains of industry & experts of infrastructure & climate change today . The meeting in the morning was attended by Union Minister of State for Finance Pankaj Chaudhary & Dr Bhagwat Kishanrao Karad . The meeting was also attended by; Finance Secretary Dr T.V. Somanathan; Secretaries of DEA, , and CEA Dr Anantha Nageswaran .
The second meeting was held in the afternoon with second group of captains of industry & experts of infrastructure & climate change
UPDATE OF 22.11.2022 : The third meeting was held today with experts in Agriculture and representatives of Agro-processing industry in New Delhi .
UPDATE OF 24.11.2022 : The pre-budget consultations are continuing . The fourth meeting was held on 22.11.2022 with experts of Financial sector and Capital markets . The 5th meeting was held today with the experts in Service and trade .
UPDATE OF 25.11.2022 : Union Finance Minister today held a meeting with the Finance Ministers of all States and Union Territories (with legislature) for taking their inputs and suggestions for the upcoming UnionBudget 2023-24, in New Delhi, today.
UPDATE OF 28.11.2022 : The pre-budget consultations are continuing . The seventh meeting was held today with the labour organizations .
UPDATE OF 29.11.2022 : The pre-budget consultations ended yesterday after the eigth meeting held with the senior economists .
UNION BUDGET 2022 - HIGHLIGHTS : NO CHANGE IN INCOME TAX SLABS / RATES
01.02.2022
1. Finance Minister Ms Nirmala Sitharaman presented the Union budget for the next financial year 2022-23 ( April 2022 to March 2023 to the parliament today morning
2. She says " Indian growth to be at 9.2 % , highest in the world ".
3. Strategic Sale of Air India has been completed . The strategic partner for NINL (Neelanchal Ispat Nigam Limited) has been selected. The public issue of the LIC is expected shortly. Others too are in the process for 2022-23.
4. PM Gatishakthi will fuel the economic growth
Roads ,Railways ,Airports , Ports , Mass transport , Waterways , Logistics infra are the components of Gathishakthi
5. FM outlines Health management scheme , Nari shakthi programme
6. Anganwadis to be strengthened .
7. North East India will be developed - Rs 1,500 crore to be spent
8. Aim to boost Digital banking . Fintech ideas - 75 Digital banking units to be opened
9. 1486 Union Laws repealed .
10. E-Passports will be rolled out in Fy 22-23
11. 3 lakh crores for development of hospiytality sector
12. 60 lakh jobs will be created in next 5 years .
13. 1460 crores for Hydro & solar projects .
14. End to end E-Bill system will be introduced
15. 48000 crores for Housing schemes
16. All post offices will be connected digitally
17. 5G spectrum will be auctioned in 2022
18. CAPITAL EXPENDITURE OUTLAY WILL BE 7.50 LAKH CRORES FOR FY 22-23
-An increase of 35 % over the last year the outlay for capital expenditure in the Union Budget is once again being stepped up sharply by 35.4 per cent from ` 5.54 lakh crore in the current year to ` 7.50 lakh crore in 2022-23. This has increased to more than 2.2 times the expenditure of 2019-20. This outlay in 2022-23 will be 2.9 per cent of GDP.
19. Green bonds will be issued
20 . Digital Currency will be introduced by using blockchain model and will issued by RBI in fy 22-23 .
21 . Income Tax payers can submit updated return till completion of of 2 years of the relevant year after submission on payment of additional tax
22. Direct tax system will be reformed .
23. Crypto currencies to be taxed at 30 % of income , without allowing any rebates on any expenditure except cost of acquisition .
24. Cryptocurrency losses cannot be adjusted against any other income .
25. Tax to be paid by the receiver of Cryptocurrencies as gift .
( FM on virtual currencies " Accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent. No deduction in respect of any expenditure or allowance shall be allowed while computing such income except cost of acquisition. Further, loss from transfer of virtual digital asset cannot be set off against any other income. Further, in order to capture the transaction details, I also propose to provide for TDS on payment made in relation to transfer of virtual digital asset at the rate of 1 per cent of such consideration above a monetary threshold. Gift of virtual digital asset is also proposed to be taxed in the hands of the recipient. " )
FISCAL MANAGEMENT :
Coming to the Budget Estimates, the total expenditure in 2022-23 is estimated at ` 39.45 lakh crore, while the total receipts other than borrowings are estimated at ` 22.84 lakh crore. 118. The revised Fiscal Deficit in the current year is estimated at 6.9 per cent of GDP as against 6.8 per cent projected in the Budget Estimates. The Fiscal Deficit in 2022-23 is estimated at 6.4 per cent of GDP, which is consistent with the broad path of fiscal consolidation announced by me last year to reach a fiscal deficit level below 4.5 per cent by 2025-26. While setting the fiscal deficit level in 2022-23 .
Finance Minister Ms Nirmala Sitharaman didn't announce any change in income tax slabs and rates for individual in the year Fy 22-23
TO READ COMPLETE BUDGET SPEECH , CLICK HERE
01.02.2022
1. Finance Minister Ms Nirmala Sitharaman presented the Union budget for the next financial year 2022-23 ( April 2022 to March 2023 to the parliament today morning
2. She says " Indian growth to be at 9.2 % , highest in the world ".
3. Strategic Sale of Air India has been completed . The strategic partner for NINL (Neelanchal Ispat Nigam Limited) has been selected. The public issue of the LIC is expected shortly. Others too are in the process for 2022-23.
4. PM Gatishakthi will fuel the economic growth
Roads ,Railways ,Airports , Ports , Mass transport , Waterways , Logistics infra are the components of Gathishakthi
5. FM outlines Health management scheme , Nari shakthi programme
6. Anganwadis to be strengthened .
7. North East India will be developed - Rs 1,500 crore to be spent
8. Aim to boost Digital banking . Fintech ideas - 75 Digital banking units to be opened
9. 1486 Union Laws repealed .
10. E-Passports will be rolled out in Fy 22-23
11. 3 lakh crores for development of hospiytality sector
12. 60 lakh jobs will be created in next 5 years .
13. 1460 crores for Hydro & solar projects .
14. End to end E-Bill system will be introduced
15. 48000 crores for Housing schemes
16. All post offices will be connected digitally
17. 5G spectrum will be auctioned in 2022
18. CAPITAL EXPENDITURE OUTLAY WILL BE 7.50 LAKH CRORES FOR FY 22-23
-An increase of 35 % over the last year the outlay for capital expenditure in the Union Budget is once again being stepped up sharply by 35.4 per cent from ` 5.54 lakh crore in the current year to ` 7.50 lakh crore in 2022-23. This has increased to more than 2.2 times the expenditure of 2019-20. This outlay in 2022-23 will be 2.9 per cent of GDP.
19. Green bonds will be issued
20 . Digital Currency will be introduced by using blockchain model and will issued by RBI in fy 22-23 .
21 . Income Tax payers can submit updated return till completion of of 2 years of the relevant year after submission on payment of additional tax
22. Direct tax system will be reformed .
23. Crypto currencies to be taxed at 30 % of income , without allowing any rebates on any expenditure except cost of acquisition .
24. Cryptocurrency losses cannot be adjusted against any other income .
25. Tax to be paid by the receiver of Cryptocurrencies as gift .
( FM on virtual currencies " Accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent. No deduction in respect of any expenditure or allowance shall be allowed while computing such income except cost of acquisition. Further, loss from transfer of virtual digital asset cannot be set off against any other income. Further, in order to capture the transaction details, I also propose to provide for TDS on payment made in relation to transfer of virtual digital asset at the rate of 1 per cent of such consideration above a monetary threshold. Gift of virtual digital asset is also proposed to be taxed in the hands of the recipient. " )
FISCAL MANAGEMENT :
Coming to the Budget Estimates, the total expenditure in 2022-23 is estimated at ` 39.45 lakh crore, while the total receipts other than borrowings are estimated at ` 22.84 lakh crore. 118. The revised Fiscal Deficit in the current year is estimated at 6.9 per cent of GDP as against 6.8 per cent projected in the Budget Estimates. The Fiscal Deficit in 2022-23 is estimated at 6.4 per cent of GDP, which is consistent with the broad path of fiscal consolidation announced by me last year to reach a fiscal deficit level below 4.5 per cent by 2025-26. While setting the fiscal deficit level in 2022-23 .
Finance Minister Ms Nirmala Sitharaman didn't announce any change in income tax slabs and rates for individual in the year Fy 22-23
TO READ COMPLETE BUDGET SPEECH , CLICK HERE
SYNOPSIS OF BUDGET 2021 IS GIVEN BELOW :
HIGHLIGHTS OF THE BUDGET SPEECH DELIVERED IN 01.02.2021 : NO CHANGE IN INCOME TAX RATES / CORPORATE TAX
1. Finance Minister Ms Nirmala Sitharaman has begun her third presentation of union Budget for Fy 2021-22 at the scheduled time of 11.00 am today .
2. Rs 35,000 crores allotted for Covid Vaccine . New health infra scheme with higher outlay of Rs 61,000 crore .
3. capital expenditure up +34.5% against previous year at Rs 5.54 lakh crore.
4. Government to set-up a Development Finance Institution (DFI), with Rs 20,000 crore capitalization .
5. Investor charter to be announced .
6. Insurance act to be amended which allows more FDI in insurance companies .
7. Asset reconstruction company will be started .
8. Consolidate provisions of SEBI Act, Depositories Act, Securities Contracts Regulation Act, Government Securities Act will come under security code .
9 . To revise definition under Companies Act, 2013 for small companies by increasing their threshold for capitalization to not exceeding Rs 50 lakh to n Rs 2 crore and turnover not exceeding Rs 2 crore to Rs 20 crore.
10 . To privatise 2 Public Sector banks, one general insurance company in FY22: .
11. Rs 20,000 crore for bank recapitalisation .
12. Re-assessment of IT RETURNS ONLY WITHIN 3 YEARS .
13 . FY21 fiscal deficit at 9.5 Rs 35,000 crores .
14. Pensioners who have income of pension and interest only and over 75 years of age are exempt from filing IT returns .
15 . Pre-filled tax forms will include capital gain , dividend income and interest income from banks , post offices .
16. Review of custom duty structure and new system from 01.10.2021 .
17 . Extension of tax holiday for start-ups by one more year.
18 . Govt to extend eligibility of erstwhile tax benefit on home loan up to 31.03 2022
19. To establish a National Faceless Income Tax Appellate Tribunal Centre
TO READ FM'S BUDGET SPEECH IN ENGLISH , CLICK HERE
EARLIER BUDGET PRESENTATION OF MS NIRMALA SITHARAMAN
HIGHLIGHTS OF UNION BUDGET 20-21 PRESENTED BY FM NIRMALA SITHARAMAN
HIGHLIGHTS OF THE PROPOSALS FOR FINANCIAL YEAR 2020-21 IN HER SPEECH
1. Ms Nirmala Sitharaman delivered her second presentation of union Budget for Fy 2020-21 at the scheduled time of 11.00 am on 01.02.2020
2. Allocations : Rs 20,000 crores for renewable energy sector , Rs 1.00 lakh crores for education , Rs 69,000 crores for Health Care sector
3. Tax Payer's charter will be introduced in statute .
4. National recruitment Agency will be instituted for common entrance to bank jobs and non-gazetted posts in the government .
5. FM assures that Depositor's money would be safe .
5. DICGC INSURANCE WILL BE INCREASED TO RS 5.00 LAKHS FROM EXISTING RS 1.00 LAKH
6. Holding Company for LIC will be established via IPO
7. FISCAL DEFICIT FOR 2019-20 ESTIMATED AT 3.8 % AGAINST EARLIER COMMITMENT OF 3.3 %
DIRECT TAX :
8. SIMPLIFIED INDIVIDUAL TAX REGIME WILL BE INTRODUCED .
PROVIDED YOU FORGO EXEMPTIONS AND RELIEFS ,
9 . NO CHANGE AT 5 % FROM RS 2,50,000 RS 5 .00 LAKHS
10 INCOME TAX AT 10 % BETWEEN 5 LAKHS AND RS 7.5 LAKHS
11 INCOME TAX AT 15 % BETWEEN 7.5 LAKHS AND RS 10 LAKHS
12. INCOME TAX AT 2O % BETWEEN 10 LAKHS AND RS 12.5 LAKHS
13 . INCOME TAX AT 25 % BETWEEN 12.5 LAKHS AND RS 15 LAKHS
( WE ARE AWAITING FOR CLARIFICATION ON WHICH EXEMPTION AND RELIEF TO BE FOREGONE )
14. PRE-FILLED ITR FORMS WILL BE MADE AVAILABLE
15. Dividend Distribution Tax removed , but dividends to be added to individual incomes
16. PAN will be allotted on line on the basis of Aadhaar
17 . IF YOU DON'T WANT FORGO RELIEFS AND EXEMPTIONS , YOU CAN CONTINUE WITH OLD SLABS .
TO READ FINANCE BILL , CLICK HERE TO READ FM SPEECH , CLICK HERE
FOR KEY FEATURES OF THE BUDGET , CLICK HERE
New Updated Article
TAX PLANNING FOR FY 2022-23 ( AY 2023-24 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
TAX PLANNING FOR FY 2022-23 ( AY 2023-24 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
REVISED UNION BUDGET 2019 -20
HIGHLIGHTS OF REVISED BUDGET PROPOSAL FOR FY 20219-20 MADE BY MS NIRMALA SEETHARAMAN , NEW FM ON 05.07.2019
1. FM began her maiden budget speech at 11.00 am .
2. Indian economy will be $3 trillion economy this year itself
3. Public - private partnership for improving rail tracks .
4. By 2022 , all rural houses will have electric connection and LPG connection .
5. Labour laws to be transferred to 4 labour codes .
6. Rs 70,000 crores capital infusion for PSBs .
7. RBI will be regulator of housing finance sector instead of NHB
8 Rs 1.05 lakh crore will be disinvested in FY 2019-20
9 . Corporate tax at 25 % for companies with turnover less than Rs 400 crores
10. Rs 1.5 lakhs of Income tax exempted on interest on loan for EV
11. PAN and Aadhaar will be interchangeable
12. Rs 1.5 lakhs of Income tax additionally exempted on interest on housing loan under affordable housing costing up to Rs 45 lakhs ( making it total of Rs 3.5 lakhs )
13. Excise Duty on Fuels like petrol and Diesel hiked by Rs 1 per litre
14. No change in Income tax slabs
15 . Custom Duty om Gold and Jewelry increased from 10 % to 12.5 %
16 . 2 % TDS levy on cash withdrawal over Rs 1.00 crore for business payments .
17 . Surcharge on Income tax increased for persons with income above Rs 2 crore pa with 3 % for slab between Rs 2 cr to Rs 5 .00 cr and 7% beyond .
18 . MDR charges to be waived for cashless payments
19. Aadhaar Cards for NRIs on arrival in India
TO READ COMPLETE SPEECH , CLICK HERE
2. Indian economy will be $3 trillion economy this year itself
3. Public - private partnership for improving rail tracks .
4. By 2022 , all rural houses will have electric connection and LPG connection .
5. Labour laws to be transferred to 4 labour codes .
6. Rs 70,000 crores capital infusion for PSBs .
7. RBI will be regulator of housing finance sector instead of NHB
8 Rs 1.05 lakh crore will be disinvested in FY 2019-20
9 . Corporate tax at 25 % for companies with turnover less than Rs 400 crores
10. Rs 1.5 lakhs of Income tax exempted on interest on loan for EV
11. PAN and Aadhaar will be interchangeable
12. Rs 1.5 lakhs of Income tax additionally exempted on interest on housing loan under affordable housing costing up to Rs 45 lakhs ( making it total of Rs 3.5 lakhs )
13. Excise Duty on Fuels like petrol and Diesel hiked by Rs 1 per litre
14. No change in Income tax slabs
15 . Custom Duty om Gold and Jewelry increased from 10 % to 12.5 %
16 . 2 % TDS levy on cash withdrawal over Rs 1.00 crore for business payments .
17 . Surcharge on Income tax increased for persons with income above Rs 2 crore pa with 3 % for slab between Rs 2 cr to Rs 5 .00 cr and 7% beyond .
18 . MDR charges to be waived for cashless payments
19. Aadhaar Cards for NRIs on arrival in India
TO READ COMPLETE SPEECH , CLICK HERE
Union Budget 2019-20: Press Conference by Finance Minister Nirmala Sitharaman & MoS Anurag Thakur will be on 05.07.2019 at 2.00 PM
HIGHLIGHTS OF THE BUDGET PROPOSALS PRESENTED BY MR PIYUSH GOYAL ON 01.02.2019
To read Budget Proposals of Earlier years , CLICK HERE
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