{"id":441,"date":"2023-02-01T12:28:45","date_gmt":"2023-02-01T12:28:45","guid":{"rendered":"http:\/\/sdy.co.in\/blog\/?p=441"},"modified":"2023-02-01T12:41:07","modified_gmt":"2023-02-01T12:41:07","slug":"budget-2023-highlights-a-big-step-towards-establishing-the-alternative-tax-regime","status":"publish","type":"post","link":"http:\/\/sdy.co.in\/blog\/budget-2023-highlights-a-big-step-towards-establishing-the-alternative-tax-regime\/","title":{"rendered":"Budget 2023 Highlights : A big step towards establishing the Alternative Tax Regime"},"content":{"rendered":"\n
\"\"
The last full budget of the erstwhile BJP Government<\/figcaption><\/figure>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

Saptarshi is the buzzword for the Modi Government 2023 Budget<\/p>\n\n\n\n

<\/p>\n\n\n\n

1. Inclusive development<\/p>\n\n\n\n

2. Infrastructure growth<\/p>\n\n\n\n

3. Green Growth<\/p>\n\n\n\n

4. Governance focus<\/p>\n\n\n\n

5. Youth Power<\/p>\n\n\n\n

6. Financial Empowerment<\/p>\n\n\n\n

7. Agriculture digital Infra<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

INFRASTRUCTURE GROWTH<\/strong><\/p>\n\n\n\n

<\/p>\n\n\n\n

1. Special scheme to Boost Fisheries<\/p>\n\n\n\n

2. Agri accelerator to boost start ups<\/p>\n\n\n\n

3. India to be global hub for Sri Anna<\/p>\n\n\n\n

4. Ministry for cooperative development formed<\/p>\n\n\n\n

5. Massive spurt in opening medical colleges<\/p>\n\n\n\n

6. National Digital Library for Youth<\/p>\n\n\n\n

7. National Database for mapping cooperatives<\/p>\n\n\n\n

8. Capex outlay hiked by 33% to 10 lakh Crores<\/p>\n\n\n\n

9. 50 year interest free loans for states to continue for one more year<\/p>\n\n\n\n

10. Rs.2.40 lakhs crores for Railways<\/p>\n\n\n\n

11. 100 critical infra projects highlighted<\/p>\n\n\n\n

12. Rs. 10000 crore for urban infra work<\/p>\n\n\n\n

13. 3 centres of excellence to be set up for artificial intelligence.<\/p>\n\n\n\n

14. PAN to be used as a common identifier in government websites through a online mandate( In simple terms KYC to be simplified)<\/p>\n\n\n\n

15. Refund Schemes for MSME failure by government agencies<\/p>\n\n\n\n

16. Rs. 7000 crores for Phase 3 of E-Courts<\/p>\n\n\n\n

17. 100 labs for 5G services<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

GREEN POWER DRIVE<\/strong><\/p>\n\n\n\n

<\/p>\n\n\n\n

1. Net zero carbon emission target on track<\/p>\n\n\n\n

2. Rs 19700 crores for national green hydrogen outlay<\/p>\n\n\n\n

3. 13 GW Green energy from ladakh via investment of Rs. 20700 crores<\/p>\n\n\n\n

4. Gobardhan Scheme for 2020 Bio Gas Plant<\/p>\n\n\n\n

5. PM Pranam scheme for Agro Drive<\/p>\n\n\n\n

6. 10000 Bio Input Research to be set up.<\/p>\n\n\n\n

7. 83BN Central Support For Ladakh Energy<\/p>\n\n\n\n

8. More funds for Old Vehicle Scrapping<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

YOUTH POWER<\/strong><\/p>\n\n\n\n

<\/p>\n\n\n\n

1. National Education Policy to focus on Skilling and Job Creation<\/p>\n\n\n\n

2. New Age Skills like Robotics, Artificial Intelligence & IOT<\/p>\n\n\n\n

3. Stipend Support to 47 lakhs Youth<\/p>\n\n\n\n

4. Focus on Skill Development<\/p>\n\n\n\n

5. New Application to Improve Tourism<\/p>\n\n\n\n

6. Dekho Apna Desh Scheme to Promote Tourism<\/p>\n\n\n\n

7. UNITY MALLS IN STATE CAPITALS to promote Tourism<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

FINANCIAL EMPOWERMENT<\/strong><\/p>\n\n\n\n

<\/p>\n\n\n\n

1. Credit Guarantee scheme for MSME :- Reducing credit guarantee by 1%<\/p>\n\n\n\n

2. National Financial Registry for Financial Strategy<\/p>\n\n\n\n

3. 9000 crores for MSMEs, Rs 2 lakh Crores for collateral<\/p>\n\n\n\n

4. Banking Laws to be amended<\/p>\n\n\n\n

5. SEBI to regulate and enforce awarding of diplomas<\/p>\n\n\n\n

6. Senior Citizens Saving Schemes to be doubled to 30 Lakhs<\/p>\n\n\n\n

7. Mahila samman bachat scheme for women with 7.5% interest<\/p>\n\n\n\n

8. Savings Schemes for women up to 2 years<\/p>\n\n\n\n

9. Fiscal deficit is estimated at 5.9% of GDP<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

INDIRECT TAXES<\/strong><\/p>\n\n\n\n

<\/p>\n\n\n\n

1. Tax exemption on Capital Goods and lithium Batteries for Electric vehicles<\/p>\n\n\n\n

2. GST Exemption on Blended CNG<\/p>\n\n\n\n

3. Custom Duty reduced from 21% to 13%<\/p>\n\n\n\n

4. Mobiles Cameras lenses to get cheaper<\/p>\n\n\n\n

5. Customs on Kitchen Chimney to go down<\/p>\n\n\n\n

6. Gold Silver Diamonds to get expensive<\/p>\n\n\n\n

7. Clothes to become more expensive<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

DIRECT TAXES<\/strong><\/p>\n\n\n\n

<\/p>\n\n\n\n

1. MSME with turnover upto Rs. 3 cr (Sec 44AD) and Rs. 75 lakhs (Sec 44ADA) can avail benefit of presumptive taxation scheme<\/p>\n\n\n\n

2. Tax relief to 3.7 lakhs for customers whose cash receipts is 5%<\/p>\n\n\n\n

3. New IT return form for easing Filing returns<\/p>\n\n\n\n

4. Higher TDS limit of 3cr for Cooperatives<\/p>\n\n\n\n

5. Lower Taxes on Higher Digital Payments<\/p>\n\n\n\n

6. 100 Joint Commisioner to dispose small Tax disputes<\/p>\n\n\n\n

7. TDS reduced on EPF withdrawal<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

PERSONAL INCOME TAX<\/strong><\/p>\n\n\n\n

<\/p>\n\n\n\n

1. Rebate limit upto 7 lakhs for those who opt for the Alternative Tax Regime<\/p>\n\n\n\n

2. Slab rates under the Alternative Tax Regime<\/p>\n\n\n\n

Upto 3 laks nil\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n\n\n\n

Rs. 3-6 lakhs – 5%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n\n\n\n

Rs. 6-9 lakhs – 10% \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n\n\n\n

Rs. 9-12lakhs – 15%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n\n\n\n

Rs. 12-15 lakhs – 20%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n\n\n\n

Above 15 lakhs – 30%<\/p>\n\n\n\n

3. Standard deduction increased to Rs. 52,500 for Salary upto 15.5 lakhs<\/strong><\/p>\n\n\n\n

4. Highest Surcharge reduced to 25% from 37%. MMR now at 39% instead of 42.7%.<\/p>\n\n\n\n

5. Leave encashment increased to Rs. 25 Lakhs<\/p>\n\n\n\n

6. The Alternative Tax Regime will be the default selection. Old Regime needs to be selected expressly if it is to be opted for.<\/p>\n\n\n\n

7. There are no changes in the Old taxation regime. All metrics are the same as in the previous assessment year.<\/p>\n\n\n\n

\u2705 FURTHER HAVE TO SEE THE BUDGET SPEECH AND FINANCE ACT BLUE PRINTS.<\/p>\n","protected":false},"excerpt":{"rendered":"

Highlights of the Budget 2023 by the Indian Government<\/p>\n","protected":false},"author":1,"featured_media":444,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false},"categories":[4],"tags":[14,120,121,53,124,27,125,123,126,122,7],"aioseo_notices":[],"_links":{"self":[{"href":"http:\/\/sdy.co.in\/blog\/wp-json\/wp\/v2\/posts\/441"}],"collection":[{"href":"http:\/\/sdy.co.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/sdy.co.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/sdy.co.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/sdy.co.in\/blog\/wp-json\/wp\/v2\/comments?post=441"}],"version-history":[{"count":8,"href":"http:\/\/sdy.co.in\/blog\/wp-json\/wp\/v2\/posts\/441\/revisions"}],"predecessor-version":[{"id":454,"href":"http:\/\/sdy.co.in\/blog\/wp-json\/wp\/v2\/posts\/441\/revisions\/454"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/sdy.co.in\/blog\/wp-json\/wp\/v2\/media\/444"}],"wp:attachment":[{"href":"http:\/\/sdy.co.in\/blog\/wp-json\/wp\/v2\/media?parent=441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/sdy.co.in\/blog\/wp-json\/wp\/v2\/categories?post=441"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/sdy.co.in\/blog\/wp-json\/wp\/v2\/tags?post=441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}