Breaking: Key Highlights of Union Budget 2023 [Read Finance Bill]

By Rasheela Basheer - On February 1, 2023 12:46 pm - 2 mins read
Breaking - Key Highlights - Union Budget2023 - budget 2023 - budget 2023 live - union budget 2023 - nirmala sitharaman budget - nirmala sitharaman union budget - nirmala sitharaman - budget 2023 india - taxscan

Here are the key highlights of the most expected Union budget proposals from the Government today.

Budget Highlights

  1. Agriculture Credit Target to be increased to Rs. 20 lakh crores, with focus on animal husbandry, dairy and fisheries
  2. National Data Governance Policy to be Launched & KYC Process to be Simplified
  3. One-Stop Solution for Identity and Address, keeping aadhaar
  4. Relief to MSMEs failed to perform contracts during Covid
  5. Voluntary Settlement Scheme during pendency of Arbitral Award: FM
  6. 50-year interest free loan to State governments extended for one more year
  7. Phase 3 of E-Courts Project to be Launched, Rs. 7,000 Cr
  8. PAN will be used as a Common Identifier for Digital Systems
  9. Capital outlay of Rs 2.40 lakh cr for Railways in next financial year: FM Nirmala Sitharaman
  10. Green Credit Programme to be Notified
  11. Rs 35,000 crores priority capital for the energy transition; Battery storage to get viability gap funding: FM Nirmala Sitharaman
  12. Aims to Replace Old Polluting Vehicles
  13. Agriculture Credit Target to be increased to Rs. 20 lakh crores, with focus on animal husbandry, dairy, and fisheries

Income Tax

  1. Income Tax Exemption Limit to Capital Gain u/s 54 and 54F and Insurance Amount
  2. Common ITR Form for Easy and Smooth Income Tax return filing
  3. 3 Cr Limit on TDS for Cash withdrawals of Cooperative Societies
  4. Relief to Presumptive Tax Payers
  5. Low Income Tax rates to New-Co-operatives: FM
  6. Reduction of TDS from 30% to 20%
  7. Income Tax Holiday to StartUps Extended to 10 Years
  8. Income up to 7 Lakhs will not attract Income Tax
  9. Decriminalization of S. 271(1)(a) of Income Tax Act
  10. Conversion of Gold to E-Gold under Capital Gain Tax
  11. Income Tax Rebate Increased to 7 Lakhs
  12. New Regime to be the Default regime. Citizens will be able to continue in the old regime also.
  13. New Standard Deduction 52,500 for Taxpayers having Income of Rs. 5L
  14. New Tax Regime: Tax Structure and Tax Slabs Changed
  15. LTC and 25 L relief to Retirement of Non-Govt Salaried Gov

Minor Changes in Customs Duty and Cess

  1. GST-Excise Duty Exemptions to Compressed Biogas, E-Vehicles: FM
  2. Customs Duty Exemptions for Imports of Mobile Phone Accessories and TVs
  3. Customs Duty Exemption to Crude Glycerine, Marine Products, Electric Kitchen Chimney, seeds used for manufacture of diamonds to be Reduced
  4. Custom duty on cigarettes increased
  5. To promote value addition in the manufacturing of TVs, I propose to reduce the Basic Customs Duty on parts of open cells of TV panels to 2.5%: FM Nirmala Sitharaman
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