A P D B and Associates

Diwali Celebration

BUDGET 2023
• First Budget in Amrit Kal
• Implementing free food scheme for the next 1 year – 2 lac cr to be borne by centre
• Current Years growth estimate at 7%
• Per Capita Income doubled to 1.97 Lacs
• 7 priorities of Budget
o Inclusive development
o Reaching the last mile
o Infra investment
o Green growth
o Youth power
o Financial sector
o Unleashing Potential
• Launch Atmanirbhar Clean Program
• Spend 2200 cr on high-value horticulture
• Agri Credit target increased to 20 lakh crs
• 157 new nursing collages to be established n co-location with the existing 157 med colleges since 2014
• New Pharma Program for R&D through Centre for Excellence
• National Digital Library for Children and Adolescents to be set up.
• 6000 crs for promoting fisheries
• 15000 crs for 3 years for dev action plan for scheduled tribes
• 38800 teachers to be recruited for 740 eklavya model residential schools serving 3.5 lac tribal students
• Capital Investment Outlay increased by 33% to 10 lac crores (3.3% of GDP)
• Effective Cap Expenditure by centre at 13.7 lac crs (4.5% of GDP)
• Railways: Cap Outlay of 2.40 lac crs for Railways – Highest Ever Outlay
• 100 critical transport infra projects for last mile connectivity to be taken up on priority
• 50 Addl airports for improving regional air connectivity.
• 10000 crs per annun for Urban Infra DVPD Fund
• All cities & towns eligible for mechanical sewage de-slugging. From Man Hole to Machine Hole
• Ease of Doing Biz: > 39000 compliances reduced
• Centres for Excellence for Artificial Intelligence – 3 centres to be set up in top edu institutions
• National data Governance Policy to be brought out for access to anonymised data
• 7000 crs for phase 3 of E-Courts project
• 5G services: 100 labs for dev apps to be set up in Engg Institutions – Smart Class rooms, Intelligent pharming etc.
• Lab Grown Diamonds – R&D grant to be provided to one IIT to reduced Cost of Production
• 35000 crs for energy transition and net zero objective
• Tgt to reach green hydrogen production to 5 MMT by 2030
• 20700 crs for renewable energy in Ladhak
• PM PRANAM Scheme to promote balance use of fertilizers
• 10000 bio input resource centres to be set up
• Vehicle replacement – Replacing Old Polluting Vehicles – Scrap Old Vehicles of Central & State Govt incl Ambulances – Budget allocation to be made
• 36 Skill India intl centres to be set up across states
• Revamped Credit Guarantee Scheme for MSMEs – 9000 Crs infusion to corpus.Cost of Credit will be reduced by 1%. Effective 01 April 2023
• Mahila Samman Savings Certificate for 2 year period upto March 2025 – Will offer deposit facilty upto 2 lacs @ 7.5% with partial Withdrawal option in the name of Women and girl
• Revised Estimates – Total Receipts 24.3 lac crs
• Net tax receipts – 23.3 lac crs
• FY24 Fiscal Deficit Target at 5.9%

Budget Update

Personal Income Tax

1)Rebate under section 87A -Income upto 7,00,000 in the new tax regime ,no tax.

2)Basic Exemption Limit increased from Rs.2,50,000 to Rs.3,00,000 (New tax Regime)

3)Standard deduction of 52,500 in new tax regime

4) New Tax Regime is Default tax regime now. But Old Regime will continue to exist.

New Slab Rates For new tax regime

0-3 lakh - Nil
3- 6 lakh - 5%
6- 9 lakh- 10%
9-12 lakh - 15%
12-15 lakh - 20%
above 15 lakh - 30%

5) Surcharge rate reduced from 37% to 25% from new tax regime

6) leave encashment limit increased from 3 lakh to 25 lakh

No change in Old tax regime Slabs

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Extended due dates

TDS ON CASH WITHDRAWAL EFFECTIVE FROM 01.07.2020

Compliances under Taxation & Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 as under:

➡️The time for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20)
Original Date- 31st March 2020
Extended Date- 31st July 2020

➡️Date for making various investment/ payment for claiming deduction under Chapter-VIA-B of the IT Act which includes section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) etc.
Original Date- 31st March 2020
Extended Date- 31st July 2020

➡️Date for furnishing of TDS/TCS statements for the quarter ending on 31st March, 2020
Original Date- 30th April 2020
Extended Date- 31st July 2020

➡️Date for furnishing of TDS/TCS certificate
Original Date- 15th June 2020
Extended Date- 15th August 2020

➡️Date for making investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB of the IT Act.
Original Date- 31st March 2020
Extended Date- 30th September, 2020

➡️Date for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is upto Rs. 1 lakh extended to 30th November, 2020.
Original Date- 15th June 2020
Extended Date- 30th September, 2020

Note: The reduced rate of interest of 9% for delayed payments of taxes, levies etc. specified in the Ordinance shall not be applicable for the payments made after 30th June, 2020.
Note: Date for linking of Aadhaar with PAN extended to 31st March, 2021.