Union Budget 2023-24 PDF Free Download, India, Highlights, Date, Hindi, Expectations, Key Takeaways, Important Points.
Union Budget 2023-24 PDF Free Download
The Union Budget 2023 Was Presented By Finance Minister Nirmala Sitharaman On February 1st, 2023.
The Budget’s Populist Initiatives As Well As Those That Would Help India Reach Its Objective Of A $5 Trillion Gdp Were Expected By The Public. It Is No Longer A Grandiose Ideal But A Practical Strategy That Is Prepared For Deployment Thanks To Increased Capex, Infrastructural Improvements, And Incentives For Important Industries.
This Budget Seeks To Resolve Current Issues And Strengthen The Country For The Next Decades. Numerous Initiatives Were Added To Increase Economic Consumption, Reduce Compliance Load, Aid Msmes And The Middle Class, And Streamline And Simplify The Tax System.
The Budget Included Seven Priorities: Inclusive Development, Closing The Opportunity Gap, Infrastructure And Investment, Releasing Potential, Green Growth, Young Power, And The Financial Sector. Deciphering The Budget 2023.
Changes To The New Tax System
The Default Tax System Is Now The New One. To Make The New Tax System More Appealing, The Administration Has Implemented 5 Crucial Steps. The Previous Tax System Is Still An Option For Taxpayers.
For Fy 2023–24 (Ay 2024–25), The New Tax System Slabs Will Change As Follows:
| Income range | Income tax rate |
| Up to Rs. 3,00,000 | Nil |
| Rs. 300,000 to Rs. 6,00,000 | 5% on income which exceeds Rs 3,00,000 |
| Rs. 6,00,000 to Rs. 900,000 | Rs 15,000 + 10% on income more than Rs 6,00,000 |
| Rs. 9,00,000 to Rs. 12,00,000 | Rs 45,000 + 15% on income more than Rs 9,00,000 |
| Rs. 12,00,000 to Rs. 1500,000 | Rs 90,000 + 20% on income more than Rs 12,00,000 |
| Above Rs. 15,00,000 | Rs 150,000 + 30% on income more than Rs 15,00,000 |
- Under The New Tax System, A Tax Credit Of Rs 7 Lakhs Has Been Added To Income. As A Result, Under The New Tax System, You Are Not Required To Pay Taxes If Your Taxable Income Is Less Than 7 Lakhs.
- Under The New Tax System, A Standard Deduction Of Rs 50,000 Has Also Been Implemented.
- For Those Making More Than Rs 5 Crore, The Maximum Surcharge Under The New Tax System Has Been Decreased From 37% To 25%. Their Tax Rate Is Reduced As A Result From 42.74% To 39%.
Presumptive Taxation Limits Revised for FY 2023-24
| Category | Previous limits | Revised limits |
| Sec 44AD: For small businesses | Rs 2 crore | Rs 3 crore* |
| Sec 44ADA: For professionals like doctors, lawyers, engineers, etc. | Rs 50 lakh | Rs 75 lakh* |
*The increase in limits is subject to a condition that the 95% of the receipts must be through online channels.
Start-ups
| Start-ups | Previous limiit | Revised limit |
| Date of incorporation for income tax benefits | 31.03.2023 | 31.03.2024 |
| Time limit for set-off and carry forward of losses | 7 years from incorporation | 10 years from incorporation |
The Only Requirement Is That The Shares Must Still Be Held By The Shareholders With At Least 51% Of The Voting Power During The Year In Which The Loss Is To Be Carried Forward And Set Off.
Societies Of Cooperation:
The Following Are A Some Of The Suggestions Made For Cooperative Societies:
- New Manufacturing Initiatives: The Government Has Given New Cooperatives That Start Production Before March 31, 2024, The Advantage Of A 15% Tax Rate Discount.
- Sugar Cooperatives: You May Now Recover Any Expenses That Were Previously Forbidden To Sugar Cooperatives By Submitting An Application To The Assessing Officer.
- Section 194n: For Cooperative Organisations, The Tds Ceiling On Cash Withdrawals Has Been Raised To Rs. 3 Crores.
- Cash Deposit Limit: The Cap On Cash Deposits And Loans Made By Primary Co-operative Agriculture And Rural Development Banks (Pcardbs) And Primary Agricultural Co-operative Societies (Pacs) Has Been Raised To A Maximum Of 200,000 Per Member.
