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*Part B of Honourable Finance Minister speech in Budget 2023* *Indirect Taxes* 1. Customs duty on goods of textiles, toys, bicycle reduced from 21 to 13% 2. To promote Green Mobility - basic customs duty concession for lithium ion battery 3. To promote Electronics manufacture- relief on customs duty for camera lens and lithium battery 4. Television - TV panels customs duty reduced 5. Electric kitchen chimney to reduce inverted duty structure from 7.5 to 15 percent 6. Benefit for ethanol blending program and acid program and epichlorohydrine 7 Marine Products- to promote exports - shrimps, etc. Duty on shrimpfeed reduced 8. Basic Customs duty reduced for seeds in manufacture for diamonds 9. Customs duty to increase in silver bars 10. Steel - concessional customs duty on steel and ferrous products 11. Copper - concessional customs duty on copper 12. Rubber - concessional customs duty on rubber 13. Cigarettes - increased tax *Direct Taxes* 1. Common IT form and grievance redressal system 2. MSME - avail benefit of presumptive taxation increased to 44AD to 3 crores Professionals u/s 44ADA - 75 lakhs Provided receipt in cash doesn't exceed 5% 3. TDS only on payment for deduction 4. Co-operatives tax -15% Higher limit of 2 lakh per member for cash deposit in agricultural banks Higher limit of Rs. 3 crores on TDS for cooperative societies 5. Startups To avail startup benefits from 31-03-2023 to 31-03-2024 6. 100 new joint commissioners for appeal 7. S.54 to S.54F capped at 10 crores 8. TDS on Online gaming - 9. TDS 30% to 20% on taxable portion of EPF 10. Extending funds for GIFT and IFSC *Personal Income Tax* 1. Rebate for income upto 7 lakhs u/s 87A in the new tax regime 2. New tax regime from 0-3 lakhs nil 3-6 lakhs- 5% 6-9 lakhs 10% 9-12 lakhs 15% 12-15 lakhs 20% Above 15 lakhs- 30 % 3. Standard deduction for new tax regime for Rs. 15.5 lakhs or more -52,500 4. Reduction of highest surcharge from 37% to 25% on new income tax regime 5. Limit on tax exemption for leave encashment is increased from 3,00,000 to 25,00,000 6. New income tax regime default regime For our reference only...
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