TMI Live commentary on Budget 2023

Budget 2023 - Live commentary with the presentation of Budget by the FM in the Parliament 

• Appointment of 100 Joint Commissioners for the disposal of small cases.
• Leave encashment limit increased from 15 lakhs to 25 Lakhs
• Surcharge Rate - Higher Slab reduced from 37% to 25% 
• Salaries Persons - Tax benefit upto 52000 rupees
• New Tax Regime - Slabs of Rs. 3 Lakhs instead of 2.5 Lakhs
• New Slabs in  new tax regime 
  • Income upto Rs. 3 lakh - Nill
  • Income above Rs 3 lakh and up to Rs 5 lakh to be taxed at 5%
  • Income of above Rs 6 lakh and up to Rs 9 lakh to be taxed at 10%
  • Income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20%
  • Income above Rs 15 lakh to be taxed at Rs 30%.
• New Tax Regime - No Tax upto Rs. 7 lakhs 
• TDS rates for EPF withdrawals, market linked debentures reduced from 30% to 20% in case of non -PAN cases. 
• Rebate u/s 87A - income tax - upto Rs. 7 lakhs - No tax is payable
• Long Term Capital Gain exemption for residential properties qualifying u/s 54 and 54F increased to 10 cores
• Carry forward of losses - in case of start ups - increased to 10 years in case of change in shareholding 
• Cash Deposit limit for primary agriculture society members increased to Rs. 2 Lakhs per member.
• TDS on cash withdrawn by Co-operative Societies increased to 3 crores
• Relief to sugar cooperative societies for payment to sugar cane farmers for Rs.10K Crores for the period prior to Year 2016-17
• Increase turnover limit for presumptive taxation 
• 45% of return process within 24 hours
• Processing period of ITR reduced to 16 days only

• Compounded rubber BCD increase 10 % to 20 % upto 30Kg
• Reduce BCD on seeds as India has top diamond manufacture industries to promote employment. 
• Alcoholic use in industry exempt BCD
• Customs duty reduced on Certain Green Fuel 
• Chemical and petrochemicals industries - reduce on BCD on acid, and other chemicals etc
• Custom duty exemption for imports of Batteries for manufacturing industries
• Green mobility scheme - Exempt excise duty and GST on gas compressed in bottle and battery use in EV vehicle
• Customs Duties - Reduction in rates on various items - Reduced from 21 to 13% rate reduced BCD on goods other than Textile Industries and others
• Fiscal Deficit is estimated at 5.9% of GDP and estimated to reduced to the FY to 4.5 till 2025-26
• Fiscal Deficit of states increased from 3.5% to 4.6%
• Mahila samane bacht patra available up to March 2025 , which available in saving certificate @7.5% with partial withdrawal
• Sr.. Citizen scheme investment scheme increased from 15 lakhs to 30 lakhs
• Bank of India Act are being proposed
• Single window for IFSC, banking units. SEZ for services related to GST RBI and other compliance
• To simplify ease - to carry out comprehensive model by financial market
• Innovative use of Financial markets - revamping of credit facilities from 1 st April 2023
• Handicraft product and other states products for tourism purposes
• Unity mall setup by state government in state capital for tourism ,which available to one star one product
• To prefer domestic tourism over international tourism - for middle class
• 50 challenging destination will be added for tourism
• PM Kaushal Vikas yojona 4.0 to to skill 4 lakhs youth
• Replacing old polluting vehicles , vehicles scrapping policy - state will also supporting
• Vehicle replacement policy launch, old poluting vehicle scraps the old vehicle allocate fund by CG and support by SG along with SG ambulance
• Amrit drohar scheme for optimse use of wet land
• Nature Farming - 1 Crores farmers to adopt
• Gobardhan programme - 500 waste  to wet plant for biogas
• PM Pranam Scheme - for fertilizers and balance use of chemical in fertilizers
• Entity digi locker create for msme company and other corporate agecy for share documents to other government agency and banks
• E-courts for efficient administration of cases 700 crores
• Vivad se vishwas for MSME 95% forfeited amount will be return to them by govt
• Information of return filer ,with the permission of return filer may be share with other government agency
• PAN will be common identifier for all financial and government agencies 
• One stop solution for updating various KYC and other information through APP
• KYC policies will be simplify
• Digital India 
• Artificial Intelligence 
• Ease of doing Business - For than 39 compliance's have been reduced and various provisions have been decriminalized 
• Modi government ensure to transperant and smooth administrative department work for common people
• Under mission karma yogi - to provide opportunity to govt employees for enhancing skills
• Enhanced focus for scientific management for dry and wet waste
• 50 additional airports and helipads for regional air connectivity
• 50-year interest free loan to State governments extended for one more year
• Capital outlay - For Railway - 2.04 laksh cores - 9 times of budget of 2013-14
• Direct capital investments - 3.7 lakh crores which is 4.7% of GDP
• Capital Investment increased 33% to 10 Lakh Crores which is 3.3% of GDP
• Focus on investment and infrastructure 
• 740 Eklavya model schools - for serving 3 lakh tribal students
• To inculcate financial sector to age appropriate material for financial knowledge in those libraries.
• National digital library for children and adults for accessibility of education material physically and digitally
• National Children Libraries - Digital and Physical 
• Facilities of ICMR labs for research for public and pvt entities for encouraging collaborative developments
• Research for Medical tools / equipments 
• Big plan to open new medical centers / hospitals / labs and medical research facilities.
• Development and creation job - Promotion of tourism 
• PM Kaushal Yojana / Vishwakarma Scheme - weaker sections and small scale household skilled workers
• Significant improvement in sustainable growth / economic sustainability 
• 126 lakh crores UPI Payments
• 7400 crores digital payments
• Per capita income increased