Budget At a Glance

Proposed Changes in Income Tax

·??????Rollout of Next Gen Simplified ITR form

·??????Limits for Section 44AD & 44 ADA Increased to Rs.3 Crore for MSME & Rs.75 Lacs for Professionals

·??????New Cooperatives Manufacturing Tax @ 15% if upto 31.03.24

·??????Higher Loan Limit /Cash Deposit Rs.2 lacs for PAC society -RDB

·??????Payments to MSME shall be made on regular basis else face disallowance in Income Tax

·??????Benefits Startups:

·??????Date of Incorporation for Startup company extended to 31.03.24

·??????Extension of C/F Losses 7 yrs in case of change in shareholders

·??????Income Tax Scrutiny to be done in very selected cases

·??????More Joint Commissioner’s to be Designated as CIT Appeals for Disposing Off Small Appeals

·??????Extension of tax benefits for IFSC

·??????Personal Income Tax Slabs

a) Tax Rebate Limit Extended to Rs.7 Lacs (New Regime)

b) New Tax Regime is Now Default Tax Regime -Old tax regime will continue

c) Change in Tax Slabs & New Tax Rates (New Scheme)

d) Salaried Class & Pensioners (Including Family Pensioners) - Standard Deduction Extended to Rs.52,500/-

e) Highest Surcharge on Income Tax Reduced from 37% to 25% bringing down the Maximum Rate to 39% from the earlier rate of 42.74%

f) Leave Encashment Exemption increased from Rs.3 Lacs to Rs. 25 Lacs

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Indirect Taxes

·??????Customs Duty On Goods Of Textiles, Toys, Bicycle Reduced From 21 To 13%

·??????To Promote Green Mobility - Basic Customs Duty Concession For Lithium Ion Battery

·??????To Promote Electronics Manufacture- Relief On Customs Duty For Camera Lens And Lithium Battery?

·??????Television - TV Panels Customs Duty Reduced

·??????Electric Kitchen Chimney To Reduce Inverted Duty Structure From 7.5 To 15 Percent

·??????Benefit For Ethanol Blending Program And Acid Program And Epichlorohydrine

·??????Marine Products- To Promote Exports - Shrimps, Etc. Duty On Shrimpfeed Reduced

·??????Basic Customs Duty Reduced For Seeds In Manufacture For Diamonds

·??????Customs Duty To Increase In Silver Bars

·??????Steel - Concessional Customs Duty On?Steel And Ferrous Products

·??????Copper - Concessional Customs Duty On Copper

·??????Rubber - Concessional Customs Duty On Rubber

·??????Cigarettes - Increased Tax?