Compendium admissions 2023-25
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- Saptarishi
- Personal Income Tax Restructuring
| Annual Budget 2023-24 The Union Budget contains details about the projected receivables and payables of the Union government fora particular fiscal year. The budget division of the department of economic affairs (DEA) in the finance ministry is the nodal body responsible for producing the budget. It is presented through the Finance Bill, and the Appropriation bill has to be passed by Lok Sabha before it can come into effect on 1 April, the start of India's financial year. The budget is a much less detailed document than it used to be, as taxes on goods and services are now decided by the GST council. Nonetheless, it is still an essential document that direction for the country’s annual economic trajectory. It is very likely that the questions related to budget sessions will be asked in interviews. Here are some key highlights of budget 2023 that will help you in your interview Saptarishi The budget's seven priorities were envisioned by the administration as 139 Projections The government's total receipts, excluding borrowings, for 2023-24 are estimated at Rs 27.2 lakh crore. Meanwhile, the estimated total expenditure for the year is Rs 45 lakh crore. The net tax receipts are forecasted to be Rs 23.3 lakh crore. The fiscal deficit, which is the difference between total receipts and total expenditure, is estimated to be 5.9% of the Gross Domestic Product (GDP. To finance this deficit, the government plans to borrow Rs 11.8 lakh crore through net market borrowings from dated securities, with a gross market borrowing estimate of Rs 15.4 lakh crore. Personal Income Tax Restructuring The government is proposing to implement anew Common IT Return Form and has plans to increase the grievance redressal mechanism as part of its efforts to enhance the services and convenience for taxpayers. Additionally, the Personal Income Tax rebate maximum has been raised from the previous Rs. 5 lakh to Rs. 7 lakh, meaning that individuals subject to the new tax system who earn up to Rs. 7 lakh would not be required to pay any tax. The tax structure in the new personal income tax regime, which was implemented in 2020 with six income slabs, will change by cutting the number of slabs to five and raising the tax exemption cap to Rs. 3 lakh, offering a significant relief for all taxpayers in the new system. Download 4.08 Mb. Share with your friends:
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