Finance and Insurance Solutions

02/02/2023

02/02/2023

https://fb.watch/irKfeiSJ4M/

01/02/2023

Union Budget- 2023

*Tax proposals*

1.
100 more Jt commisioner for speedy disposal of appeals

2.
Exemption 54 & 5F A restricted to 10Crore.

3.
TDS reduced from 30% to 20% on EPF withdrawals

4.
Personal Income Tax
a Exemption Rebate increase to 7 lakh income under New regime
b. Tax slab reduction to 5 slabs - New Regime
3 lakhs nil
3-6 lakhs 5%
9-12 lakhs 10%
12-15 lakhs 20%
15 lakhs 30%

C.
Standard deduction increased under new regime

D.
Highest tax surcharge reduce to from 37% to 25%
So maximum ta rate 39%

E
New audit limits
44AD - 3 crores
44ADA - 75 lakhs.

01/02/2023

*Highlights of Union Budget,2023:=*

- The Indian economy has increased in size from being 10th to 5th largest in the world

- A capital outlay of ` 2.40 lakh crore has been provided for the Railways.

- The ‘Effective Capital Expenditure’ of the Centre is budgeted at
` 13.7 lakh crore, which will be 4.5% of GDP.

- Pradhan Mantri Kaushal Vikas Yojana 4.0 will be launched to skill lakhs of youth within the next three years.

- States will be allowed a fiscal deficit of 3.5% of GSDP of which 0.5% will be tied to power sector reforms.

- The Revised Estimate of the total expenditure is ` 41.9 lakh crore, of which the capital expenditure is about ` 7.3 lakh crore.

- The Revised Estimate of the fiscal deficit is 6.4% of GDP, adhering to the Budget Estimate

- For 2023-24, the total receipts other than borrowings and the total expenditure are estimated at ` 27.2 lakh crore and ` 45 lakh crore respectively. The net tax receipts are estimated at ` 23.3 lakh crore

- The fiscal deficit is estimated to be 5.9% of GDP.

- To finance the fiscal deficit in 2023-24, the net market borrowings from dated securities are estimated at ` 11.8 lakh crore.

- The balance financing is expected to come from small savings and other sources. The gross market borrowings are estimated at ` 15.4 lakh crore.

- Proposed to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum.

*VSC Associates*

01/02/2023

Key Budget Highlights 2023

*Income Tax*

Income Tax Exemption Limit to Capital Gain u/s 54 and 54F and Insurance Amount

Common ITR Form for Easy and Smooth Income Tax return filing

3 Cr Limit on TDS for Cash withdrawals of Cooperative Societies

Relief to Presumptive Tax Payers

Low Income Tax rates to New-Co-operatives: FM

Reduction of TDS from 30% to 20%

Income Tax Holiday to StartUps Extended to 10 Years

Income up to 7 Lakhs will not attract Income Tax

Decriminalization of S. 271(1)(a) of Income Tax Act

Conversion of Gold to E-Gold under Capital Gain Tax

Income Tax Rebate Increased to 7 Lakhs

New Regime to be the Default regime. Citizens will be able to continue in the old regime also.

New Standard Deduction 52,500 for Taxpayers having Income of Rs. 5L

New Tax Regime: Tax Structure and Tax Slabs Changed

LTC and 25 L relief to Retirement of Non-Govt Salaried Gov

01/02/2023

*Here are the key highlights of the most expected Union budget proposals from the Government today.*

*Budget Highlights*

Agriculture Credit Target to be increased to Rs. 20 lakh crores, with focus on animal husbandry, dairy and fisheries.

National Data Governance Policy to be Launched & KYC Process to be Simplified

One-Stop Solution for Identity and Address, keeping aadhaar

Relief to MSMEs failed to perform contracts during Covid

Voluntary Settlement Scheme during pendency of Arbitral Award: FM

50-year interest free loan to State governments extended for one more year

Phase 3 of E-Courts Project to be Launched, Rs. 7,000 Cr

PAN will be used as a Common Identifier for Digital Systems

Capital outlay of Rs 2.40 lakh cr for Railways in next financial year: FM Nirmala Sitharaman

Green Credit Programme to be Notified

Rs 35,000 crores priority capital for the energy transition; Battery storage to get viability gap funding: FM Nirmala Sitharaman

Aims to Replace Old Polluting Vehicles

Agriculture Credit Target to be increased to Rs. 20 lakh crores, with focus on animal husbandry, dairy, and fisheries

31/01/2023

The mandatory cover doesn't pay for damages on your car. In just Rs.1600 extra get an own damage cover for your car too

07/01/2023

For complete peace of mind, take life insurance. Consult@9971594806 ,

03/01/2023

https://forms.gle/pN77f9bB4AKGuAx1A

15/10/2022

For any support Call us @ 9971594806

18/09/2022