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NatuGadu

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Pedda bukka pakeer gadu ee mrodii.. 

Some of the popular tax exemptions/deductions which are not allowed under new tax regime include:

• Leave travel allowance (LTA)

• House rent allowance (HRA)

• Children education allowance

• Standard deduction on salary

• Deduction for professional tax

• Interest on housing loan 

• Deduction for specified investments or expenses under Chapter VI-A such as:
– deduction under Section 80C towards contribution to Public Provident Fund, repayment of principal on housing loan, children’s school fees, life insurance premium, etc.
– other deductions towards medical insurance premium, interest on education loan, etc.

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10 minutes ago, ramntr said:

Pedda bukka pakeer gadu ee mrodii.. 

Some of the popular tax exemptions/deductions which are not allowed under new tax regime include:

• Leave travel allowance (LTA)

• House rent allowance (HRA)

• Children education allowance

• Standard deduction on salary

• Deduction for professional tax

• Interest on housing loan 

• Deduction for specified investments or expenses under Chapter VI-A such as:
– deduction under Section 80C towards contribution to Public Provident Fund, repayment of principal on housing loan, children’s school fees, life insurance premium, etc.
– other deductions towards medical insurance premium, interest on education loan, etc.

New tax is fuss free for high salaried employees like our @uma uncle. No need to submit anything and tax will be same either new or old. Mana la below 20 employees ki band eee 😐

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🌺 Highlights of

*Union Budget 2023-2024*.

*General*
1. EPFO Numbers doubled to 27 crores
2. Agriculture accelerator fund to boost startup in Agri sector. Special scheme to boost fisheries
3. 38,800 teachers will be employed in 3.5 lakh Eklavya tribal school.
4. Capital outlay of Rs. 2.40 lakh crore for Railways.
5. 50 New Airports and Heliports to be made.
6. Rs. 10,000 crore for urban infra fund every year
7. Rs. 75,000 crore for 100 transport infra projects
8. 3 Centers of Excellence for “Artificial Intelligence” will be set up.
9. KYC procedure to be simplified. PAN to be come common business identifier.
10. Scope of Digi locker to be increased.
11. More than 39,000 compliances reduced. Jan Vishwas Bill to amend 42 laws
12. Rs. 35,000 crore for Energy transmission
13. 10,000 bio input research centers to be set up.
14. 30 Skill India International centers to be set up.
15. NFIR (National Financial Information Registry) to be launched for financial strategy.
16. Reducing cost of MSME Credit by 1%. Infusion of Rs. 9,000 crore in corpus for MSME credit.
17. ‘Mahila Samman Bachat Scheme’ for Women for Rs. 2,00,000 @ 7.5%
18. SCSS enhanced from 15 lakh to 30 Lakh.


*Direct and Indirect tax*
1. Promote domestic manufacturing and exports.
2. Tax exemption on Capital Goods and Lithium batteries.
3. Mobiles, camera lenses to become cheaper.
4. Gold, Silver & Diamonds, cigarettes, imported rubber to get expensive.
5. Enhanced limit for 3 crore and 75 lakhs for presumptive taxation.
6. Higher TDS limit of RS. 3 cr for Cooperatives
7. New IT Return Form for easier filing .
8. 100 Joint Commissioners to be appointed for disposal of small appeals.
9. TDS reduced on EPF withdrawal
10. Section 54 and 54F to be amended. 
11. Rebate limit increased to 7 lakh in new tax regime.
12. Number of slabs reduced from 7 to 5 in new tax regime.
13. Only 5% tax on Individual’s Annual income of 9,00,000 only to pay Rs. 45,000 as tax.
14. Salaried class and pensioner: Standard Deduction increased
15. Highest tax rate 42.74 % reduced 
16. Propose to reduced Higher surcharge rate from 37 % to 25% in new tax regime. 
17. Leave Encashment: Limit increased from Rs. 3,00,000 to Rs. 25,00,000.

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image.png.85f5c8c53962c959220308b205a7a72c.png

📌 Key Highlights : Budget 2023

FM Nirmala Sitharaman has outlined 7 Priorities For first Budget in Amrit Kaal

• Inclusive development
• Reaching the last mile
• Infra & investment
• Unleashing the potential
• Green growth
• Youth power
• Financial sector

📍 India's Economy to grow at 7% in the current year, World recognises India as a bright star, highest among major economies.

📍 Rural Focus - FM announces that the centre will Spend Rs 2 lakh cr on Free Food Grains for all priority households under PM Garib Kalyan Yojana.

📍 Green growth would be one of the priorities of the budget, They will help Reduce carbon intensity and create Green jobs

📍 Agri Sector - The Union Government’s focus on reforming the agriculture sector continues, An open-source digital Infrastructure for agriculture & an agriculture accelerator fund focused on youth in rural areas.

📍 Government to Spend Rs 2200 crore for high-value Horticulture, also increased Agri Credit Target to Rs 20 lakh crore

📍 Health -  Budget 2023 that a mission to Eliminate sickle cell anaemia by 2047 will be launched by the government.

📍 Educational infra - Eklavya Modern Schools in next three, 157 new nursing colleges will be established, Plan to Spend Rs 15000 cr vulnerable tribal group (PVTG) over 3 years.

📍 Capex Big Jump - 
• At Rs 10 lakh crore, the Centre’s capex target for 2023-24 is 33% higher than the budget estimate of Rs 7.5 lakh crore for 2022-23

• Plan to increase PM Housing ( PMAY) outlay to Rs 79,000 crore

• Govt proposes Rs 2.40 lakh crore for Indian Railways which is 9x over FY14.

📍 Digilocker - One stop KYC maintenance system, the legalisation of the permanent account number (PAN) as a single business identification.

📍 50-year Interest Free Loan to State governments extended for 1 more year

📍 MSMEs - The revamp schemes will take effect from 2023 through an infusion of Rs 9,000 crore in the corpus, This will enable another Collateral-free credit of Rs 2 lakh crore,  Further the cost of credit will be reduced by around 1%

📍 DBT scheme for youths - To provide support to 47 lakh youths in 3 years, a Direct Benefit Transfer under a pan India national apprenticeship scheme will be rolled out.

📍 Borrowings - 
• The Centre will borrow Rs 15.43 lakh crore via bonds in 2023-24 on a gross basis - a new all-time high.

• In net terms, the borrowing programme has been fixed at Rs 11.8 lakh crore 

These numbers are broadly in line with market expectations of Rs 15.5 lakh crore and Rs 11.7 lakh crore, respectively.

📍 Custom Duty - 
• Relief in custom duty on Import of certain parts of mobile phones like camera lens and batteries by another year, open cells of TV panels cut to 2.5%, etc

• Taxes on cigarettes Hiked by 16%, compounded rubber increased to 25% from 10% , etc

📍 Personal Income Tax - 
0-3 lakh - NIL
3-6 lakh -5%
6-9 lakh - 10%
9-12 lakh-15%
12-15 lakh -20%
Above 15 lakh - 30%

Major relief to all tax payers in the new regime.

New tax regime to become the default tax regime.

📍 Income tax rate -
Currently, the highest rate is 42.74% income tax under the new regime. 
The FM has proposed to reduce the highest surcharge from 37% to 25% in the new tax regime, max rate of 39%

📍 Direct Taxes -
Processed more than 6.54 cr Returns this year on the tax portal.

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51 minutes ago, NBK NTR said:

Govt has increased restrictions around food coupons.. we can no longer buy grocery with them 😃
So outlets are not accepting them anymore.

Hail pakoda saab :D 

most of the restaurants also not accepting sodexo for food.... Hail pakodi...

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4 minutes ago, KING007 said:

New tax regime calculator edaina unda?

 

lekeesuko... simple lekkale ga

3L varaku 0

3 to 6 ... 5% ante .... 15000

6 to 9 ... 10% ante .... 30000

9 to 12 .... 15% ante..... 45000

12 to 15 .... 20% ante.... 60000

GT 15 ante enthunte anthaki 30% vesko....

exact ga 15Lacs unte ... 15k+30k+45k+60k == 1.5L tax...

 

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