govt budget indian government budget

Budget FY 2024-2025 key features

The budget was quite an eye opener! 

If you earned, you pay taxes. If you didn't earn, Govt might pay you something and a few freebies too. 

So the choices are all ours - Any gains anywhere....Govt will be a partner and take a portion away!

 Losses are entirely ours to bear!!

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Budget FY 2023-2024 key features

Key Features of Budget FY 2023-2024

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 Please find below Highlights of Union Budget 2022-2023

 ಬಜೆಟ್ ಪಾರ್ಟ್ 1

2023 ಅನ್ನು ಅಂತಾರಾಷ್ಟ್ರೀಯ ಸಿರಿಧಾನ್ಯ ವರ್ಷವೆಂದು ಘೋಷಣೆ

400 ವಂದೇ ಭಾರತ್ ಹೊಸ ರೈಲುಗಳು

ಕೃಷ್ಣಾ ಪೆನ್ನಾರ್, ಗೋದಾವರಿ ಕೃಷ್ಣಾ ಹಾಗೂ ಕಾವೇರಿ ಪೆನ್ನಾರ್ ನದಿ ಜೋಡಣೆ

25 ಸಾವಿರ ಕಿಲೋಮೀಟರ್ ಹೈವೇ ನಿರ್ಮಾಣ

ಮೇಕ್ ಇನ್ ಇಂಡಿಯಾ ಅಡಿಯಲ್ಲಿ 60 ಲಕ್ಷ ಉದ್ಯೋಗ ಸೃಷ್ಠಿ

1 ರಿಂದ 12 ನೇ ತರಗತಿಗೆ ಒನ್ ಕ್ಲಾಸ್, ಒನ್ ಟಿವಿ ಚಾನೆಲ್

ವಿಶ್ವದರ್ಜೆಯ ಡಿಜಿಟಲ್ ಯುನಿವರ್ಸಿಟಿ ಸ್ಥಾಪನೆ

ವಿಶ್ವದರ್ಜೆಯ ಡಿಜಿಟಲ್ ಯುನಿವರ್ಸಿಟಿ ಸ್ಥಾಪನೆ

ಈ-ಪಾಸ್ ಪೋರ್ಟ್ 2023 ಕ್ಕೆ ಜಾರಿ

ಚಿಪ್ ಒಳಗೊಂಡ ಈ -ಪಾಸ್ ಪೋರ್ಟ್ ಜಾರಿ

2 ಲಕ್ಷ ಅಂಗನವಾಡಿಗಳು ಮೇಲ್ದರ್ಜೆಗೆ

ಅಂಗನವಾಡಿಗಳಿಗೆ ಆಡಿಯೋ, ವಿಡಿಯೋ ವ್ಯವಸ್ಥೆ

ಹರ್ ಘರ್ ನೆಲ್ ಯೋಜನೆಗೆ 60 ಸಾವಿರ ಕೋಟಿ ಮೀಸಲು

3.8 ಕೋಟಿ ಮನೆಗಳಿಗೆ ನೀರಿನ ವ್ಯವಸ್ಥೆ

ಪಿ ಎಂ ಆವಾಸ್ ಯೋಜನೆಗೆ 48 ಸಾವಿರ ಕೋಟಿ

2023 ರ ಒಳಗೆ 18 ಲಕ್ಷ ಮನೆ ನಿರ್ಮಾಣ ಗುರಿ

ಹೈಡ್ರೋ ಸೋಲಾರ್ ಪ್ರೊಜೆಕ್ಟ್ ಗೆ 1400 ಕೋಟಿ ಹಂಚಿಕೆ

ಸೋಲಾರ್ ವಿದ್ಯುತ್ ಉತ್ಪಾದನೆಗೆ 19,500 ಕೋಟಿ 2030 ರೊಳಗೆ 280 ಗಿಗಾ ವ್ಯಾಟ್ ವಿದ್ಯುತ್ ಉತ್ಪಾದನೆ ಗುರಿ

ಇಂಧನ ಕ್ಷೇತ್ರದಲ್ಲಿ ಖಾಸಗಿ ಬಂಡವಾಳ ಹೂಡಿಕೆಗೆ ಅವಕಾಶ

75 ಜಿಲ್ಲೆಗಳಿಗೆ 75 ಡಿಜಿಟಲ್ ಬ್ಯಾಂಕ್ ಸ್ಥಾಪನೆ

ಎಲ್ಲಾ ಪೋಸ್ಟ್ ಆಫೀಸ್ ಗಳಲ್ಲೂ ಬ್ಯಾಂಕ್ ವ್ಯವಸ್ಥೆ

ಅನವಶ್ಯಕ 1483 ಕೇಂದ್ರ ಕಾನೂನುಗಳು ರದ್ದು

ಎಲೆಕ್ಟ್ರಿಕ್ ವಾಹನಗಳಿಗೆ ನಗರ ಪ್ರದೇಶಗಳಲ್ಲಿ ಬ್ಯಾಟರಿ ಬದಲಾವಣೆ ಕೇಂದ್ರಗಳ ಸ್ಥಾಪನೆ

ಒನ್ ನೇಷನ್ ಒನ್ ರಿಜಿಸ್ಟ್ರೇಷನ್ ವ್ಯವಸ್ಥೆ

ಆಸ್ತಿಯ ನೋಂದಣಿ ಇನ್ನುಮುಂದೆ ಡಿಜಿಟಲ್ ವ್ಯವಸ್ಥೆಯಲ್ಲಿ 8 ಭಾಷೆಗಳಲ್ಲಿ ಈ ಯೋಜನೆ ಜಾರಿ

ದೂರ ಸಂಪರ್ಕ ಕ್ಷೇತ್ರದಲ್ಲಿ ಮಹತ್ತರ ಕ್ರಾಂತಿ

ದೇಶದಲ್ಲಿ 2022 ರಿಂದಲೇ 5ಜಿ ಸೇವೆ ಆರಂಭ

ದೇಶದ ಪ್ರತಿ ಹಳ್ಳಿಗೆ ಆಫ್ಟಿಕಲ್  ಫೈಬರ್ ಕೇಬಲ್ ಅಳವಡಿಕೆ

ಅರಣ್ಯ ಕೃಷಿ ಮಾಡುವವರಿಗೆ ಆರ್ಥಿಕ ನೆರವು

SC ST  ರೈತರಿಗೆ ಆರ್ಥಿಕ ನೆರವು

ಕೇಂದ್ರದಿಂದ ರಾಜ್ಯ ಸರ್ಕಾರಗಳಿಗೆ 1 ಲಕ್ಷ ಕೋಟಿ ರೂ  50 ವರ್ಷಗಳ ಕಾಲ ಬಡ್ಡಿ ರಹಿತ ಸಾಲ ನೀಡಿಕೆ.

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Economic Times

📝 FM Sitharaman focuses on infra, MSMEs in her fourth budget

📝 India on course to become $5 trillion economy by FY26: CEA

📝 Cholamandalam Investment Q3 results: Co reports standalone profit at Rs 524 crore

📝 Kansai Nerolac Paints Q3 results: Net profit falls 39% to Rs 125.3 cr

📝 P&G Hygiene Q3 results: Net profit falls 15% to Rs 212 cr

📝 Chemical free farming to boost exports, AgriTech to help digital ecosystem: Experts

📝 Govt pegs STT collection at Rs 20,000-cr for FY23

📝 Saudi Arabia announces $6.4 billion investments in future tech

📝 Total investment by power PSUs to rise 5 pc to Rs 51k cr in FY23

📝 CIL supplies to Power Sector rose 23% in April-January of FY22

📝 Edtech startup Scaler Academy bags $55 million in funding led by Lightrock India

📝 Logistics platform Loadshare raises $40 million led by Tiger Global

 

Business Standard

📝 Budget 2022: FM cuts Customs exemptions again, this time on capital goods

📝 Union Budget 2022: Rs 9,259-crore outlay for Air India debt

📝 Poonawalla Fincorp consolidated net profit up at Rs 96 crore in Q3

📝 Over 2 mn Indian accounts banned by WhatsApp in Dec 2021: Report

📝 FM proposes to issue sovereign green bonds to mobilise resources

📝 Budget 2022: Indian Railways capex at all-time high of Rs 2.45 trillion

📝 Govt expects 27% lower dividend at Rs 74,000 cr from RBI and banks in FY'23

📝 2% wealth tax on super rich likely to fetch nearly Rs 1.1 trillion

Financial Express

📝 SC asks Future Retail’s lenders to take ‘realistic approach’

📝 Adani Ports quarterly profit falls to Rs 1,478.76 crore

📝 TRAI recommendation on 5G spectrum by March, says Telecom Minister

📝 Indian Hotels reports consolidated net profit of Rs 95.96 crore

📝 NMDC iron ore output grows 28% to 33 MT in Apr-Jan; sales jump 25%

📝 Budget 2022: Govt to infuse Rs 44,720 cr into BSNL in 2022-23; Rs 3,300 cr for VRS

📝 Govt mulls lower levy for SEZs to boost sales: Piyush Goyal

Mint

📝 Edtech companies set to get a boost from government’s digitization push

📝 Gold breaks above $1,800 as dollar weakens after US Fed commentary

📝 India data centers to get cheap loans in boost for Adani, Mittal

📝 US job openings rose unexpectedly in December

📝 Exports rise by 23.69% to $34 bn in Jan; trade deficit widens to $17.94 bn

📝 New York Times buys Wordle

📝  AGR dues: Tata Tele decides against conversion of interest amount into equity

📝 Union Budget pegs fiscal deficit at 6.4% of GDP in FY23

📝 Saudi Pharmacy chain seeks $1.3 billion in top IPO since Aramco

📝 Metro projects get ₹19,130-cr in Budget 2022

📝 Sony to buy videogame maker Bungie in $3.6 billion deal

📝 Honda Motorcycle sells over 3.54 lakh two-wheelers in January

📝 Budget 2022: ₹5.25 lakh cr allocated for defence, focus on domestic players

📝 Chargebee valuation jumps 2.5X on securing $250 mn from Tiger Global, Sequoia

📝 Manufacturing PMI softens to four-month low in January.

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 Please find below Highlights of Union Budget 2021-22.

General

1. First digital Budget in the history of India

2. Vehicle Scrapping Policy. Vehicle Fitness Test after 20 years in case of Personal vehicle and 15 years in case of commercial vehicles

3. 64,180 crores allocated for New Health Schemes

4. 35,000 crores allocated for Covid Vaccine

5. 7 Mega Textile Investment parks will be launched in 3 years

6. 5.54 lakh crore provided for Capital Expenditure

7. 1.18 lakh crore for Ministry of Roads

8. 1.10 lakh crore allocated to Railways

9. Proposal to amend Insurance Act. Proposal to increase FDI from 49% to 74 %. 

10. Deposit Insurance cover (DICGC Act 1961 to be amended). Easy and time bound access of deposits to help depositors of stress banks.

11. Proposal to revive definition of ‘Small Companies’ under Companies Act 2013. Capital  less than 2 Cr. and Turnover Less than 20 Cr.

12. Disinvestment: IPO of LIC, Announced Disinvestment of Companies will be completed in FY 2021-22

Direct and Indirect tax

1. Senior Citizens: Reduced Compliance burden. 75 years and above. Proposal not to file ITR if only pension income and interest income. 

2. Reduction in time for IT Proceedings: Reopening of Assessments period reduced from 6 years to 3 years except in cases of serious tax evasion cases

3. Proposal to constitute ‘Dispute Resolution Committee’. (Taxable income 50 lakhs and disputed income 10 lakh).

4. National Faceless Income Tax Appellate Tribunal Centre

5. Relaxations to NRI: Propose to notify rules for removing hardship for double taxation.

6. Tax Audit Limit: Proposal of tax audit increased from 5 Cr. to 10 cr. (Only for 95%  digitized payments business)

7. Propose to provide relief on advance tax liability on dividend income.

8. Propose to include tax holidays for Aircraft leasing companies

9. Prefiling of returns (Salary, Tax payments, TDS etc.)  Details of Capital gains from listed Securities, dividend income, etc. will be prefilled

10. Small Charitable Trusts. Increased from 1 crore to 5 crores (Compliance limit)

11. Late deposit of employee’s contribution by employer will not be allowed as deduction

12. Incentive to startup: Tax holiday exemption for one more year

13. Duties reduced on various textile, chemicals and other products

14. Gold and Silver (BCD reduced)

15. Agriculture Products: Custom duty increased on cottons, silks, alcohol etc.

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Deductions under Chapter VI A of Income Tax Act: 

Know how much tax may be saved

Chapter VI A of Income Tax Act contains various sub-sections of section 80 that allows an assessee to claim deductions from the gross total income

income tax, tax-saving investments, Chapter VI A of Income Tax Act, 80C, 80D, gross total income, deductions under Chapter VI A

There are taxpayers who have not yet invested in the necessary financial products to save tax. If you are one of them who still haven't zeroed in on a financial product to invest in to reduce your tax outgo for this year, here are some options for you.

Chapter VI A of Income Tax Act contains various sub-sections of section 80 that allows an assessee to claim deductions from the gross total income on account of various tax-saving investments, permitted expenditures, donations etc. Such deductions allow an assessee to considerably reduce the tax payable.

The Chapter VI A of Income Tax Act contains the following sections:

80C: Deduction in respect of life insurance premium, deferred annuity, contributions to provident fund (PF), subscription to certain equity shares or debentures, etc. The deduction limit is Rs 1.5 lakh together with section 80CCC and section 80CCD(1).

80CCC: Deduction in respect of contribution to certain pension funds. The deduction limit is Rs 1.5 lakh together with section 80C and section 80CCD(1).

80CCD(1): Deduction in respect of contribution to pension scheme of Central Government – in the case of an employee, 10 per cent of salary (Basic+DA) and in any other case, 20 per cent of his/her gross total income in a FY will be tax free. Overall limit is Rs 1.5 lakh together with 80C and 80CCC.

80CCD(1B): Deduction up to Rs 50,000 in respect of contribution to pension scheme of Central Government (NPS).

80CCD(2): Deduction in respect of contribution to pension scheme of Central Government by employer. Tax benefit is given on 14 per cent contribution by the employer, where such contribution is made by the Central Government and where contribution is made by any other employer, tax benefit is given on 10 per cent.

80D: Deduction in respect of Health Insurance premium. Premium paid up to Rs 25,000 is eligible for deduction for individuals, other than senior citizens. For senior citizens, the limit is Rs 50,000 and overall limit u/s 80D is Rs 1 lakh.

80DD: Deduction in respect of maintenance including medical treatment of a dependent who is a person with disability. The maximum deduction limit under this section is Rs 75,000.

80DDB: Deduction in respect of expenditure up to Rs 40,000 on medical treatment of specified disease from a neurologist, an oncologist, a urologist, a haematologist, an immunologist or such other specialist, as may be prescribed.

80E: Deduction in respect of interest on loan taken for higher education without any upper limit.

80EE: Deduction in respect of interest up to Rs 50,000 on loan taken for residential house property.

80EEA: Deduction in respect of interest up to Rs 1.5 lakh on loan taken for certain house property (on affordable housing).

80EEB: Deduction in respect of interest up to Rs 1.5 lakh on loan taken for purchase of electric vehicle.

80G: Donations to certain funds, charitable institutions, etc. Depending on the nature of the donee, the limit varies from 100 per cent of total donation, 50 per cent of total donation or 50 per cent of donation with a cap of 10 per cent of gross income.

80GG: Deductions in respect of rent paid by non-salaried individuals who don’t get HRA benefits. Deduction limit is Rs 5,000 per month or 25 per cent of total income in a year, whichever is less.

80GGA: Full deductions in respect of certain donations for scientific research or rural development.

80GGC: Full deductions in respect of donations to Political Party, provided such donations are non-cash donations.

80TTA: Deductions in respect of interest on savings bank accounts up to Rs 10,000 in case of assessees other than Resident senior citizens.

80TTB: Deductions in respect of interest on deposits up to Rs 50,000 in case of Resident senior citizens.

80U: Deduction in case of a person with disability. Depending on type and extent of disability maximum deduction allowed under this section is Rs 1.25 lakh.

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