Various amendments & case studies for CS CA CMA LLB Professionals

Budget Live🔴

****Revised Tax Structure Under New Regime****

The government has announced changes to the tax rate structure under the new income tax regime. Here's a breakdown of the new slabs:

* Income up to Rs. 3 lakh: Nil tax
* Income from Rs. 3 lakh to Rs. 7 lakh: 5% tax
* Income from Rs. 7 lakh to Rs. 10 lakh: 10% tax
* Income from Rs. 10 lakh to Rs. 12 lakh: 15% tax
* Income from Rs. 12 lakh to Rs. 15 lakh: 20% tax
* Income above Rs. 15 lakh: 30% tax
- LTCG hike 10 % to 12.5%
- STCG hike 15% to 20%

*This revised structure is expected to provide significant tax relief to salaried individuals, with potential savings of up to Rs. 17,500.****

***UNION BUDGET 2024***

🔊 Government to exempt three more medicines for cancer treatment from customs duty

🔊 Customs duty on gold and silver to be reduced to 6%, platinum to 6.4%

🔊 The Finance Minister stated that the Indian mobile industry has matured and proposed to reduce the Basic Customs Duty (BCD) on mobile phones, mobile PCDA (Printed Circuit Design Assembly), and mobile charges to 15%.

🔊 ₹2.66 lakh crore has been allocated for rural development, including rural infrastructure. She also said that three crore additional houses will be constructed under the PM Awas Yojana in rural and urban areas

🔊 GST has significantly reduced tax incidents for the common man and eased compliance for industry, marking a success of vast proportions. To further enhance the benefits of GST, we will strive to rationalize the tax structure.

🔊 The development of small and modular nuclear reactors in the country, FM Sitharaman says, "The govt will partner with the private sector for setting up Bharat small reactors, research and development of Bharat small modular reactors & research and development of newer technologies for nuclear energy..."

🔊 The Finance Minister stated that rules and recognition for Foreign Direct Investments (FDIs) will be simplified to facilitate their inflow. This move aims to prioritize and promote the use of the Rupee for overseas investments.

🔊 The Finance Minister announced that states charging high stamp duty will be encouraged to moderate their rates for all. Additionally, further reductions in duties for properties purchased by women will be considered. These measures will also be incorporated as essential components of urban development schemes.

🔊 The Finance Minister highlighted the focus on energy security, announcing that a policy document on energy transition pathways will be released, emphasizing employment and sustainability. The PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants, providing free electricity up to 300 units per month to 1 crore households. The initiative has already seen 1.28 crore registrations and 14 lakh applications, which is a remarkable achievement.

🔊 The Finance Minister proposed supporting the development of corridors at Vishnupad Temple and Mahabodhi Temple, following the model of the Kashi Vishwanath Temple. Additionally, the government will back the development of Nalanda in Bihar as a tourist center. Finance Minister Sitharaman also announced that an economic policy framework will be introduced to usher in next-generation reforms aimed at boosting economic growth. Furthermore, the government will provide assistance to Odisha for the development of tourism, as stated by the FM in Lok Sabha."

🔊 The Phase 4 of the PM Gram Sadak Yojana will be launched to provide all-weather roads to 25,000 rural habitats

🔊 Comprehensive development of Vishnupad Temple Corridor and Mahabodhi Temple Corridor will be supported

🔊 Land record will be digitised using GIS

🔊 Budget announcements to speed up the IBC process is commendable

🔊 FM: New Eco policy framework to focus on Land, Labour, Capital & Entrepreneurship

🔊 FM: Will set up Rs 1000 cr Venture Capital Fund for space economy

🔊 Financial assistance for Sikkim, Assam, Uttrakhand, HP -- states Impacted by floods

🔊 PM Surya Ghar Muft Bijli launched to install roof-top solar for 1 crore households

🔊 FM keeps capex at Rs 11.11 lakh crore or 3.4% of GDP

🔊 Government to launch scheme to develop 100 street food hubs in select cities over five years

🔊 Transit oriented development programmes for 14 large cities with population above 30 lakh will be formulated

🔊 Sidbi to open 24 new branches to serve MSMEs clusters, says FM

🔊 Government to set up integrated technology system for IBC for better outcomes

🔊 FM announces integrated tech platform to improve IBC outcomes

🔊 Voluntary closure of LLPs, C-PACE to be extended to LLPs

🔊 The IBC has dissolved more than 1000 companies, resulting in direct recovery of Rs 3.3 lakh cr

🔊 Appropriate changes to IBC will be initiated, additional tribunals will be established

🔊 Propose of development of DPI applications at population scale in credit, e commerce, law and justice, corporate governance: FM Sitharaman

🔊 Rental housing with dorm like accomodation for industrial workers will be facilitated in PPP mode: FM

🔊 Jobs budget!
Govt will launch a comprehensive scheme to offer internship in top companies to one crore youth in five years: FM Sitharaman

🔊 Mudra loans to be enhanced to 20 lakh from 10 lakh, says FM Sitharaman
Limit of Mudra loans to extend to Rs 20 lakh from Rs 10 lakh for those who have availed and paid previous loans: FM Sitharaman

🔊 FM announces special attention on MSMEs
This budget provides special attention to MSMEs and manufacturing: FM Sitharaman

Credit guarantee scheme for MSMEs in the manufacturing sector

Facilitating term loans for purchase of machinery introduced

Formulated package to finance technology support to MSMEs

🔊 Women-led development More than 3 lakh crore for schemes benefiting women and girls: FM Sitharaman

🔊 2.66 lakh cr provision for rural development, says FM

🔊 The Finance Minister announced that increasing the participation of women in the workforce will be a priority. This will be done by setting up hostels and creating partnerships to organize women-specific skilling programs.

🔊 FM announces Special Financial Support for Andhra Pradesh
--Budget to facilitate 15,000 crore for Andhra with additional amounts in future years
--Govt committed to financing and completion: FM

🔊 FM announces new airports, medical facilities and sports infra for Bihar

🔊 In this budget, we focus on employment, skilling, MSME, middle class: FM

🔊 Five schemes to focus on 4.1 crore youth over 5 years with a central outlay of Rs 2 lakh crore: FM

🔊 Govt to provide financial support for loans up to ₹10 lakhs for higher education in domestic institutions

🔊 Nirmala Sitharaman announced employment-linked skilling through schemes as part of the PM's package. She said, "These schemes will be based on enrolment in the EPFO, focusing on recognizing first-time employees.

First-timers will receive one month's wage upon entering the workforce in all formal sectors.

A direct benefit transfer (DBT) of one month's salary, up to ₹15,000, will be provided in three instalments.

The eligibility limit for this benefit will be a salary of ₹1 lakh per month, and it is expected to benefit 2.1 lakh youths."

🔊 Three schemes for employment-linked incentives

A: One month's wage for freshers

B: Job creation in manufacturing

C: Support to employers

🔊 DBT of one month salary to first time employees up to Rs 15,000, eligibility limit Rs 1 lakh per month: FM

210 lakh youth to benefit: FM

Job creation of manufacturing, incentive at specified scale with respect to EPFO contribution. 30 lakh youth entering employment and their employers to benefit: FM

🔊 Agri research to be transformed to focus on raising productivity and climate resilient varieties: FM Sitharaman

Transforming agri research: Comprehensive review of farm research setup to be undertaken, to developing climate resilient crop varieties

🔊 Detailed roadmap to pursue nine priorities for generating opportunities for India: FM

These are:

Agri

Employment

Inclusive development

Mfg and Services

Urban Devp

Energy

Infra

Innovation, R&D

NexGen reforms

🔊 In this budget, we focus on employment, skilling, MSME, middle class: FM

Five schemes to focus on 4.1 crore youth over 5 years with a central outlay of Rs 2 lakh crore: FM

🔊 Inflation moving to 4 percent target: FM Nirmala Sitharaman

PMGKAY was extended for five years benefitting more than 80 crore people: FM

🔊 Modi govt's first major policy announcement, is expected to focus on job creation and boosting consumption, which analysts expect will be positive for sectors such consumer goods, real estate and autos.

🔊 India’s economic growth continues to be shining exception, says FM

🔊 Five schemes to focus on 4.1 crore youth over 5 years with a central outlay of Rs 2 lakh crore, says FM

🔊 FM lists out roadmap to pursue nine priorities for India opportunity

🔊 Energy Security will be one of the Nine Priorities

🔊 FM Sitharaman says one-month salary support to enterprises for first time employees

🔊 1 crore farmers to be initiated into natural farming over 2 years

***Taxation Updates***
• Limit of exemption at capital gains proposed at Rs 1.25 lakh a year
• STT on F&O hiked to 0.02% and 0.1%
• Corporate tax rate on foreign companies reduced to 25%
• Limit of LTCG hiked from 10% to 12.5%
• Short term gains on certain financial assets will be 20 percent, rest is applicable tax rate
• Long term capital gains will be 12.5 percent
• Listed financial assets held for more than a year will be classified as long term
• TDS rate on e-commerce operators to be reduced to 0.1 percent from 1 percent
• Tax rate of 20 per cent on certain assets. Rest to attract applicable rates
• Listed financial assets held for more than a year will be classified as long term
• Unlisted bonds and debentures, irrespective of holding period, to attract CGT as pwer applicable rates
• Abolishment of Angel Tax announced for all classes of investors
• Professionals in MNCs who get esops and then invest in movable assets abroad of upto Rs 20 lakh decriminalized / non-penalised
• Under new tax regime, standard deduction hiked to Rs 75,000 from Rs 50,000
• Deduction on family pension for pensioners to be enhanced to 25K Rs
• Salaried employee will save Rs 17,500 in income tax
New tax regime Tax rate structure to be revised as follows:
• 0-3L -- 0%
• 3-7 L -- 5%
• 7-10 L -- 10 %
• 10 - 12 L -- 15 %
• 12 - 15 L -- 20%
• over 15 L -- 30%

***Key Union Budget Announcements - 2024***
PART A
➡️ 5 schemes to be announced, centered on youth, employment and skilling benefiting 4.1cr youth. Will entail outlay of INR2lk cr.
➡️ Proposal to allocate to ₹ 1.48 lakh crore for education, employment and skilling
➡️ Focus on strengthening production, storage and marketing for oil seeds such as mustard, groundnut, soy, etc. Vegetable clusters to be developed.
➡️ Provision of INR 1.52lk cr announced for agri and allied activities.
➡️ Will give employment linked incentives. Enrolment in EPFO. Recogntion of first time employees.
a) First timers to get one month wage from govt, in three installments, as registered in EPFO, upto INR 15,000. Eligibility for less than INR 1lk per month.
b) Govt will reimburse upto INR 3,000 per month per employee for their EPFO contributions for upto INR 1lk per month salary. Should help 50 lakh jobs.
➡️ Proposal to allocate INR 26,000cr for development of highways in Bihar. New airports, medical colleges, and sports infra will be constructed in Bihar.
➡️ Financial assistance worth INR 15,000cr for Andhra Pradesh through multilateral agencies.
➡️ 3cr additional houses under PMAY have been announced
➡️ More than 100 branches of post payment banks has been budgeted to open in North Eastern region
➡️ Credit guarantee schemes for purchase of machinery without collateral. guarantee of INR 100cr.
➡️ New assessment model: PSU will build their own internal credit assessment model as per digital imprint.
➡️ Credit support to MSME during stress period (SMA account) guarantee. MUDRA loans increased from 10 lak to 20 lakh.
➡️ TReDS: Reduce the turnover threshold from INR 500cr to INR 250cr for buyers. Will bring more CPSE on to the platform.
➡️ SIDBI will open new branches to serve more MSME. Opening of 24 new branches this year.
➡️ Proposal to allocate INR 2.66lk cr for rural development, which is a 40% increase YoY.
➡️ Proposal to allocate INR 3lk cr towards benefit of women and girls
➡️ PMAY Urban - investment of INR 10lk cr (2.2lk cr central assistance in next 5 years). Provision of interest subsidy is envisaged.
➡️ Stamp duty moderation by states encouraged. Further benefits recommended for properties purchased by women.
➡️ R&D for Small modular nuclear reactor: Partner with pvt sector firm; R&D Bharat small modular reactor; R&D funding announced will be available for this sector
➡️ Critical mineral to be set up for the recycling of critical minerals and their overseas acquisitions. The government will launch the auction of the first tranche of Offshore blocks for mining, building on the exploration already carried out.
➡️ Water supply and sanitation: Center will support states along with multi-lateral agencies for 1) water supply projects, 2) sewage treatment, 3) solid waste management, 4) such services for top 100 cities, and 5) use of treated water for irrigation and tank filling. Positive for Water supply & treatment companies (Va Tech Wabag, EMS ltd, Ion Exchange) and solid waste management companies (Antony waste).
➡️ *Infra investment : 11,11,111 cr rupees 2.4% of GDP announced (same as in interim budget)*
➡️ PM Suryaghar Muft Bijli Yojana - free electricity upto 300 units/month
➡️ PM Gram Sadak Yojana: Phase 4 will be launched.
➡️ Assistance for flood management program in Assam, Himachal Pradesh, Uttarakhand and Sikkim announced. INR 11,500cr announced for flood mitigation program in Bihar.
➡️ Spiritual tourism - Vishwpat Temple corridor, Mahabodhi corridor to transform into tourist destinations. Focus on development program for Rajgir and Nalanda.
➡️ Anusandhan national research: To spur private sector R&D with a financing pool of INR 1lk cr
➡️ Space economy: facilitate setting up of VC fund worth INR 1,000cr
➡️ Digitization of rural land records, mapping of rural pedestrian pathways in focus
➡️ NPS Vatsalya: investment by parents and guardians for minors which can be converted to NPS accounts seamlessly after attaining majority
➡️ *Budget for 2025: Total receipts: INR 32.07lk cr, Total expenditure: INR 48.21lk cr*
➡️ *Gross/net borrowing target: INR14.01lk cr/INR 11.06lk cr*
➡️ *Projected Fiscal Deficit : 4.9%. FY26 Fiscal Deficit: 4.5%*

_PART B_
➡️ Reduce BCD on mobile phones, PCB, charges to 15%
➡️ Seafood exports touched 60,000cr in FY24. Frozen shrimp was 2/3rd of this. To reduce BCD on fish feed and shrimp to 5%.
➡️ Reduce custom duty gold & silver to 6%
➡️ Propose to increase BCD on ammonium nitrate from 7.5% to 10%
➡️ Solar Energy: To promote domestic manufacturing supply chain, govt decides NOT to extend duty exemption on capital machinery used for solar cell/modules, gases & glass manufacturing. Negative for solar cell/module manufacturer
➡️ To promote domestic aviation and ship repairs and maintenance, will extend export time period for imported repair goods to 1 year from 6 months
➡️ TDS rate on e-commerce operator to be reduced from 1% to 0.1%
➡️ Proposal to de-criminalize TDS defaults
➡️ *LTCG on financial and non-financial assets increased from 10% to 12.5%. STCG on certain financial assets to be increased to 20%. Exemption on LTCG on certain assets increased to INR 1.25lk.*
➡️ Abolish angel tax to support start ups. Proposal for simpler tax regime fo foreign shipping companies operating cruises in India
➡️ Safe harbour rates for foreign mining companies selling diamonds in India
➡️ Reduce corporate tax rates on foreign companies to 35% from 40%
➡️ *STT on F&O to be increased to 0.02% from 0.01%*
➡️ *Income on buyback to be taxed in the hands of recepient*
➡️ *Standard deduction to be increased from INR 50,000 to INR 75,000 under new tax regime*
➡️ *Revised tax slab under new regime: INR 0-3lk - NIL; INR 3-7lk - 5%; INR 7-10lk - 10%; INR 10-12lk - 15%; INR 12-15lk - 20%; INR 15lk+ - 30%*

आवश्यक जानकारी :~
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यह चार नंबर हर भारतीय के फोन में सेव होना चाहिए।

• 1930 : कोई आपको मैसेज/ व्हाट्सएप या सोशल साइट्स पर गाली दे या कॉल पर धमकी दे या कोई ऑनलाइन फ्रॉड हो जाए तो साइबर क्राइम के हेल्पलाइन 1930 पर तुरंत कॉल करके रिपोर्ट दर्ज कराए।

• 1073 : अगर किसी का रोड पर एक्सीडेंट हो जाए तो रोड एक्सीडेंट इमरजेंसी सर्विस 1073 तुरंत कॉल करें।

• 1915 : अगर किसी दुकानदार, ऑनलाइन शॉपिंग साइट्स, कॉलेज अथवा स्कूल से वस्तुओं के बढ़ी हुई कीमत, गुणवत्ता, गारंटी व वारंटी या अन्य कोई भी समस्या हो तो राष्ट्रीय उपभोक्ता हेल्पलाइन 1915 पर तुरंत कॉल करके रिपोर्ट दर्ज कराए।

• 1064 : अगर कोई आईएएस, पीसीएस, पुलिस या अन्य कोई भी सरकारी अधिकारी/ सरकारी कर्मचारी आपसे रिश्वत मांगे तो एंटी करप्शन ब्यूरो के हेल्पलाइन नंबर 1064 पर कॉल करें, तुरंत कार्यवाही होगी।

बधाई देश के उन वैज्ञानिकों को, जिन्होंने 17 महीने वेतन न मिलने के बावज़ूद चंद्रयान मिशन को सफल बनाया!
शिक्षा ही देश को आगे बढ़ा सकती है! जय हिंद 🇮🇳

***Big Relief in GST in New FY***

1. GST registration cancelled on or before 31st December 2022 can now be revoked, by filling an application before 30th June 2023.

2. Late fee for filling of Annual return for FY 2017-18 to 2021-22 is capped at 20000/- if filling before 30/06/2023

3. Late fee for filling of Final Return GSTR 10 is capped at ₹1000/- if filled before 30/06/23.

***07/01/2023 - Last date to deposit TDS/TCS for December, 2022.***

07/01/2023 - Last date to file Form 27C collected against sales in December, 2022.

11/01/2023 - Last date to file GSTR-1 for December, 2022.

13/01/2023 - Last date to file GSTR-1 for quarterly return filers for Q3 of FY 2022-23.

15/01/2023 - Last date to file Form 27EQ (TCS Return) for Q3 of FY 2022-23.

15/01/2023 - Last date to deposit ESI & PF for December, 2022.

20/01/2023 - Last date to file Form GSTR-3B for December, 2022.

24/01/2023 - Last date to file Form GSTR-3B for quarterly return filers for Q3 of FY 2022-23.

31/01/2023 - Last date to file Form 24Q, 26Q & 27Q (TDS Return) for Q3 of FY 2022-23.

Composition dealer to deposit qtr tax before 18.1.23