Extending benefits of standard deduction to new tax regime for salaried class and pensioners.
Massive increase in capex outlay alongside reduced tax liability on personal income tax is a twin approach to boost both infrastructure and consumption spending.
Income up to Rs 7 lakh has been made tax free.
LIC's total investment in Adani Group companies through both equity and debt stood at Rs35,917.31 crore, as of December 31, 2022.
Efficiency of tax collection is likely to improve further.
The fiscal year FY23 so far has been robust so far amidst the higher than expected output of goods and services in the economy. For the full year, the indirect tax collections are estimated to be above the original estimates.
The salaried class, the small businesses and the pensioners are the 3 key segments that are interested in tax provisions that impact salaries and personal finance. Here are 20 expectations that are built into the Union Budget expectations for Budget 2023-24.
Global and domestic economic slowdown is expected to lower indirect tax collection
Efficiency of direct tax collection is likely to improve further.