After a long time it is very expected in Union Budget 2023.
Budget Expectation2023Direct Tax
2. Increase in the limit for various deductions.
Increase various deduction limits which was not changed for last many years expected in Union Budget 2023.
Budget Expectation2023Direct Tax
3. Senior Citizens
Make Pension Tax-Free for Senior Citizens and Change in definition of Senior citizen it should be 60 as per income tax act, 1961 expected in Union Budget 2023.
Budget Expectation2023Direct Tax
4. NRI
Exemption from filing of tax return to non-residents where entire tax has been withheld per the provisions of the Act expected in Union Budget 2023.
Budget Expectation2023Indirect Tax
5. PLI
Widen the Production Linked Incentive (PLI) scheme or introduction of the Phased Manufacturing Plan (PMP) for new product expected in Union Budget 2023.
Budget Expectation2023Indirect Taxes
6. Include Fuels in GST
Fuel is included under the ambit of GST, it is bound to reduce costs of transport and if benefit of the same is passed on to the consumers, it will lead to more spending power, benefiting the economy
Budget Expectation2023Indirect Taxes
7. A one-time amnesty Scheme
Also there have been various proceedings under the erstwhile Service Tax/Excise Laws. This has resulted in huge demands along with interest and penalty on the trade