Highlights of Budget 2023

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1- Senior Savings Schemes limit for investments hiked to ₹30 Lakhs now from old ₹15 Lakh

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2- No personal income tax upto income of ₹7 Lakh increased from existing ₹5 Lakh

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3- Limit for presumptive taxes increased to ₹3Cr (businesses) and ₹75L (for professionals).

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4- Section 54 & 54F exemption limited to ₹10 Crores.

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5- Personal income tax Rebate limited increased by ₹2L to ₹7L (New regim)

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6- Surcharge for income above ₹5Cr reduced from 37% to 25%

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7- New regime would be default. However, choice for old will be available.

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8- Fiscal deficit to be at low of 5.9% in FY 24 from 6.4% in FY 23

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9- Post office MIS - limit Increased from ₹4.5 lac to ₹9 lac for individual and 15 lac for joint holding

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9- Post office MIS - limit Increased from ₹4.5 lac to ₹9 lac for individual and 15 lac for joint holding

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