The government sweetened the new income tax regime by making income of up to ₹3 lac exempt from income tax. With a rebate, people earning up to ₹7 lac need not pay any income tax. The FM also simplified the tax structure and called it the “default income tax regime”.
The First Budget of Amrit Kaal, Budget 2023 focuses on investment in Infrastructure & Urban Reforms for near-term job growth and long-term competitiveness of the Indian Economy
It was announced that the PM Awas Yojana would be expanded by 66 per cent to over 79,000 crores.
Providing housing to all continues to be a top priority for the government and projects sanctioned under the PMAY program must be completed.
– Deduction from capital gains on Limiting the rollover benefit claimed under-investment in residential house under section 54 and section 54F.
sections 54 and 54F to 10 crores.
– Sustainable Cities: States and cities will be prompted to undertake city planning reforms and movements to radically change our cities into ‘sustainable cities of tomorrow’. This skill environment-friendly use of land resources, enough assets for city infrastructure, and transit-oriented development, more advantageous city land availability and affordability, and possibilities for all.
– Municipal Bonds: Through property tax governance reforms and ring-fencing user charges on urban infrastructure, cities will be incentivized to improve their
creditworthiness for municipal bonds
-Urban Infrastructure Development Fund will be set up thru precedence region lending shortfall. This will be managed through the National Housing Bank and used by public businesses to create city infrastructure in Tier two and three cities. 10,000 Cr Per year.
-The Green Growth movement is ushering in a new era of green buildings and development through many initiatives for Green Growth
– From April 1, 2023, the Credit Guarantee scheme will be in effect. A total of 2 lakh crores of collateral-free guaranteed credit will be available as a result. This will result in a reduction of about 1% in the cost of the credit.
Somya Chopra – CEO of Alpha Infratech said ” This is a perfect balance between Uplifting the middle-class living standards, national development and fiscal consolidation. Targeting the hype of the recession, capital spending will increase between 2022- 23 revised and 2023-24 budget estimates.