Download Finance Bill 2023 PDF
You can download the Finance Bill 2023 PDF for free using the direct download link given at the bottom of this article.
|File name||Finance Bill 2023 PDF|
|No. of Pages||220|
|File size||2.7 MB|
|Date Added||Feb 7, 2023|
Overview of Finance Bill
A Finance Bill is a type of legislation that is introduced in the parliament of a country, usually as a part of the annual budget process. It is a bill that proposes various changes in the financial laws of the country and lays down the guidelines for the collection and utilization of revenue by the government.
A finance bill typically contains proposals related to taxation, government spending, and public finances. Some common provisions in a finance bill include changes to tax rates, introduction of new taxes, changes to tax laws and regulations, changes in government spending and subsidies, and other financial measures aimed at managing the government’s finances.
In most countries, the finance bill is introduced by the finance minister or the equivalent and is closely scrutinized by the parliamentary committees before being passed into law. The finance bill is an important piece of legislation, as it has a significant impact on the country’s economy and affects the financial well-being of citizens.
|Income Slabs||Income Tax Rate|
|Up to ₹ 3,00,000||Nil|
|₹3,00,000 – ₹6,00,000||5% on income which exceeds ₹3,00,000|
|₹6,00,000 to ₹900,000||₹15,000 + 10% on income more than ₹6,00,000|
|₹9,00,000 to ₹12,00,000||₹45,000 + 15% on income more than ₹9,00,000|
|₹12,00,000 to ₹1500,000||₹90,000 + 20% on income more than ₹12,00,000|
|Above ₹15,00,000||₹150,000 + 30% on income more than ₹15,00,000|
The specifics of the highlights of a finance bill would vary depending on the country and the specific legislation being referred to. Generally, the highlights of a finance bill are the provisions and proposals related to taxation, government spending, public finances, and other financial measures.
Some common provisions that may be included in a finance bill are changes to tax rates, introduction of new taxes, changes to tax laws and regulations, changes in government spending and subsidies, measures aimed at managing public finances and reducing the fiscal deficit, and proposals aimed at promoting economic growth and stability.
It is important to note that the highlights of a finance bill can vary greatly depending on the current economic situation, government priorities, and other factors. It is best to consult official government websites or financial news sources for the most up-to-date and accurate information on a specific finance bill.
Changes in the Tax Structure for FY 2023-24:
- The new tax system features a streamlined approach with only five tax slabs.
- The tax rebate limit has increased to Rs.7 lakh, making all incomes under that amount tax-free.
- Incomes above Rs.5 lakh from insurance policies will now be subject to tax.
- Salaried individuals earning over Rs.15.5 lakh will see a benefit of Rs.52,500.
- The tax exemption limit for Leave Encashment has increased to Rs.25 lakh, up from Rs.3 lakh.
- The highest surcharge rate has decreased from 37% to 25%, resulting in a maximum tax rate of 39%.
- The revised income tax regime is now the default option.