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Budget - Finance Bill 2023
Basis the foundation laid in the previous budget and the blue print drawn for India@100, the Hon’ble Finance Minister presented Budget 2023 with an endeavor to simplify taxation provisions, rationalised various provisions to reduce the compliance burden, promotes the entrepreneurial spirit and provides certain tax relief to citizens.
Keeping a people-centric approach, various amendments in individual tax provisions and amendments providing benefits under the new tax-rate regime is a welcome move.
Overall, the Finance Bill 2023 (FB23) aims to continue the path of fiscal consolidation by stabilizing policies and overhauling the new tax regime applicable to individuals to propel efforts towards sustainable economic growth.