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Infographic – Union Budget 2023 Highlights and Important Points

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April 17, 2023

 Some Union Budget 2023 Highlights and Important Points:

Budget and the Future

  • Three centers of excellence for Al.
  • 100 laboratories for 5G services.
  • Tax exemption limit is increased to INR 3 lakh.
  • Creation of a national digital library.
  • 48% increase in allocation for the renewable energy sector.

Budget and Youth

  • Introduced NAPS to support 47 lakh youth over three years.
  • Pradhan Mantri Kaushal Vikas Yojana 4.0 to offer OJT and new-age courses.
  • Expansion of a digital ecosystem to enable skill training.


Budget and Senior Citizens

  • Maximum deposit limit for Senior Citizen
  • Savings Scheme was revised to INR 30 lakh.
  • The maximum deposit limit for a single account increased to INR 9 lakh.
  • The maximum deposit limit for a joint account increased to INR 15 lakh.

Budget and Indirect Taxes

  • Proposed to exempt excise duty on GST-paid compressed biogas.
  • Increased import duty for silver.
  • Taxes on cigarettes hiked by 16%.
  • Custom duties to increase on items made from gold and platinum.

Budget and Income Tax

  • The new tax regime increases the rebate limit to INR 7 lakh.
  • The number of slabs is reduced to 5.
  • Tax exemption limit is increased to INR 3 lakh.
  • Personal income tax surcharges have been reduced from 37% to 25%.

Budget and the Economy

  • The Capital Expenditure (CapEx) outlay has increased by 33%
  • Aims to keep the fiscal deficit at 5.9%
  • States are allowed a deficit of 3.5% of GSDP.
  • Personal income tax surcharges have been reduced from 37% to 25%.

Check out some of Tax saving investment plans and Term Insurance plan online at HDFC Life. 

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