Infographic – Union Budget 2023 Highlights and Important Points

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.