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Home » Union Budget 2023 Highlights – Income Tax Relief, Infra And Jobs

Union Budget 2023 Highlights – Income Tax Relief, Infra And Jobs

    Our Finance Minister Nirmala Sitharaman has presented the Budget 2023 in parliament with growth undertones & optimism and announced India’s economic outlook is better than in pre-pandemic years.  This is the last budget for the whole year before the general elections in 2024 and major state elections to be held later this year. Like the previous two budgets, the Union Budget 2023-24 has also been presented in paperless form.

    Taxpayers have also got relief in this budget. The Finance Minister has proposed to reduce the number of slabs in the new personal income tax regime to 5 and increase the tax exemption limit to ₹ 3 lakh. The limit of ₹ 3 lakh for tax exemption on leave encashment limit has been increased to ₹ 25 lakh. Here, you know the full information related to Budget 2023 Highlights, Income Tax Relief, Jobs, and other sectors.

    union budget 2023 highlights
    Budget 2023 Highlights

    Union Budget 2023 Overview

    Budget Union budget
    Year 2023
    Financial year 2023-24
    Present by Nirmala Sitaraman
    Presentation date 1 feb
    Presented on Parliament

    Budget 2023 Highlights

    In the Union budget, 2023 highlights that real estate companies are also under the target. However, it is tough to know which sector will be more beneficial after the Budget 2023. The union Budgets 2023 highlight will be more Beneficial for the public and agriculture. The Budget 2023 will be very beneficial for the local level of the panchayat.

    Agricultural Credit Target: Finance Minister Nirmala Sitharaman said in her budget speech that the agricultural credit target will be increased to Rs 20 lakh crore with a focus on animal husbandry, dairy, and fisheries.

    Personal Income Tax: In the new tax regime, income up to Rs 7 lakh has been exempted.

    Tax slab rationalization is announced under new regime with new slabs as shown below:

    Total Income (in Rs) Rate (in %)
    Upto 3,00,000 Nil
    3,00,001 to 6,00,000 5
    6,00,001 to 9,00,000 10
    9,00,001 to 12,00,000 15
    12,00,001 to 15,00,000 20
    Above 15,00,000 30

    Railways: A capital outlay of Rs 2.40 lakh crore has been made for the Railways in the budget, which is the highest ever outlay, almost nine times of the outlay made in the financial year 2013-14.

    PM Vishwa Karma Kaushal Samman – Announcement of a package of assistance for traditional artisans and craftsmen, which will enable them to improve the quality, scale and reach of their products while integrating them with the MSME value chain.

    Eklavya Model Residential Schools: The Finance Minister in his budget speech announced that in the next 3 years the Center will recruit 38,800 teachers and support staff for 740 schools serving 3.5 lakh tribal students.

    The entire expenditure of about Rs 2 lakh crore is being borne by the Central Government under the PM Garib Kalyan Anna Yojana for the supply of free food grains for one year to all Antyodaya and priority families.

    National Digital Library: A National Digital Library for Children and Adolescents will be set up to facilitate device-agnostic access and availability of quality books across geographies, languages, genres and levels.

    Domestic and International Tourism: 50 tourist destinations will be selected through challenge mode to be developed as a complete package for domestic and international tourism.

    Credit Guarantee for MSMEs: Rs 9000 crore will be infused in the corpus, which will allow additional collateral-free credit of Rs 2 lakh crore. Which will be effective from 1 April 2023.

    Pan India National Apprenticeship Scheme: Direct benefit transfer will be launched under a Pan India national apprenticeship scheme, to support 47 lakh youth in 3 years.

    Setting up of 100 labs for app development: 100 labs will be set up in engineering institutes to develop apps using 5G services. Which will help in the development of new range of opportunities, business models and employability. Along with this, apps like smart classroom, precision farming, intelligent trnsport systems and healthcare will also be developed in the labs.

    157 New Nursing Colleges: 157 new Nursing Colleges will be established in Sahasthan along with the existing 157 Medical Colleges established from the year 2014. A mission will be launched to eliminate sickle cell anemia by the year 2047, in which awareness will be created and universal screening of 7 crore people will be done in the affected tribal areas.

    Budget 2023 – What’s gets cheaper and what’s get costlier:

    Cheaper

    • Mobile phones
    • TV
    • Lab-grown diamonds
    • Shrimp feed
    • Machinery for lithium-ion batteries
    • Raw materials for EV industry

    Costlier:

    • Cigarettes
    • Silver
    • Compounded rubber
    • Imitation Jewellery
    • Articles made from gold bars
    • Imported bicycles and toys
    • Imported kitchen electric chimney
    • Imported luxury cars and EVs

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