Union budget 2023 highlights

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Taxation:

No tax on income up to ₹7 lakh a year, with a new five-slab tax structure

Income tax reduction for individuals with ₹15 lakh income

Reduced surcharge rate from 37% to 25% in new tax regime

Increased taxes on cigarettes by 16 percent

Increased import duty on compounded rubber to 25 percent from 10 percent

Increased customs duty on kitchen electric chimney to 15 percent from 7.5 percent

Cap on deductions from capital gains on investments in residential houses to ₹10 crore

Net tax revenue foregone because of changes in direct and indirect taxes is ₹35,000 crore

Allocations and Targets:

Increased allocation for railway, agricultural credit, PM Awas Yojna, and capital investment

Fiscal deficit target for fiscal 2024 is 5.9%, aiming to reduce to 4.5% by 2025-26

Tax receipts budgeted at ₹23.3 lakh crore

Education:

Establishment of 157 new nursing colleges

Hiring of 38,800 teachers for Ekalavya Model Residential Schools

Three AI centers of excellence to be set up in top educational institutes

100 labs to develop 5G apps in engineering institutions

Health:

Mission to eliminate sickle cell anemia by 2047

Housing and Sanitation:

Allocation for safe housing, sanitation, drinking water, and electricity for scheduled tribes

All cities and towns to transition from manhole to machine hole for sewers and septic tanks

Skill Development:

30 Skill India international centers to be set up in different states

Agriculture:

Assistance for 1 crore farmers to adopt natural farming

Transportation:

Revival of 100 critical transport projects for improved regional air connectivity

Tourism:

Selection of 50 destinations for tourism through challenge mode

Financial Services:

Computerization of 63,000 credit societies

Revamped Credit Guarantee Scheme for MSME sector with ₹9,000 crore infusion

Increased cap for senior citizens savings scheme from ₹15 lakh to ₹30 lakh

Monthly Income Scheme limit doubled to ₹9 lakh and ₹15 lakh for joint accounts

Mahila Samman Savings Certificate made available for two years with 7.5% interest

Higher limit of ₹2 lakh per member for cash deposit and loans by Primary Agricultural Credit Societies

Business Environment:

Reduction of 39,000 compliances for ease of doing business

Lower tax rate of 15% for new cooperatives that commence manufacturing activity

Increased limit for presumptive taxation for MSMEs and certain professionals

Strengthening of grievance redressal mechanism for the tax portal

Regional Projects:

Assistance for Upper Bhadra project in poll-bound Karnataka

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