Budget 2023 Key Highlights 

Key changes expected in Budget 2023

Income Tax Rates

1. Tax exemption increase to 5L for everyone

2. Tax rates change to give most tax benefits for salaried employees.

3. Increase in tax brackets for tax rate calculation

Increase in Tax Deductions

1. Increase in 80C tax deductions from 1.5L to 2.5L

2. Increase in 80D Tax deductions from 50K to 75K

3. increase in 80GG (HRA)

Increase in Tax Deductions 

4. increase in Standard Deductions from 50K to 1L.

5. More tax benefits on home loans.

6. Increase NPS investment limit from 50K to 1L.

Tax on Farming Income

There is an increasing demand from most of the Indian citizens to tax rich farmers.

Tax on Cryptocurrency 

It is expected that the Budget 2023 will bring more clarity for tax on Cryptocurrencies.

Subsidy on Electric vehicles

Budget 2023 is expected to bring more subsidies for electric vehicles to encourage people to buy more EVs.

Increased spend on infrastructure

Many new infrastructure projects are expected to be announced in the Budget 2023.

Increased spend on Health

Budget 2023 will have new schemes in health sector making healthcare affordable for common Indians.

Increased investment in Railways

With the success of Vande Bharat, It is expected that at-least 200 to 300 Vande Bharat trains are announced in the budget.