What can salaried people expect from Budget 2023-24? For this, we have talked to Tax Consultant Rajendra Sabarwal in Mumbai who has told what relief can be given, about which we are going to tell in this report.
There is about three weeks left for the budget for the financial year 2023-24. The discussion about the budget is happening everywhere. At the same time, people getting salary due to inflation and increase in interest rates also have high expectations from this budget, which includes capital gains tax, increase in exemption limit for home loan and many other types of relief.
Let us tell you, the budget is to be presented by Finance Minister Nirmala Sitharaman on February 1. This time’s budget is considered very important, because it is going to be the last full budget of the second term of the Modi government. For this, we have spoken to Rajendra Sabarwal, Tax Consultant in Mumbai. Let us know what the salary earners expect from the budget in this report.
Tax slab exemption
At present, the taxpayers in the country are given the option of two tax systems to pay income tax. This creates a lot of confusion among people. This time it is likely to end. Along with this, people are likely to get relief due to change in tax slab. At present, people earning up to Rs 2.50 lakh in a financial year have been kept under the ambit of income tax exemption. This time it is likely to be Rs 5 lakh.
Home buyers discount
This time, there is every possibility of increasing the interest rate from RBI, which can increase the scope of exemption for home buyers. Currently, taxpayers get income tax exemption on interest paid on home loans up to Rs 2 lakh. At the same time, filing of 80C is also expected to increase.
Personal loan discount
Personal loans and education loans account for 35 percent of the total loans in India. Education loan is exempt under Section 80E of the Income Tax Act, but there is no such provision for personal loan, which can be considered in this budget.
Uniform capital gains tax
There are many types of properties and according to them different tax rates are imposed by the government. In such a situation, many times people have to face difficulty in understanding this tax system. In this budget, one rate of capital gains tax or uniform capital gains tax can come.
