Union Budget 2023: Only a few days are left for the Union Budget 2023 to be presented. Common people, middle class and taxpayers have many expectations from Finance Minister Nirmala Sitharaman’s Union Budget 2023.
He has been demanding from the Finance Minister for a long time to increase the limit of exemption available under 80C. If tax experts are to be believed, then they are expecting that the government can make big announcements in this budget. Lok Sabha elections are going to be held in the year 2024 and this is the last budget before the Lok Sabha elections.
In such a situation, the government can make populist announcements in this budget. There can be such announcements in this budget in which the income of the common people will increase and there will be more discount on savings. Finance Minister Nirmala Sitharaman may increase the limit of 80C in the budget to be presented on February 1, 2023, increase the limit of investment in PPF, increase the limit of taxable income to Rs 5 lakh.
Increased limit of exemption available under 80C
All the employed employees are giving this suggestion to Finance Minister Nirmala Sitharaman for the budget that the government should increase the limit of exemption under 80C. The government has not made any specific announcement for 80C for many years. All taxpayers and salaried individuals invest in tax saving options to get Rs 1.50 off in tax under 80C. Employed people are demanding to increase this limit from Rs 1.50 lakh to Rs 2 lakh.
Tax free income should be increased
If tax experts are to be believed, then income up to Rs 2.50 lakh is tax free for salaried taxpayers. The government should increase this limit to Rs 5 lakh. After Kovid, the need for savings has increased the most. By doing this the disposable income of the government will increase and this will only benefit the economy.
Maximum tax slab should be reduced
The maximum tax slab in income tax should be reduced to 25 per cent as at present the highest tax slab is 42.74 per cent including surcharge and cess. The government also needs to reduce the maximum tax slab. All taxpayers are expecting that the government will make big announcements for common taxpayers on 1st February.
