budget 2023 The salaried class taxpayers have high hopes for the budget 2023. They are expecting that the government will increase the income tax limit. And with this, they are expecting many big changes from the budget 2023, which are related to them.
These are the expectations of the salaried class from the budget.
Union Finance Minister Nirmala Sitharaman will present the general budget on February 1. The salaried class taxpayers are expecting relief in income tax from this budget. Talking about the tax of the salaried class, in 2022, about 50 percent of the Income Tax Return (ITR) was filed by the salaried class. These figures have been released by the Income Tax Department.
That’s why budget 2023 these taxpayers have a lot of hope that the government will make some special announcement for them. Because the Finance Minister recently said that he understands the pressure on SMEs. The government will take further steps in your interest as well.
tax threshold increase
Rising inflation has increased the cost of living. In such a situation, the taxpayer expects his income deduction to increase from Rs 2.5 lakh to Rs 5 lakh under the new tax regime.
Rupee. 2.5 lakh and Rs. Salaries between 5 lakhs are subject to 5% tax and
Rupee. 5 lakh and Rs. Salaries between 7.5 lakhs are subject to 20% tax. The demand for change in this slab is the loudest.
Demand for tax exemption on PPF, ELSS, NSC, NPS, FD
1.5 lakh for investment under income tax section 80C. Taxpayers are entitled to an annual deduction of Rs. Taxpayers are demanding an increase in this limit. If the government takes a decision on this in the budget, then taxpayers will get a big relief. This includes storage options like PPF, ELSS, NSC, NPS and Bank FD.
standard deduction
Under Income Tax Section 16(ia), salaried employees are entitled to a deduction less than the standard deduction limit of Rs 50,000 per annum.
health insurance eligibility
The current limit for applying for health insurance under section 80D is Rs 25,000. The government will increase this budget to Rs 50,000. Also, the deduction limit for senior citizens may be raised from Rs 50,000 to Rs 75,000. This information and this is the expectation from the governments in this budget.