Budget 2023: Less than 60 days are left for the presentation of the budget for the new financial year. On February 1, 2023, Finance Minister Nirmala Sitharaman will present the country’s general budget in the Parliament. Let us know the complete details about it.
Like every time, farmers and job professionals have the highest expectations from this budget. Amidst the record level of inflation, there are many challenges in front of the Finance Minister regarding the budget this time. However, the figures for November are going to give some relief regarding inflation.
Along with giving relief in the tax slab, many more demands are being made from the job profession for a long time. Let us know about the expectations of the salaried class from the budget this time. It is expected that this time the Finance Minister will not disappoint the salaried class.
Expectation of relief in income tax
The first and foremost demand of the salaried class is regarding tax exemption. Crores of employed have been demanding for a long time to increase the scope of basic exemption of Rs 2.5 lakh.
The expert had expressed the hope of increasing the scope of basic exemption last time also. But this time it is expected that the Finance Minister will make an announcement in favor of the employed. The Finance Minister can increase the basic exemption from Rs 2.5 lakh to Rs 3 lakh.
Demand for change in tax slab
This time, when asked about the expectation for the salaried class from the budget, Tapati Ghosh, partner, Deloitte, says that the salaried class is expecting a change in the tax slab. There is a demand for 25 percent tax on income above 20 lakhs.
Similarly, there is a demand to increase the tax to 20 percent on the income of 10 to 20 lakhs. In the current tax slab, up to Rs 2.5 lakh is not taxed. 5 percent from 2.5 to 5 lakhs, 20 percent tax from 5 to 7.5 lakhs. Similarly, there is 20 percent tax from 7.5 lakh to 10 lakh.
Demand for change in 80C limit
In this budget, the investment limit under section 80C can also be increased by the Finance Minister. Presently this limit is Rs 1.5 lakh. During the presentation of the budget on February 1, 2023, it can be increased to two lakh rupees.
