Good news for tax payers. In fact, in this budget, you are going to get not one but three good news. Apart from increasing the Basic Tax Limit, the Finance Minister can make many big announcements. Let us know in detail in the news below.
If you also pay Income Tax News, then you are going to get great news in this budget. The special thing is that in this budget (Budget 2023) you are going to get not one but three good news.
Apart from increasing the Basic Tax Limit, the Finance Minister can make many big announcements. Currently only 21 days are left for the budget to come. Let us tell you that this time on which fronts there is a possibility of getting relief-
Tax limit may increase after 9 years
Let us tell you that there has not been any change in the tax limit for the last 9 years, so this time the government can give a big relief in this limit. Along with this, employed people can also get a big benefit under 80C.
80c limit may increase
Apart from this, the government can also increase the scope of exemption under 80C in income tax. At present, under section 80C on income, the benefit of exemption is available on investment up to Rs 1.5 lakh. In this, apart from government schemes like PPF, Sukanya Samriddhi, many schemes including life insurance are included. Increasing the limit of 80C will give great relief to the job profession.
Basic limit of income tax may increase
Experts believe that this time the government can increase the basic limit from Rs 2.50 lakh to Rs 3.50 lakh. Let us tell you that the last increase in this limit was in the year 2014. Earlier its limit was Rs 2 lakh, at that time it was increased by Rs 50,000 to Rs 2.5 lakh. There has been no change in this limit for the last 9 years, due to which it is believed that this time the Finance Minister can give a big relief by increasing this limit.
Tax exemption can be available on FDs up to 3 years-
Along with this, the Finance Minister can also make tax deposits up to 3 years tax free. Everyone from the general public to the middle class has a lot of expectations from this budget. Let us tell you that now the benefit of tax exemption is available on FDs up to 5 years, which can be reduced to 3 years. By doing this, you can get great options for investment.
