Budget Expectations 2023: The salaried class pays the maximum income tax. Tremendous growth has been registered in the last financial year.
There has been a demand from the salaried class for a long time to change the income tax slab.
If you also pay tax yearly, you will likely get relief from Finance Minister Nirmala Sitharaman in this budget.
This time the experts are expressing hope that the Finance Minister will comfort the middle class in the budget.
The budget will be presented on February 1, 2023
The government will present the budget for the financial year 2023-24 in Parliament on February 1 2023.
What are the things the government is preparing to announce in this budget? Let us give you information about this.
Income tax exemption likely to increase
No tax has to be paid on annual income up to Rs 2.50 lakh. But the government waives the 5 per cent tax on income between Rs 2.5 lakh and Rs 5 lakh.
You do not have to pay tax if your taxable income is five lakhs or less.
This time in the budget, Finance Minister Nirmala Sitharaman plans to increase the limit from 2.5 lacks to 5 lacks.
Change happened in 2014
The last change in the government’s income tax limit was in 2014. At that time, the limit of 2 lakhs was increased to 2.5 lakhs.
This is the government’s last budget before the Lok Sabha elections, so this relief is expected to be given to the salaried class this time.
The government is considering increasing the personal tax exemption limit.
Finance Ministry asked for suggestions
According to sources, suggestions regarding the budget were sought from different industries on behalf of the Finance Ministry.
Finance Minister Nirmala Sitharaman had asked for recommendations regarding tax and how much improvement can be made in the new tax regime.
It is believed that the government can change both new and old tax regimes this time. There is no benefit of any kind in the new tax regime.
