There are many expectations from the budget 2023 of the salaried class, will people get relief from tax?

Union Budget 2023: Only a few days are left for the presentation of the budget for the financial year 2023-24 (Budget 2023-24). In such a situation, before the budget, every section of the country hopes that something special will happen for them in this budget. On February 1, 2023, Finance Minister Nirmala Sitharaman will present the budget in Parliament. Before the budget, the country’s salaried class taxpayers have many expectations. There has not been any major change in the tax slab in India for a long time. The last change happened in the financial year 2017-18 when the government has given another option to the people along with the existing tax system. But most of the people have preferred to choose the old system only. The budget session is starting in Parliament from January 31, 2023, and on February 1, the Finance Minister will present her budget speech. Let us tell what are the expectations of the working class of the country from the budget.

1. Change in tax slab
No change has been made in the tax slab of the country for a long time. In such a situation, the biggest demand of the employed people is that there should be a change in the tax slab. People whose salary is more than Rs 20 lakh are demanding 25 per cent tax on their income. On the other hand, people with a salary of Rs 10 to 20 lakh are demanding 20 per cent tax. At present, there is no tax on salary below Rs 2.5 lakh in the country. 5% on salary for 2.5 to 5 years. 20 percent tax has to be paid on 5 to 7.5 percent. At the same time, 7.5% to 10% salary is 20% and the highest tax slab is 30% for 10 years.

2. Demand for more tax exemption under 80C
Under Section 80C of Income Tax, investors get a rebate of Rs 1.5 lakh every year. Taxpayers demand that this tax limit be increased from Rs 1.5 lakh. If the government decides to increase this limit, then more and more people will get the benefit of this exemption.

3. There is a demand to increase the standard deduction limit
Salaried class gets exemption every year under the standard deduction limit of Rs 50,000 under section 16 (ia) of Income Tax. In such a situation, this year the salaried class is expected to increase this limit from Rs 50,000 to Rs 75,000 this year.

4. There is a demand to increase the limit of 80CCD (1B)
This year, employed people hope that they will get more tax exemption for investing in retirement plans. For this, the government should increase the tax exemption limit from Rs 50,000 to Rs 1 lakh under Section 80CCD (1B) of Income Tax.

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