In a recent broadcast, Finance Minister Nirmala Sitharaman had said that she, too, belongs to the middle class. That is why she understands her problems and expectations very well. This is the last full budget before the 2024 Lok Sabha elections, so everyone is expecting a big Announcement 6 big expectations from the Finance Minister’s budget speech –
Read the full details of the 2023 budget here
1- Change of tax slab
For several years, the middle class has been waiting for a change in the tax base. The savings of the common man, who are suffering from rising inflation, have been severely affected. In such a situation, wait for an announcement from the government to increase the tax limit. Currently, the tax limit is Rs 2.5 lakhs. The same middle class expects to rise to at least Rs 4 lakh. Apart from this, at present, a 20 per cent tax must be paid on income between Rs 5 lakh and Rs 10 lakh. People are also expecting a reduction from the government.
2- Increase the 80 C limit
It’s been over a decade since the 80C limit was changed. The common man now expects the government to increase the 80C limit from Rs 1.5 lakh to Rs 2.5 lakh. While Kovid-19 has brought health awareness to everyone in the country, the health premium will also be more expensive than before. In such a situation, the government should increase the limit to 80C.
Watch live the speech of the Minister of Finance here
3- Bonus on savings
The savings account is taxable under the Income Tax Act 80TTA. In recent years there has been a reduction in the interest received in the savings account. In such a situation, if the government wants people to keep more money in their accounts, it should also increase the 80 TTA limit from Rs 10,000 to Rs 30,000. Apart from this, the common man also expects the tax on time deposits to be included in this.
4- The salaried person also expects an increase in the standard tax deduction.
Currently, the standard tax deduction is Rs 50,000. In this too, the government is not making any changes in recent years. In such a situation, the common man expects a change in today’s budget discourse.
5- Subsidy for education of children and shelter
It has been over 2 years since the government made changes to children’s education and shelter allocations. People are demanding to increase it from Rs 100 and Rs 300 to Rs 1000 and Rs 3000 per month.
6- These are the demands of home buyers
Under Section 80EEA of the Income Tax, home buyers can claim a tax break of up to Rs 2 lakh in individual cases during the interest payment of the loan. The common man hopes that the government will increase this also to 5 lakhs.