Budget 2023: Salaried Clauses are hopeful that along with giving relief to tax payers from the Modi government, changes will also be made in the income tax slab. This time the income tax exemption limit can be increased from Rs 2.5 lakh to Rs 5 lakh.
Budget 2023 Expectations Income Tax: With the beginning of the new year, the discussion has also started regarding the upcoming budget. This time the budget session is expected to start from January 31 and continue till April 6. Finance Minister Nirmala Sitharaman is expected to present the budget this time on February 1, 2023. Income Tax Payers have high hopes from this budget. Salaried Clauses are hopeful that along with giving relief to the tax payers from the Modi government, changes will also be made in the income tax slab.
Have more spending money on hand
Quoting sources in the IANS report, it has been claimed that this time the income tax exemption limit can be increased from Rs 2.5 lakh to Rs 5 lakh. If this step is taken by the government then people will have more money to spend. This will encourage consumption in the coming times, due to which the economic situation is expected to improve. This step will also encourage investment.
Exemption up to 5 lakhs for super senior citizens
Let us tell you that at present no income tax has to be paid by the government on income up to Rs 2.5 lakh. Senior citizens in the age group of 60 years to 80 years get this exemption up to an income of three lakh rupees. At the same time, the exemption limit for super senior citizens above 80 years is Rs 5 lakh.
The pre-budget consultation was started by Finance Minister Nirmala Sitharaman on 21 November. During this, Union Minister of State for Finance Bhagwat Karad and top officials also took part in it. During this also there was discussion on increasing the income tax exemption limit. Apart from this, this time the limit of investment available under 80C can also be increased.