Budget 2023 Expectations: Regarding the Union Budget 2023-24, it is expected that the government will focus on the development of infrastructure and will announce some relief in the form of tax benefits for the common people.
Budget 2023-24: The general budget is going to be presented for the next financial year 2023. Finance Minister Nirmala Sitharaman will present the Union Budget 2023 on 1 February. The preparations of the central government are in full swing regarding this. The budget of the country is prepared on the basis of consultation with the Ministry of Finance and other related ministries. Like every time, this time also from the Budget 2023 (Budget 2023 Expectations), common to special people have a lot of expectations. Regarding the upcoming budget, the common people are hopeful that this time they will be given some relief from the government.
With regard to the Union Budget 2023-24, it is expected that the government will focus on infrastructure development and announce some relief in the form of tax benefits for the common people. Everyone’s eyes are fixed on what kind of plan the government makes regarding its expenditure. Along with this, what steps does the government take to control fiscal deficit and inflation. Here we are going to tell you about those announcements which the general public is expecting in the upcoming budget.
reduction in fiscal deficit
Goldman Sachs Group has said that India may cut its fiscal deficit target by 50 basis points for the next fiscal year starting April 1, 2023. Several Goldman economists, including Andrew Tilton and Santanu Sengupta, in a report It is written that India will maintain its deficit up to 5.9 percent of the Gross Domestic Product (GDP) in the new financial year. Economists have said that the government’s focus in the upcoming budget is likely to focus on rural employment and housing.
Expectation of change in tax slab
There is an income exemption limit of up to Rs 2.5 lakh in the current tax slab for any individual taxpayers. In which there has been no change since 2014-15. This means that persons earning less than this limit are not required to file income tax returns. However, income from 2.5 to 5 lakhs is taxed at 5% and income from 5 to 7.5 lakhs at 20%. Now the income tax exemption limit is expected to be increased to Rs 5 lakh in the upcoming budget.
Expenditure will increase on infrastructure and social schemes
The expenditure on infrastructure is also expected to increase in this year’s budget from the Central Government. Along with this, big infrastructure projects are likely to be launched in the coming years. Since this will be the budget ahead of the 2024 general elections, it is expected that the government may allocate more funds for infrastructure projects and social welfare schemes.
Change in standard deduction limit
Under the Income Tax Act, taxpayers get an exemption on the Standard Deduction Limit of Rs 50,000. Now taxpayers also hope that the government can increase the standard deduction limit from Rs 50,000 to Rs 75,000. At the same time, according to experts, keeping in mind the rising cost of living and rising inflation, the standard deduction limit should be doubled.
Deduction limit expected to increase on home loan
As per section 24(b) of the Income Tax Act, taxpayers can avail tax deduction on the interest paid on home loan. However, the limit for such deduction is Rs 2 lakh per annum. There has been no change in this since the financial year 2014-15. Now there is a demand to increase this limit from Rs 2 lakh to Rs 5 lakh annually. At the same time, the tax deduction limit is likely to increase with the increase in the value of properties over the years.
Credit: ndtv.in /