Happy News Year 2023 Will Income Tax Limit on the New Year? 5 Expectations from the salary class budget

Business News Desk – Taxpayers of salary -class have many budget expectations offered on February 1, 2023. Budget Announcements 2023 (Budget 2023) amid the third wave of Korona can give taxpayers great relief. Taxpayers of the salary class expect changes in income tax sheet and reduction of surcharge from the upcoming Union budget 2023-24. Let us tell you that the budget session will start from 31 January and the finance minister will host Nirmala Sitharaman budget on February 1st. 1. More tax exemption on investment below 80c is the most important section of saving taxes for people. Increasing the exemption limit under this section means that more and more people need to get relief. Explain that the discount under section 80c is currently Rs 1.5 lakh. The government is expected to increase the deduction limit to Rs 200,000 under section 80c in budget 2023. 2. Standard deduction limit is expected to increase. The standard deduction limit for salaries employees under income tax is Rs 50000 per year. In the upcoming budget, the government is expected to change the supply of Article 16 (IA) due to rising inflation and increase the standard deduction limit annually to Rs 75,000. 3. Changes in taxpage, according to media reports, 25 percent tax on revenue of more than 20 lakhs is requested in tax page. Similarly, the tax on revenue from 10 to 20 lakhs is demanded to increase the tax of 20 percent. The current tax plate does not tax to Rs 2.5 lakh. 5 percent from 2.5 to 5 lakhs, 20 percent tax at 5 to 7.5 lakhs. Similarly, 20 percent tax from 7.5 lakh to 10 lakhs is charged. Who demanded change. 4. The deduction limit is expected to increase in the budget 2023, to encourage investment in retirement schemes; The deduction limit under section 80CCD (1B) is expected to be increased from Rs 50,000 to Rs 100,000 per year. 5. 2 -year -old tax system will change according to media reports, the government is considering the tax exemption limit in the 2 -year tax system. This will provide taxpayers relief and have more money for investment. Share this story