Budget Expectations 2023: Union Finance Minister Nirmala Sitharaman will present the general budget on 1 February. This time also the common people have high expectations from the budget.
In this budget, the government can focus on capital expenditure, the manufacturing sector, and the rural economy. Apart from this, MNREGA, small saving schemes, and infrastructure are also expected to get priority. Overall, the middle class, farmers, and investors of India can get relief this time in the budget. Let us know what are the expectations of different sectors in Budget 2023.
1- Individual taxpayers, who form an important part of direct taxes, have high expectations from this budget. He wants that this time the limit of standard deduction should be increased from 50,000 to 1 lakh. The 2023 budget should include measures that focus on the needs of the common man.
2 – At present, there is a limit of Rs 2 lakh on the exemption on the home loan taken for the construction of the house. At present, the cost of building a house is increasing. Therefore, the common taxpayer expects this limit to be raised to Rs 3 lakh now. This will provide relief to the taxpayers who build houses.
3- Under Section 80C of Income Tax, the limit of investment and expenses on life insurance, provident fund, children’s education, etc. is at present Rs 1.50 lakh and it has been going on for a long time. Taxpayers want that it should be increased to Rs 2.50 lakh. This should be done keeping in view the need for savings in the future. Taxpayers expect that the tax limit itself should be raised to Rs 5 lakh while continuing the exemption of investment and expenditure etc.
4- Every year the biggest expectation of the common man regarding the budget is relief in income tax. Everyone wants that the burden of income tax should be reduced on him. Most salaried taxpayers are expecting Finance Minister Nirmala Sitharaman will make changes in the income tax slab to reduce the impact of Corona.
5- Like the Pradhan Mantri Fasal Bima Yojana (PMFBY), the cattle insurance program can be included in the budget. Under this scheme, cattle owners will have to pay a small premium. At the same time, the rest of the money will be given equally by the central and state governments.
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6- To promote the production of defense equipment, the funding of this sector can be increased by 10 to 15 percent.
7- The government will try to reduce its food subsidy budget in the coming financial year for the efficient management of the free food program that has been going on since the Corona epidemic.
8- To promote employment in small towns, many major cities of India are developing rapidly. In such a situation, a plan to encourage companies to invest in small towns can be seen in the budget.
9- Every person comes under the same income tax slab rates. Experts believe that separate income tax slabs and exemption privileges should be applicable to women.
10- The new Vande Bharat Express trains are aimed at replacing the Shatabdi and Rajdhani Express trains. In the budget 2023, the Finance Minister may announce the introduction of 400 new Vande Bharat trains.
