Budget 2023 MoS Finance Minister Pankaj Chaudhary Income Tax Exemption Up To 5 Lakh

Income Tax Exemption Limit: Taxpayers are expected to get great news in the upcoming general budget of the country (Union Budget 2023). Union Finance Minister Nirmala Sitharaman is going to present the budget (Budget 2023) in the Parliament on 1 February 2023. The Modi government at the Center can increase the income tax exemption limit in this budget. If this happens, then the middle class people of the country will get a lot of relief. Know what is the new update….

Suggestions regarding tax scope

Terapanth Professional Forum (TPF) has presented its suggestions regarding the budget to the ministry. A team of TPF has met Union Minister of State for Finance Pankaj Chaudhary (MOS Finance Minister, Pankaj Chaudhary). In which there has been a demand to keep the annual income up to Rs 5 lakh out of the tax net. Along with this, suggestions have been given regarding GST and export promotion.

Know what TPF said

According to media reports, TPF National President Pankaj Ostwal says that he has given suggestions to the government to improve the economy of the society and the country. The government has been requested to make income up to Rs 5 lakh tax-free, increase the standard deduction from Rs 50 thousand to Rs 1 lakh, and recommend increasing the maximum limit of PPF from Rs 1.5 lakh to Rs 3 lakh. Under section 80C of the IT Act, the limit has been requested to be raised to Rs 3 lakh.

Finance Minister welcomed

The suggestions given by the TPF team to the Minister of State for Finance have also been welcomed by them. Minister Pankaj Chowdhary says that the government is committed to work for the betterment of the society. TPF submitted these suggestions, it will be considered. Apart from the National President, the TPF team includes Kavita Bardia (Secretary, TPF Delhi), Kamal Rampuria (Vice President, TPF Delhi), Panchi Jain (Vice President, TPF Delhi) and Abhay Chandalia (National Executive Committee Member).

no change since 9 years

In the budget, demands are being raised to change the rules related to taxpayers. It is being said that a demand is being made to increase this limit to Rs 5 lakh annually, due to which the taxpayers are expected to get a big relief. The income tax limit was last changed in 2014, when the limit of Rs 2 lakh was increased to Rs 2.50 lakh. The scope of Income Tax Exemption has not been increased in the last 9 years. Income tax payers expect more income tax exemption in every budget, but the hope has not been fulfilled.

Income tax exemption limit expected to be 5 lakhs

According to media reports, the Modi government at the Center may increase the income tax exemption limit from the existing Rs 2.5 lakh to Rs 5 lakh annually in the budget of 2023-24. This will be the last full budget of this tenure of the Modi government. There will be a general election in the year 2024. An attempt can be made to woo the middle class by increasing the income tax limit in the budget.

This is the tax slab

Income up to 2.5 lakhs: No tax
Annual income up to 2.5-5 lakhs: 5% tax
Annual income up to 5-10 lakhs: 20% tax
10 lakh or more annual income: 30% tax

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