Income Tax In Budget 2023 These Six Big Changes In Budget 2023 Regarding Tax

Union Budget 2023: The Union Budget 2023 is coming at a time when the fear of recession in the world and the Kovid epidemic have increased the inflation rate. In such a situation, from the common citizens to the industry, there are special expectations from this budget. The biggest expectation is being made regarding the tax rates. Experts believe that there can be six major changes in the budget regarding tax.

Taxpayers are expecting the government to increase the tax exemption limit in the Union Budget 2023-24. In a conversation with Live Mint, CA Abhishek Soni, co-founder of Tax2Win, has expected six changes regarding tax. Let us know what are these changes, about which the government can consider.

Tax exemption limit expected to increase

The tax exemption limit is 2.5 lakhs annually under the new and old tax regime. This means that those earning Rs 2.5 lakh annually will not pay any tax. On the other hand, a person earning an annual income of Rs 5 lakh pays a slab rate of 5 per cent. There has been no change since the financial year 2014-15. In such a situation, this time this limit can increase up to Rs 5 lakh.

Increase in home loan deduction limit

You can claim tax exemption of up to Rs 2 lakh for the home loan taken against your own property. It is expected to be increased to Rs 3 lakh under section 24(b) in the upcoming budget. Although the price of property has increased significantly in the last five years and the country has seen an increase in the inflation rate by 6 to 7 percent, there has been a demand for increasing relief in this item for a long time, which is expected to be fulfilled in this budget. .

Standard Deduction Limit

Under the current taxation system, salaried individuals can claim standard deduction of up to Rs 50,000. This deduction can be claimed only on salary income without any declaration and proof. Salaried class taxpayers are now expecting this claim to go up to Rs 1 lakh.

Exemption limit under section 80C

Under Section 80C of Income Tax, most people take advantage of tax savings. Under PPF or EPF, ELSS, NSC, NPS, SSY and other schemes, people are saving tax up to Rs 1.5 lakh under section 80C, but with the increase in income, this total tax exemption limit seems to be slightly less. It is expected that the government can increase it up to Rs 2.5 lakh. If the Finance Minister does this, then the middle class and lower class people can get maximum relief.

Increase in deduction limit under section 80TTA

Under Section 80TTA of Income Tax, a tax exemption of Rs 10,000 is given on the interest of the savings account. However, in today’s time, the number of people depositing and investing money in the bank has increased. In such a situation, it is expected that the tax exemption under this section can be increased to Rs 20,000.

Changes in the tax scheme for professionals

Professionals like business consultants, experts can get exemption in this budget under the taxation scheme under Section 44ADA. Now they have to pay 50 per cent tax. If their annual income is Rs 50 lakh, then 50% of the total profit or actual profit, whichever is higher, is deducted. Now there is a demand to reduce this tax deduction to 35-40 per cent.

read this also

Market Capitalization: Seven out of top 10 Sensex companies made big profits, earned ₹1.07 lakh crore last week

IPL 2024 Bad news for Mumbai Indians, Suryakumar Yadav will not return yet, will miss some more matches

IPL 2024, Suryakumar Yadav: After the defeat against Sunrisers Hyderabad, another bad news has come for Mumbai Indians. The team's ...

Rebel Wilson Recalls Romantic First Date with Fiancée Ramona (Exclusive)

The sparks between Rebel Wilson and now-fiancée Ramona Agruma didn't take long to fly. In her upcoming book Rebel Rising: ...

India fiscal deficit at 15 trillion Rupees which is 86.5 per cent of Revised annual target Of FY24

India Fiscal Deficit: The fiscal deficit during the first 11 months of the financial year 2023-24, from April to February, ...

How to Train Your Dragon Land at Universal’s Epic Universe First Photos: See the Rides

Universal Orlando has shared a glimpse of the second of five lands planned for its highly anticipated new park, Epic ...

Billy Ray Cyrus and Firerose Unveil New Collab ‘After the Storm’ (Exclusive)

Billy Ray Cyrus and wife Firerose are looking for the bright side on their new collaboration, "After the Storm." The ...

Photo News If you feel like you are in the perfect relationship while dating! marathi news

Nowadays people prefer dating first to avoid fights and other problems after marriage. Things go on as per their own, ...

IPL: This is not the first time under Hardik's captaincy, MI has been disgraced even when Rohit was the captain.

IPL: Mumbai Indians have become champions in IPL 5 times, but the start of IPL 2024 has not been good ...

‘RHOBH’ Reunion Couches Covered in Spray Tan and Makeup After Taping

The Real Housewives of Beverly Hills cast knows how to leave their mark, alright! After the third and final part ...

Wanindu Hasaranga fooled ICC? For this reason he retired from Test cricket

Sri Lankan cricketer Wanindu Hasaranga was embroiled in controversy during the T20 match series against Afghanistan in February. In the ...

Selena Gomez Snuggles with Benny Blanco in Cute Pic: ‘Happy Place’

Selena Gomez is in her “happy place!” On Wednesday, the singer and actress, 31, shared a sweet snap of her ...

Leave a Comment