Union Budget 2023 India: In the upcoming budget 2023, the common citizens of the country are expected to get great relief. Finance Minister Nirmala Sitharaman will present the fourth budget of the second term of the Modi government on February 1. Earlier, the demands of all business associations and experts have also come before the Finance Minister. The Terrapanth Professional Forum has presented its suggestions regarding the budget to the Ministry. In such a situation, the government is expected to increase the tax limit.
TPF has demanded from Minister of State for Finance Pankaj Chaudhary that income up to five lakh rupees should be kept out of the tax limit. Along with this, suggestions have also been given regarding export promotion and GST. At the same time, it has also been demanded that the limit of tax exemption and investment of some schemes should be increased, which includes savings schemes like PPF.
TPF’s suggestions regarding the budget
TPF National President Pankaj Oswal said that suggestions have been given to improve the economy of the society and the country. TPF has demanded that exemption should be given in the tax slab up to Rs 5 lakh, that is, no tax should be charged on income up to Rs 5 lakh. Along with this, the standard deduction should be increased from Rs 50 thousand to Rs 1 lakh.
Demand for increase in PPF limit
TPF national president Pankaj Oswal has said that the annual investment limit of PPF should be increased from Rs 1.5 lakh to Rs 3 lakh. Along with this, there has been a demand to increase the tax exemption of Rs 1.5 lakh to Rs 3 lakh under Section 80C of Income Tax. If the government does this, then common citizens can get huge benefits.
Exemption expected under section 80TTA of income tax
It is also expected to increase the exemption under Section 80TTA of Income Tax. Taxpayers are demanding that the tax exemption of Rs 10,000 under section 80TTA be increased to Rs 50,000. At the same time, common citizens are also expected to get exemption on things like children’s education and health insurance. Let us tell you that the report given by the TPF to the Finance Ministry has been welcomed.
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