Budget 2023: Middle class lottery in the budget! You can get these gifts – middle class can get these gifts in budget 2023
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With this, the standard deduction from 2019 remains at Rs 50,000. Many experts believe that there is a need to increase the income tax exemption limit and standard deduction to provide relief to the salaried middle class in the high level of inflation. A recent statement by the Finance Minister raised hopes in the middle class that they might get some relief in the upcoming budget. The Finance Minister had said that he was aware of the pressure on this section.
She had said, ‘I am also from the middle class, so I understand the pressure on this class. I consider myself with the middle class so I know. Sitharaman had said, ‘I understand these problems. The government has done a lot for them and is continuously doing so.
Apart from tweaking the exemption limit and standard deduction, the Finance Ministry is also looking at the possibility of increasing the investment exemption limit under 80C. It includes life insurance, FD, bond, residential and PPF and other services. At present, there is exemption on investment up to Rs 1.50 lakh under this.
Sources said payment for health insurance premium is also being considered. The government may also ease capital gains tax rules to benefit investors. This will benefit investors coming from the middle class.
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