nirmala sitharaman budget 2023, no money in hand, no future plan… Finance Minister can bring back the spoiled budget of common man in these 6 ways – budget 2023: six ways nirmala sitharaman can help Indian household finances
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Basic exemption limit increased
In the last seven years, the Modi government has not even touched it. During this time general elections also came and also the coming epidemic of the century. The basic exemption limit was last increased in 2014-15. Apart from providing relief by increasing this limit, the burden of filing income tax returns on the system will also be reduced.
change in income tax slab
The highest rate of income tax in India is 30 percent. In the old system, it is levied on income above Rs 10 lakh. In the new system, it is on income above Rs 15 lakh. This level of income is very low. Many people say that the government should increase the income limit to Rs 20 lakh to levy maximum tax.
Need to make the new tax regime attractive
In the Union Budget 2020, the government had introduced a new system of income tax. It was optional. People could adopt it as per their wish. Tax rates were low in this. But, it did not have the benefit of about 70 types of deductions and exemptions available in the old system. That is, those adopting the new tax system could not take advantage of the deduction and exemption. Very few people are said to have migrated to the new tax regime. Therefore, it needs to be made more attractive.
Budget 2023: Nirmala ji, understand the pain of women, taxpayer’s letter to the Finance Minister
80c limit has not increased since many years
The 80C limit has not been increased for many years. Deduction is available under this section on investment up to Rs 1.5 lakh only. When savings rates are at multi-year lows. In such a situation, this limit needs to be increased.
Interest Rebate on Home Loan
Interest rates on loans have increased. Therefore, the real estate industry is asking the government to increase the interest rebate on home loans from Rs 1.5 lakh. Interest rates on home loans have increased by up to 2 per cent in the last seven months. Due to this the burden of EMI has increased. It has spoiled the budget of the house. It is another matter that there has been no change in the rebate for many years.
Need to increase standard deduction
The government has restored the standard deduction. This included transportation allowance and medical reimbursement. The government had given a standard deduction of Rs 40,000 in the financial year 2018-19. After this it was increased to Rs 50,000. The standard deduction limit may be increased in view of the rising cost of fuel and medicines in the last two years.
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