Union Budget: There may be something special in the budget box for the common people troubled by inflation, know what is the demand of the people
[ad_1]
Common people suffering from inflation are expected to get relief from the central government in the general budget. It is expected that this will be an election budget. In such a situation, there may be an attempt to provide some benefit to the middle class. Income tax exemption limit may also increase. The government may also ease capital gains tax rules to benefit investors. This is the opinion of organizations associated with various sectors of the industry. Prabhat Khabar spoke to the industry regarding the general budget. Here are the main parts of the conversation.
State got special package
It is expected that in the budget of the year 2023-24, the central government will announce a special package or an equivalent package for the state in view of Bihar’s economic and industrial backwardness. Provision will be made to make it easier for the investors of MSMEs to get financial instruments from the banks. Special provision will be made in the budget to improve the basic infrastructure of the state and to complete the pending railway projects of the state at the earliest.
PK Aggarwal, President, Bihar Chamber of Commerce and Industries
Focus should be on higher education institute
Due to lack of better and higher educational institutions and coaching in the state, a large number of children from Bihar have to go out of Bihar. It is expected that the Central Government would like to make special provision for this in the budget of the year 2023-24.
SK Patwari, Convener, Bihar Chamber of Commerce and Industries
Make digital transactions free
It is expected that digital transactions will be made free in the budget to stop cash transactions and promote digital transactions. There are many businesses in which only cash transactions are done, so it is expected that a special provision will be made in the budget to give relief to such businessmen. A provision should be made to give tax exemption to the businessmen who completely adopt the digital system in their business.
NK Thakur, Vice President, Bihar Chamber of Commerce and Industries
benefit of tax benefits
Looking at the immense possibilities of tourism in the state, it is expected that in the budget of the year 2023-24, the central government will make a provision to provide direct or direct tax holiday facility for at least five years for the five-star hotels to be built in the state. Along with this, the exemption limit of income tax will be increased.
Mukesh Kumar Jain, Vice President, Bihar Chamber of Commerce and Industries
boost savings opportunities
The increase in the deduction limit of Section 80C of the Income Tax Act on the payment of home loan in the Union Budget will provide a huge saving opportunity to the public. So that the sale of the house can accelerate. Tax exemption under section 24(b) is likely to further deduct interest for home buyers. A change in the price cap on affordable housing is expected. If this happens, home buyers will be able to attract more and more.
Sachin Chandra, President, Confederation of Real Estate Developers Association of India (CREDAI, Bihar)
Get the benefit of special tax rate
In this budget, along with increasing the limit of standard deduction available to salaried employees, marginal tax relief is expected to be given on income above five lakhs. Also, like the company, the partnership firm should also be given the benefit of special tax rate. Along with making changes in the tax slab, the government can also make the new tax regime attractive, because only 10 percent of the people have adopted the new tax system.
Rajesh Khaitan, Former President, Institute of Chartered Accountants of India (Patna Branch)
[ad_2]
Source link
