When Union Finance Minister Nirmala Sitharaman delivers her Union Budget 2023 on February 1, the Salaried class, which is the main limb of our economy, has a number of expectations from her. Food inflation and the skyrocketing costs of necessities, which have been rising at an alarming rate over the past few years due to the Covid-19 outbreak and the war in Europe, are the middle class’ top concerns.
Salaried Class comprise main core of India’s aspirational middle class
The salaried class in India remains upbeat despite facing hardships and anticipates receiving their “acche din” in the Union Finance Minister’s Budget.
Also Read: Budget 2023: Rise in inflation major concern for housewives, say ‘middle-class is always neglected’
What does salaried class in India wants the most?
• Union Budget must assist the middle class in achieving their savings goals, which can help them in their rainy days
• Inflation & fuel prices needs to be reined in, because they pinch the wallets of the Salaried class
India continues to be one of the world’s largest economies with the fastest growth rates despite the world’s slowing overall growth rate. The salaried class desires a dream budget that will enable them to achieve their goals. The Income Tax Department estimates that salaried professionals filed about 50% of all Income Tax Returns (ITR) in 2022.
Wish List of Salaries employees from Union Budget 2023
Tax Slabs
Given the rising cost of living and inflation, taxpayers anticipate that the basic exemption ceiling for the current tax slab, which is set at 2.5 lakh rupees, will be increased to 5 lakh rupees under both the present and new tax regimes. Since 2014–15, the 2.5 lakh ceiling has not altered. To make the system more straightforward, both regimes might also be combined.
Tax exemption limit for home buyers
Homebuyers can now deduct up to 2 lakh rupees ($24,000) per year for interest paid on housing loan EMIs under Section 24b and up to 1.5 lakh under Section 80C for principle paid on loans. The salaried class anticipates that the Section 80C and 24b limits would be raised to 3 lakh and 5 lakh, respectively.
Exemption on personal loans
Since Section 80E of the Income Tax Act currently only exempts up to a certain amount of interest on education loans, incentives for personal loan borrowers are anticipated.
Uniform capital gain taxation
In Budget 2023, a uniform capital gains tax system is planned. More incentives and exemptions may be planned in order to boost disposable income in order to increase investments, savings, and wealth-building.
Also Read: Budget 2023: Industry Expectations from Union Budget 2023 amid signs of Global economic downturn
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER.
