FM Nirmala Sitharaman will table a ‘paperless’ budget for the third consecutive time. You can download budget documents from official government website or mobile applications.
New Delhi: Finance Minister Nirmala Sitharaman will present Union Budget for 2023-24 in the Lok Sabha on February 1 amid expectations that the government will raise the income tax limit and provide relief to middle-class taxpayers, besides others.
Will there be a change in income tax slab?
Speaking about middle-class taxpayers, Finance Minister Nirmala Sitharaman said that she herself belongs to the middle class and can understand the pressure a middle-class family goes through. She said that the Modi government has not imposed any fresh taxes on the middle class. Sitharaman was probably hinting that a change in tax structure is unlikely this year.
Middle class demanding job creation measures
The middle class is urging the Union Budget to place a strong emphasis on job creation initiatives. Due to significant employment losses brought on by the epidemic, many middle-class families are now struggling to make ends meet. To give the middle class opportunities to earn a living, the government must take action to create jobs in crucial industries like manufacturing, technology, and infrastructure.
Increase the deduction for Health Insurance under section 80D
There is a long-standing demand from the middle class to increase the deduction for health insurance under section 80D from Rs 25,000 to Rs 50,000.
Insurance sector demands lowering of GST
Insurance sector is demanding from the Union Budget 2023 that health insurance and life insurance should not be subjected to GST. Additionally, in the health insurance category, there should be a larger deduction limit for health insurance premiums in Section 80D of the Income Tax, says Insurance sector.
Moving Tuition fees of children to a separate provision under Section 80 C
Middle class is demanding to move tuition fees of children to a separate provision from the section 80C deductions of the Income Tax Act. The provision already saturated with a lot of things including investments/expenses and has a limit of Rs 1.5 lakh.