Big news for tax payers

Indian Military Veterans

Big news for tax payers! Finance Minister’s big announcement for tax payers before the budget! Told – what will be special?

Union Budget 2023-24: Less than 15 days are left for the presentation of the Union Budget. Finance Minister Nirmala Sitharaman will present the budget for the financial year 2023-24 on 1 February 2023.

Before the budget, the Finance Minister said that the central government will continue to work for the middle class. She said that she herself is from the middle class, so she understands the problems and pressures of this class. He also said that the BJP-led NDA government (NDA Govt.) has not imposed any new tax on the middle class in any budget.

Let us tell you that most of the tax payers are from the middle class only. The Finance Minister said that no new tax has been imposed on the middle class family by the Modi government. He said that those earning up to Rs 5 lakh have been kept out of the purview of income tax by the government.

In the upcoming budget also, the government will continue to work for the middle class. Sitharaman said that middle class families use public transport the most. Keeping this in mind, Metro was brought to more than 27 places. India’s largest population from the middle class, the Finance Minister said that many middle class people are going towards the cities in search of jobs. We are continuously focusing on Smart City.

The largest section of India’s population is associated with the middle class. In such a situation, a lot of expectations are being made from the budget on 1st February. This is the last full budget of the current government before the 2024 Lok Sabha elections. In such a situation, it is expected that new announcements can be made by the government regarding income tax, health and jobs.

On behalf of the employed people, there has already been a demand from the Finance Minister to increase the income tax exemption limit and increase the investment limit under section 80C. In this budget, the standard deduction limit can be increased from 50 thousand to 75 thousand by the government.