There can be major changes in the rules of income tax slab, common people have these expectations from the budget

Union Budget 2023-24: Union Finance Minister Nirmala Sitharaman will present the Union Budget 2023 for the financial year 2023-24 at 11 am on February 1.Union Budget 2023) will present in the Parliament. This is the fifth budget of the second term of the Prime Minister Narendra Modi government. Like the general budget of the last two years, this budget will also be paperless. Various decisions related to the country’s economic development and economy will be taken in this budget. With this general budget, many expectations are attached to changes in the rules of agriculture, education, income tax slab, health and government schemes, from job profession to children’s education and from home loan to health insurance.

Finance Minister Nirmala Sitharaman’s Budget Speech 2023 today can change the way you manage your personal finances. Budget 2023 not only has big hopes for individual taxpayers on changes in income tax slabs and rates, but also has several announcements that will change the way people earn, save and invest.

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These are the expectations from the budget

1. Finance Minister Nirmala Sitharaman’s Budget speech 2023 included big tax benefits for senior citizens, pensioners, salaried employees and depositors of small savings schemes like Sukanya Samriddhi Yojana (SSY), Senior Citizen Savings Scheme (SCSS), Public Provident Fund (PPF) is expected to happen. Equity-Linked Savings Scheme (ELSS), National Savings Certificate (NSC). Some announcements related to the National Pension System (NPS) are also expected.
2. For stock market and mutual fund investors, the Finance Minister is expected to propose changes in Long-Term Capital Gains (LTCG) and Short-Term Capital Gains (STCG) tax. Some benefits are also expected for the people living on rent.
3. Ahead of Budget speech 2023, several direct tax-related changes such as higher exemption limit for leave encashment, higher NPS contribution limit, higher Section 80C deduction limit, higher Section 80D deduction limit, rationalization of Dividend Distribution Tax (DDT), individual tax slabs Changes, higher basic exemption limit and changes were expected in the new tax regime to make it more attractive.
4. It is also expected that Finance Minister Nirmala Sitharaman will announce tax relief for home loan borrowers by increasing the deduction limit of interest on housing loan from Rs 2 lakh to at least Rs 3 lakh.

80c deduction limit may increase

Finance Minister Nirmala Sitharaman is expected to announce new taxation, savings, deposit, investment rules today. FM may increase home loan interest deduction from Rs 2 lakh to at least Rs 3 lakh, increase section 80C deduction limit and increase section 80D limit. Budget 2023 may also have some interesting announcements for senior citizens, retired employees and pensioners. She can further help depositors of small savings schemes like PPF, SCSS, SSY, ELSS and ULIP. Tax benefits are also expected for the life insurance policy holders. Stock market and mutual fund investors also have high hopes of tax relief from Nirmala Sitharaman.