Union Budget 2023: People who are facing the brunt of inflation have high hopes from this budget.
Will there be a miracle?
New Delhi : from inflation (inflation) Disappointed people have high expectations from the upcoming budget. General attention on Union Budget on 1 February 2023 (Union Budget 2023) Inflation has skyrocketed due to Corona epidemic, Russia-Ukraine war. While the income of common people has decreased. In such a situation, the citizens are worried. So Union Finance Minister Nirmala Sitharaman (Nirmala Sitharaman) They have high hopes from him. The Finance Minister will solve their problems in the upcoming budget. Hope they get relief. Common citizens need relief in this regard in the upcoming budget.
The Modi government is currently providing free treatment to the poor in the country through the Ayushman Bharat scheme. (Ayushman Bharat Scheme) Started free treatment up to Rs 5 lakh can be done under this scheme. A large population of the country is deprived of this scheme. The common and middle class should get the benefit of this scheme.
After the Corona crisis, there has been a lot of awareness about health insurance in the country. That’s why the middle class wants the benefits of the Ayushman Bharat scheme. If the central government amends this scheme, then a large section will be benefited from this scheme. At present, a tax deduction of Rs 25,000 is available on health insurance. There is a demand to increase it.
Tax relief of up to Rs 1 lakh under Section 80C of the Income Tax Act was in force for nearly 20 years. It increased in 2014. This exemption was increased to Rs 1.5 lakh. But at present inflation has reached its peak. So expect to get tax relief under section 80C of minimum 3 and maximum 5 lakhs.
There is a demand to bring a separate law or rule regarding exemption while buying a house. Now house prices are out of reach of the common man. Insurance schemes and children’s education expenses are also being demanded to be included under 80C. This will save the money of common people.
In this budget, the Finance Minister is demanding to increase the tax exemption limit from the working class. There has been no change in the central tax structure in the last several years. At present, tax exemption is available on an annual income of Rs 2.5 lakh.
There is a demand by the working class to increase this limit of tax exemption. Demand is being made to increase this exemption limit to Rs 5 lakh. Changes are being sought in the new tax system to make it more attractive. Changes in income tax slabs have been demanded for many years.
Many people invested in the stock market for quick earnings during the Corona period. According to a report, the number of demat accounts has reached around Rs 12 crore. It is requested that the Direct Tax (STT) levied on purchase and sale of shares may be abolished.
LTCG, STT and GST are levied on every transaction in the stock market, which investors are protesting against. If this method is changed, then it is expected that not only Indian but also foreign investors will invest more.
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