Ajit Karn
Budget 2023
In the Budget 2023, there is a possibility that there may be handouts for a bigger percentage of the middle class. The recent statement made by Finance Minister Nirmala Sitharaman that she too is a member of the middle class and understands the pressures that are placed on them has given experts reason to believe that the most recent full budget could be of assistance to the middle class as it contends with rising prices and decreased employment opportunities.
According to multiple sources, the Ministry of Finance is reportedly reviewing recommendations that have been submitted in by a variety of government ministries on specific actions that may be disclosed in the Budget and will benefit a significant portion of the middle class.
The income tax exemption limit has remained at Rs. 2.5 lakh since it was established in 2014 by the current Finance Minister Arun Jaitley in his maiden Budget. The government has not increased this limit.
Budget 2023: Sops like standard deduction hike, section 80C limit raise on the cards – Moneycontrolhttps://t.co/M0syfwoABZ#NewsIndia pic.twitter.com/085jM98JKx
— भारत के समाचार (@NEWSWORLD555) January 26, 2023
In addition, the standard deduction is still set at 50,000 Indian rupees as of 2019. As a means of compensating the salaried middle class for the raised level of inflation, a number of financial specialists believe that it is necessary to raise both the exemption limit and the standard deduction.
The minister has also brought to everyone’s attention the fact that the current administration of Prime Minister Modi has not levied any new taxes on the middle class.
