Budget 2023-24 / These big announcements can be made for the middle class, the secret of the budget was revealed by this talk of the Finance Minister?

Budget 2023-24: Finance Minister Nirmala Sitharaman is going to present the general budget for the financial year 2023-24 on 1 February. The common people, especially the middle class, have high hopes from the last full budget of the second term of the Narendra Modi government. Meanwhile, some statements of Finance Minister Nirmala Sitharaman have also come to the fore, from which it is being speculated that the Finance Ministry is considering proposals to benefit the middle class.

what did the finance minister say

The Finance Minister had said that he was aware of the pressure on this section. She had said, “I am also from the middle class, so I understand the pressure on this class. I consider myself with the middle class so I know." Sitharaman had said," I understand these problems. The government has done a lot for them and is continuously doing it.

What reliefs will be talked about

Sources said that the Finance Ministry is considering such proposals sent by various government departments, which would benefit a large section of the middle class. It can be announced in the budget. The government has not yet raised the income tax exemption limit of Rs 2.5 lakh, which was set in 2014 by the then finance minister Arun Jaitley while presenting that government's first budget. With this, the standard deduction from 2019 remains at Rs 50,000.

what the experts say

Many experts believe that there is a need to increase the income tax exemption limit and standard deduction to provide relief to the salaried middle class in the high level of inflation. A recent statement by the Finance Minister raised hopes in the middle class that they might get some relief in the upcoming budget. Apart from tweaking the exemption limit and standard deduction, the Finance Ministry is also looking at the possibility of increasing the investment exemption limit under 80C. It includes life insurance, FD, bond, residential and PPF and other services. At present, there is exemption on investment up to Rs 1.50 lakh under this. Sources said payment for health insurance premium is also being considered. The government may also ease capital gains tax rules to benefit investors. This will benefit investors coming from the middle class.