Budget 2023 Expectations: Big gifts to employees in the budget! What steps can be taken Nirmala? – mssewb.org

Union Budget 2023: Finance Minister Nirmala Sitharaman will present the budget in Parliament on February 1. For several reasons, this year’s budget has become very important. On the one hand, this is the last budget of the Modi government 2.0 before the 2024 Lok Sabha elections, just as the Covid-19 shock may be met with a crowd-pleasing budget. As a result, several sectors are looking at the Budget 2023 like chatak birds. This list also includes employees. What benefits can employees get from this budget? What do the experts say? Let’s take a look.

Several experts feel that Finance Minister Nirmala Sitharaman should bring changes in the income tax slabs. Besides, experts say that the new income tax system should be made more attractive. Also, they said, the large tax exemption limits in sections like 80C, 80D, 80TTA should also be reconsidered.

According to experts, it is also necessary to increase the income tax slab in this year’s budget. In this case, the 30 percent income tax for people earning more than 10 lakh rupees should be increased, experts say. Expert Surbhi Marwa also opined on how to make the income tax system more popular among individual taxpayers. Besides, he said, a person who earns 15 lakh rupees, the tax exemption above 2.5 lakh rupees is little.

In the list of slabs that he proposed in the case of income tax, he said that income tax up to 5 lakhs will be zero. 5 lakhs to 7.5 lakhs will be 7.5 percent, 7.5 lakhs to 10 lakhs will be 12.5 percent, 10 lakhs to 12.5 lakhs should be 17.5 percent, 12.50 lakhs to 15 lakhs should be 22.5 percent , the income tax rate should be 27.5 percent on earnings between 15 lakhs to 20 lakhs. Income tax should be 30 percent for those earning above 20 lakhs.

Tapati Ghosh, partner, Deloitte India, also feels that the rise in hybrid work should lead to an increase in the standard deduction. He also advocated increasing the tax exemption limits in sections like 80C, 80D, 80TTA. The deduction of Rs 1.5 lakh available under Section 80C should be increased to Rs 2.5 lakh. Apart from this, the deductions available under Section 80D, Rs 25,000 or Rs 50,000, are currently very little. Tapati Ghosh said that this discount should also be increased.