There is about a month left for the Union Budget to be presented. On February 1, the budget for the next financial year will be presented by Finance Minister Nirmala Sitharaman.
But before this, the Finance Minister is being informed about their demands on behalf of different sectors. Along with this, the Union Finance Minister is being demanded to give relief in the upcoming budget.
Modi government’s last budget
Sources also claim that the government is thinking of giving relief to both farmers and employed people in this budget. Actually, this will be the last budget of the Modi government before the 2024 Lok Sabha elections. In the Union Budget, the limit of savings under section 80C is expected to be increased from Rs 1.5 lakh to Rs 2.5 lakh. In the Pre-Budget Memorandum 2023 from ICAI, the common man has been asked to save more.
Demand for relief for a long time There is a demand from the common man to give relief under 80C for a long time. ICAI has also demanded to increase the investment limit in Public Provident Fund (PPF). At present this limit is 1.5 lakh, which is being demanded to be increased to 3 lakh. ICAI’s argument behind the demand for increasing the PPF limit is that it is a safe investment option for businessmen and job professionals.
Due to the accumulation of PF of the employed, there is not much scope for investment under it. In such a situation, he has limited options for tax saving. For the last several years, there is a demand to increase the limit of Rs 1.5 lakh under 80C. Apart from this, ICAI has also requested the Finance Ministry to increase the limit of expenditure under 80DDB.