Finance Minister Nirmala Sitharaman had made income up to Rs 7 lakh tax free while making changes in the new tax regime. While making changes in the new tax regime, the government has exempted income up to Rs 7 lakh from tax. Now the government has given another relief to the taxpayers. Under the Finance Bill 2023, tax exemption has also been given on income above Rs 7 lakh. You think that the government has changed the slab or changed the taxable income, let us tell you that nothing like this has happened. The government has given only marginal relief to those people whose income is a little over Rs 7 lakh.

Income above Rs 7 lakh also out of tax net

The Lok Sabha has approved the Finance Bill 2023. After this amendment, taxpayers have got some relief under the new tax regime. The new rule will come into force from 1 April 2023. Giving detailed information about the new relief, Finance Minister Nirla Sitharaman said that under the new tax regime, if a taxpayer’s annual income is Rs 7 lakh, then he does not have to pay any tax.

It is exempt from tax, but if someone’s income becomes Rs 7,00,100, then he will have to pay Rs 25,010 after calculating under the tax slab. That is, for an increase of only Rs 100 in income, taxpayers have to pay tax of Rs 25 thousand 1 hundred. The government has given minor relief to such taxpayers. So that those people can get relief, whose income is slightly more than the scope of tax free income.

It should be mentioned here that the information has not yet been received on how much this relief will be given. The government has proposed to give minor relief in the Finance Bill.

Minor relief to these people in income tax

To clear the picture of this relief, let us understand with an example. Suppose your income is Rs 7,00,100 means Rs 7 lakh 100. That is, his income is only Rs 100 more than the tax free income. That is, because of only Rs 100, he has to pay tax of Rs 25,010.

The government has given relief to such people by giving minor relief. Under the new proposal, if your income is Rs 7,00,100, then they will not have to pay tax of Rs 25,010, rather they will have to pay only Rs 100 tax.

This relief was found in the budget

In the announcement of Budget 2023, the government gave relief to the taxpayers who adopted the new tax regime. The government made income up to Rs 7 lakh tax free. The government’s intention behind this was that more and more people should adopt the new tax regime. It is also important to know here that no exemption is given on investment in the new tax regime.

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At the same time, while presenting the Budget 2023, many important announcements were made by Finance Minister Nirmala Sitharaman, which will affect the people. Along with this, people will also get to see changes in the tax slab.

No tax up to Rs.

With the implementation of the new income tax regime, significant changes took place in the income tax slabs. During this, the basic exemption limit has increased to Rs 3 lakh, while the tax exemption for salaried individuals and taxpayers has increased to Rs 7 lakh from the earlier limit of Rs 5 lakh. In such a situation, if you file income tax return under the new tax regime, you will not have to pay income tax up to Rs 7 lakh.

income tax slab

This time many changes have been made in the income tax slab. Under this, there is no tax on annual income of Rs 3 lakh, 5% on annual income of Rs 3-6 lakh, 10% on annual income of Rs 6-9 lakh, 15% on annual income of Rs 9-12 lakh.

Income Tax

On the other hand, if a person files tax from the new tax regime and his income is from Rs 12 lakh to Rs 15 lakh, then those people will have to file 20 percent income tax return. On the other hand, those whose income is more than Rs 15 lakh, then those people will have to pay 30 percent income tax.

Old tax regime

On the other hand, if a person whose age is less than 60 years and he files income tax return from old tax regime, then he will not have to file any tax on annual income of Rs 2.5 lakh. On the other hand, he will have to file income tax of 5% on an annual income of Rs 2.5 to 5 lakh. After this, 20 percent tax will have to be paid on annual income of Rs 5-10 lakh and 30 percent income tax on income above Rs 10 lakh.

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Those whose annual income is less than Rs 7 lakh can save tax on their entire income in this regime. But, if I tell you that this range is not 7, but 7.5 lakh rupees, then it will not be believed.

Actually, in the financial year 2023-24, after many years, the government has given direct exemption regarding Income Tax Slab. Although the new tax regime has been implemented two years ago, but in true sense its days are now over. In the budget, it has been announced to implement the new tax regime by default.

Till now the old tax regime was implemented by default. This means that now you do not tell your HR which regime to choose, then by default your income tax calculation will start with the new regime. If you want to pay tax from the old regime, you must first inform your employer.

Who will get 7 lakh tax exemption

In the budget, the Finance Minister had told that in the new tax regime, the direct exemption of income tax will be 7 lakh rupees. However, tax exemption will not be available on any kind of investment in this regime. That is, such job professionals who are not able to make any investment, now they will not have to pay tax on income up to Rs 7 lakh. But, in the new regime also, the total rules of income tax exemption apply, which give you a chance to avail tax exemption even after the scope of 7 lakhs.

How to save 50 thousand more In order to increase the scope of tax exemption to more than 7 lakhs in the new regime, you will have to claim Standard Deduction. Under the Income Tax Act, every salaried person is given a rebate of Rs 50 thousand in the name of standard deduction. But, its benefit is available only to the working people. So, if you are opting for the new tax regime this year, do not forget to claim standard deduction while filing the next ITR.

Earning is more than this, so if someone’s annual income is more than Rs 7.5 lakh and is adopting the option of savings, then he should stay away from the new tax regime. Actually, in the old regime, tax exemption is given only up to 5 lakhs. Tax has to be saved in the form of investment on income more than this.

Those who are not able to invest in rising inflation, they should adopt the new regime. In this, even after taking tax exemption of 7.5 lakhs, if your income is more, then the tax rate will be less on it. Apart from this, tax up to 3 lakh has been kept nil in the new regime, due to which you will be able to save several thousand in the form of tax.

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During Budget 2023, the government had made some changes under two savings schemes of the post office. Along with this, a new scheme was introduced, which is for women. Finance Minister Nirmala Sitharaman has made special changes in the Senior Citizen Savings Scheme and the Post Office Monthly Income Scheme. Let’s know what were the changes

Senior Citizen Saving Scheme

During Budget 2023, Senior Citizen Savings Scheme investors can now invest twice as much as before. Earlier this amount was Rs 15 lakh, which has been increased to Rs 30 lakh. This scheme was started in 2004, so that benefits can be given to senior citizens on retirement. The interest rate under this scheme is 8 percent and a minimum of Rs 1000 can be deposited. The interest under this scheme is not tax free.

Monthly income scheme

During the current budget, the investment limit in MIS has been increased from Rs 4 lakh to Rs 9 lakh. At the same time, under joint accounts, the limit has been increased from Rs 9 lakh to Rs 15 lakh. Under the Monthly Income Scheme, investors will get interest money every month. Right now the annual interest under this scheme is 7.1 percent. This is a five year plan.

Mahila Samman Saving Scheme

During the budget 2023, the central government had announced this scheme. This scheme is starting from 1st April. The government has started this scheme to include more women in the investment scheme. Also, this scheme will give more benefits to poor women in less time. Under this scheme, you can invest 2 lakh rupees for 2 years and in return you will get money at the rate of 7.5 percent.

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Now under the Finance Bill 2023, tax exemption has also been given on income of more than Rs 7 lakh. For this, amendments have been made in the Finance Bill. Under this, individuals earning income slightly above the tax free income of Rs 7 lakh will have to pay tax only on the additional income.

The Finance Bill 2023 has been approved by the Parliament and it will become effective from 1 April. In this, some relief has been given to taxpayers under the new tax regime through amendment.

The Finance Ministry explained the rules, while clarifying the provision of Finance Bill 2023, the Finance Ministry has said that under the new tax regime, if a taxpayer’s annual income is Rs 7 lakh, then there is no tax liability on him. But if the income becomes Rs 7,00,100, then the tax liability becomes Rs 25,010. That is, due to additional income of only Rs 100, taxpayers have to pay tax of Rs 25,010. In view of this problem of taxpayers, it has been proposed to give minor relief through amendment in Finance Bill 2023.

Taxpayers will get the benefit of small margin

Let us understand this relief given by the government to the taxpayers through an example. Suppose your income is Rs 7,00,100 means Rs 7 lakh 100 means your income is Rs 100 more than tax free income. Now you have to pay tax of Rs 25,010 because of the excess of just Rs 100. The government has given relief to such taxpayers. Under the new proposal, if your income is Rs 7,00,100, then they will not have to pay tax of Rs 25,010. Rather, they will have to pay tax only on Rs 100. Tax experts have told according to the calculation that individual taxpayers whose income is up to Rs 7,27,777 can get the benefit of this provision.

Income up to Rs 7 lakh was tax-free in the budget.

In Budget 2023, Finance Minister Nirmala Sitharaman had announced that now those earning up to Rs 7 lakh will not have to pay any tax. Earlier, after adopting the tax exemption options, no tax had to be paid up to 5 lakhs. But the new tax regime will give an additional benefit of Rs 2 lakh.

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Finance Minister Nirmala Sitharaman had announced that in the new tax regime, tax will not be charged on annual income up to Rs 7 lakh. At the same time, now the ITR form has also been updated for the income tax return for the financial year 2022-23, in which some changes have also been made.

Income Tax Return

This time the Income Tax Department has notified Income Tax Return Form (ITR 1-6) and Income Tax Verification Form (ITR V) for the assessment year 2023-24. These forms will be used for filing return of income made in the financial year 2022-23. The last date for filing ITR for the assessment year 2023-24 is 31 July.

ITR Forms

Compared to previous years, the Income Tax Department has notified ITR forms ahead of time. At the same time, some changes have also been made in the ITR form, about which it becomes very important to know. Let us know what changes have been made in the ITR form this time.

These five changes have been made

• If you have earned any income from crypto and other virtual digital assets (VDA) in the financial year 2022-23, then you will have to report such income in a separate schedule provided in the new ITR form.
• Trading accounts now have the option to disclose turnover and income from intra-day trading.
• An option of Disclosure has also been added for persons opting for the new tax regime under section 115BAC of the Income Tax Act.
• Taxpayers have to disclose whether they are Foreign Institutional Investors or Foreign Portfolio Investors.
• A new questionnaire has been added in ITR 3 and ITR 4, in which information has to be given regarding the New Tax Regime in previous years.

While income tax, tax experts say that early notification of ITR forms is a welcome step as it will give taxpayers enough time to prepare their required information. At the same time, the new ITR forms will be applicable from 1 April 2023. At the same time, individual taxpayers will be able to file tax till 31 July 2023 this year.

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According to the income tax rules, buying LIC’s policy gives the benefit of tax exemption. Insurance companies are in a very strong position because of tax exemption. Customers mostly take LIC’s policy only to save tax.

While giving information, the chairman of LIC has told that about half of the total annual premium of the company comes in the months of January, February and March. Let us tell you that at the end of the financial year, people show a lot of interest in buying insurance policies. People invest money in insurance policies to save their tax without thinking.

Big decisions taken in the budget

Let us tell you that in the budget 2023, the central government has decided that from now onwards tax will have to be paid on the maturity of the policy with a premium of more than Rs 5 lakh. Along with this, the government is promoting the new tax regime across the country, in which there is no exemption on tax. That is, those who now take LIC policy to save tax, they can also stop taking it in future.

The effect will be seen on the growth of LIC

Let us tell you that in the coming times, the effect of this decision of the government on the insurance companies can be seen. Its direct effect will be seen on the growth of LIC.

Giving further information, the chairman of LIC has said that it is expected to have little impact as at present there are less than 1% policies whose premium is more than Rs 5 lakh. On the other hand, if a person has more than one LIC policy and their total premium together is more than 5 lakhs, then the customer will get the benefit of tax exemption on this.

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Let us tell you that the budget before the Lok Sabha elections is the last full budget of the second term of the Modi government. This budget before the 2024 Lok Sabha elections is being considered very important. This budget of India is going to be presented at a time when the world’s major economies have slowed down and are heading towards a possible recession.

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The Economic Survey has been presented at the beginning of the budget session. It has been indicated in this survey that there is a possibility of change in income tax slab in the budget. When the budget will be presented on the morning of February 1 i.e. Wednesday, the faces of taxpayers will blossom. There is every hope of getting relief in income tax in the budget.

Taxpayers and infra sector can get a gift

Finance Minister Nirmala Sitharaman presented the Economic Survey 2022-23 in Parliament. In the economic survey, the focus was on many sectors. Looking at this entire survey, it seems that in the government budget 2023, taxpayers can be given a big relief in income tax. Apart from this, many announcements can also be made to increase investment in the infra sector.

Tax slab may change

Experts also believe that there is a focus on increasing demand and consumption to give a boost to the economy. But, if work has to be done on both these fronts then exemption in income tax is very important. Demand in the economy can be increased by giving exemption to taxpayers. In such a situation, the government will make some big announcement regarding income tax. According to the experts, this announcement can be regarding the tax slab. Also, the exemption limit can be increased in section 80C as well.

You can get relief on income up to 10 lakhs

According to sources, if we talk about Old Tax regime in the current system, then there are only 3 slabs for taxpayers. Of these, those with an income of 2.5 lakh to 5 lakh are kept in the 5 per cent slab. At the same time, those with an income of 5-10 lakhs have to pay 20 per cent tax. Those earning above Rs 10 lakh are taxed at 30 per cent. According to sources, those earning up to 10 lakh can get a big discount in the upcoming budget. A new slab of 10 per cent can be added for this income group.

New income tax slab can be added

In the budget, at present there is 5 percent tax on those having 2.5 to 5 lakhs. It can be maintained. But, currently there is 20 percent tax on income from 5 lakh to 10 lakh, which can be reduced to 10 percent. Means those earning up to 10 lakhs will have to pay only 10% tax. A new slab may be proposed for this. Means instead of 3 slabs, now there will be 4 slabs in income tax. Income up to Rs 2.5 lakh will remain tax free. However, this basic exemption limit can also be increased. In this case the structure may be slightly different.

What will happen on earning 15 lakhs?

In the current system, income above Rs 10 lakh is taxed at 30 per cent. If sources are to be believed then this slab can also be broken. That means, those with income between Rs 10 to 15 lakh can be kept under 20 per cent tax and those with income above 15 lakh can be kept under 30 per cent tax. At the same time, there may be a proposal to bring income above Rs 2 crore in the 35 per cent tax slab.

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The government can adopt some different methods to provide relief to the middle class people from inflation. For this, experts are also expressing the hope that these 5 announcements will be made in the budget. Maximum income tax comes from the salaried class only. In such a situation, even if the Finance Minister announces an increase in the tax limit, it will not be surprising. Apart from this, the standard deduction is also expected to increase.

Tax limit will increase

Inflation is increasing day by day. In such a situation, the cost of living is also increasing. In such a situation, the government can give income tax exemption of five lakh rupees to income tax payers under the new tax system. At present, 5% tax has to be paid on income of Rs 2.5 to Rs 5 lakh and 20% tax on income of Rs 5 to 7.5 lakh.

Standard deduction will change

The salaried class can avail exemption of Rs 50,000 under standard deduction every year. It is believed that the government can make changes in section 16 (ia) of income tax. It is expected that the limit of this standard deduction can be increased from Rs 50,000 to Rs 75,000.

Exemption will be available in 80C

Under Section 80C of the Income Tax Act, taxpayers can get tax exemption by investing an amount of Rs 1.5 lakh. Taxpayers have been demanding to increase this limit for a long time. If the government takes a decision on this matter in this budget, then taxpayers are going to get a big relief. This investment can be done in EPF, PPF, ELSS, NSC, NPS, Bank FD.

Invest for retirement

Employed people always invest in retirement plans. In such a situation, the government can increase the limit of tax exemption in this also. Experts are of the opinion that the government can increase this limit to one lakh rupees under section 80CCD (1B) of the Income Tax Act.

Health Insurance

At present, there is a rebate of Rs 25 thousand under the health insurance claim. It is expected that in this budget the government will increase it to 50 thousand rupees and for the elderly it can be increased from 50 thousand to 75 thousand rupees.

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In such a situation, the government can make some such provisions in this budget. So that the middle class people are not affected much. Marketing data and analytics company Cantor conducted a survey. In which most people believe that the government should make policy changes in income tax.

There will be change in income tax.

In a survey, consumer sentiments and Union Budget 2023 have been assessed. 1,892 consumers were included in this survey. In this, all types of people like salaried, business owners, apart from common man and rich class were included. It has come to light in this survey that people are also speculating about the announcement of policy changes in consumers and income tax.

Tax rebate will increase

The salaried class expects the basic exemption limit in income tax to exceed Rs 2.5 lakh. It has also been told in this survey that the highest tax slab rate of 30 percent can be increased from the existing Rs 10 lakh. In this survey, more than two-thirds of the people say that there should be an increase in tax rebate on investing under section 80C.

Discount on health insurance will increase

Apart from this, people in the survey have also told that the healthcare cost is increasing day by day. In such a situation, exemption should be given on medical and health insurance. Those people say that rising inflation has already affected the household income.

New thing came to the fore

After the Covid epidemic, people have become aware about health as most of the people involved in the survey say that continuous attention should be paid to healthcare. People in the survey have also said that the Indian economy is doing well. At the same time, people have said in the survey that in 2023 the Indian economy will move forward.

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This time, a special news can come out for lakhs of central government employees in the budget. Actually, the Central Government can announce the 8th Pay Commission during the Union Budget 2023-24. Union Finance Minister Nirmala Sitharaman will present the budget on 1 February. The demand to replace the rules of the 7th Pay Commission with the 8th Pay Commission is being raised from many places for some time now.

According to the latest reports, there is increasing discussion among the Central Government employees that the Central Government may announce the arrival of the 8th Pay Commission in the budget.

Expectations are increasing among central employees regarding this big announcement. If the government announces the 8th Pay Commission, it will bring a substantial increase in the pay scale of the central employees from the lowest to the highest level. Moving towards the new pay commission, there will be an increase in the basic pay, pay scale as well as allowances of the employees.

They will also be eligible to get the fitment factor boost in future. Pay commission rules for central government employees are usually upgraded every 10 years as per the pattern seen in the recent three announcements of 5th, 6th and 7th pay commission pay commission. It is estimated that the government may announce the 8th Pay Commission in 2023 and implement its recommendations by 2026.

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In such a situation, people have high expectations from the budget. Along with this, changes are going to come in the rules related to the bank. Let’s see the complete list of these rules.

General budget will be presented

Finance Minister Nirmala Sitharaman is going to present the budget (Budget 2023) for the financial year 2023-24 on February 1, 2023. The whole country is watching it with great expectations. Decisions that give relief to the common man are being expected in the budget.

Extra charge will be applicable for paying rent by credit card.

Paying rent through credit card is going to be costly. Actually, the holders of Bank of Baroda Credit Card have got a big shock. The company has announced that it will charge 1 per cent fee on Rent Payments through credit cards. This rule will be effective from February 1, 2023.

LPG prices

The prices of LPG gas cylinders are reviewed on the first of every month. In these, increase and reduction are possible on the first date of every month. It is expected that there will be no change in the prices.

Tata Motors increased the prices of passenger vehicles by 1.2 percent

The country’s leading automobile manufacturer Tata Motors has announced to increase the prices of passenger vehicles. The increased prices will be effective from February 1, 2023. According to the company, on an average basis, the price of passenger vehicles with petrol and diesel engines will increase by 1.2 per cent depending on the model and variant.

If you are driving such a vehicle in Noida, be careful!

Under the scrapies policy, the Transport Department has now started taking strict action in Gautam Budh Nagar as well. Now 15 year old petrol and 10 year old diesel vehicles will be seized and scrapped in Noida and Greater Noida from February 1, 2023. Earlier, on the orders of NGT, the Transport Department had canceled the registration of a large number of petrol and diesel vehicles.

Now these vehicles will be caught and confiscated. After people showed no interest in the scrappage policy issued by the Central Government, the Transport Department has decided to take strict action.

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It is believed that the Pradhan Mantri Awas Yojana (PM Awas Yojana) urban and rural may have all this huge budget allocation.

According to the officials associated with the scheme, the government can make huge allocation in both the housing schemes. According to media, the government will target about 84 lakh houses in rural areas by 2024. For this, a budget of more than 40 thousand crores can be kept.

In this context, according to the exclusive information received from the sources, the Pradhan Mantri Awas Yojana can get a big boost in the budget. Due to this, an allocation of 48 thousand crores was made by the government in the last year’s budget.

What is PM Awas Yojana (PMAY)

Let us tell you that the Pradhan Mantri Awas Yojana was started on June 25, 2015. This is a scheme of the Government of India whose aim is to provide houses to every poor at a low cost. The central government has a target of providing pucca houses to all the poor of the country by the year 2024.

The budget session is starting from January 31.

Significantly, this time the budget session of the Parliament will start from January 31, 2023, on which day President Draupadi Murmu will address the joint sitting of Lok Sabha and Rajya Sabha. The session will have 27 sittings and will continue till April 6. The first phase of the session will be from January 31 to February 14. After a break of about a month, the second phase of the budget session will start from March 12 and will continue till April 6.

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If the government accepts the three demands of the employees, there will be a huge increase in the salaries of the central employees. This includes increase in DA of employees, DA arrears of 18 months and increase in fitment factor. This time the government employees are hopeful that the government will definitely include their three things in the Union Budget 2023.

Three demands of government employees from the budget

In the budget to be presented on February 1, there is little hope of making an announcement directly regarding the salary of the central employees, but the government can make an announcement regarding the 7th Pay Commission. Can announce allocation in the budget to increase the salary of the employees.

Government should give DA arrears of 18 months

To deal with inflation in the budget, the government will give some relief to the employees. If the Modi government accepts the three demands related to the salaries of the employees in the budget, then there can be a big increase in their salaries. Out of this, the first demand is regarding DA arrears of 18 months. During the time of Kovid, the government did not increase DA for 18 months from January 2020 to June 2021. Then the government had increased the DA by 11 percent on July 1, 2021, but did not say anything about DA not increased for 18 months. Since then government employees are expecting that they will get DA arrears of 18 months.

The fitment factor should be revised

Central government employees have been demanding increase in fitment factor for a long time. With the increase in the fitment factor, the minimum basic pay of the employees will be increased from Rs 18,000 to Rs 26,000. That is, the minimum salary will increase by Rs 8,000 directly. The employees are demanding the government to increase the fitment factor from 2.57 per cent to 3.68 per cent.

Dearness allowance should be increased with the budget

The government increases Dearness allowance (DA) twice a year in January and July. Government employees have been demanding that the first hike in DA of the year should be done along with the budget to be presented on February 1 or later. So that, before Holi, their salary can be increased. If media reports are to be believed then the government can increase DA between 3 to 5 percent. Right now the DA is 38 per cent.

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This is the reason that the government is expected to present a populist budget, in which important announcements can be made for farmers, salary class, middle class people. Finance Minister Nirmala Sitharaman can make this important announcement in the budget for taxpayers and common people.

80C exemption on investment up to 1.50 lakhs

The Finance Minister had said a few days back that she understands the problems of the middle class. The government is considering increasing the tax exemption limit under 80C in the budget. It is believed that Finance Minister Nirmala Sitharaman may announce an increase in the 80C limit on the budget day. Savings and investment options like insurance, FDs, bonds, home loan principal and PPF come under 80C. At present, under 80C, an investment of Rs 1.50 lakh is exempted. Now it can be increased to Rs 2 lakh.

Standard deduction limit may increase

It is expected that the government may increase the standard deduction limit in the budget. From the year 2019, the standard deduction remains at Rs 50,000. It is believed that the government may increase it to Rs 1,00,000. Also, the government can increase the limit of income tax exemption. At present, income up to Rs 2.50 lakh is not taxed. The government can increase this limit.

Tax relief can be available on LTCG

Through Budget 2023, the government may provide relief in Long Term Capital Gain Tax (LTCG) to retail mutual fund and stock investors in the market. Removal of LTCG on equity will increase investment in equity. Currently, if the profit exceeds Rs 1 lakh in a financial year, then 10% long-term capital gain is levied on it. This time it is expected that the government can give some relief in this.

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Meanwhile, the Union Finance Ministry has announced that this year’s budget will be presented in paperless form. This time also the same process will be followed which was started during the Kovid-19 pandemic. During that time, the central government had announced to adopt the paperless form of the budget.

The Finance Ministry has given information about this by tweeting. He told that like the last two Union Budgets, the Union Budget 2023-24 will also be presented in paperless form. The Union Budget 2023-24 will be presented on 1 February 2023. Apart from this, after 2 years again before the budget, Halwa Ceremony will be celebrated today i.e. on Thursday. So let’s know what changes the government can make in the budget.

What can be the changes in the budget 2023?

custom duty may increase

In media reports, a government official has been quoted as saying that the government is brainstorming a list of 35 items for a possible custom duty hike. There is hope for a change in this. The list includes things like private jets, helicopters, high-end electronic items, plastic items, jewellery, high gloss paper and vitamins. According to media reports, the move is aimed at reducing imports and promoting local manufacturing of some of these products.

At the same time, the investors of the stock market are expecting a balanced budget this time. He believes that in the general budget, the government will emphasize on job creation, increasing spending on infrastructure, overcoming the deficit and improving the economy.

Announcement can be made on online tax

According to media reports, the government is working on further improving the tax system available on online gaming, so that the government’s income can be increased. Small cases currently escape the tax system on online gaming. The government can also bring them under the tax net.

As per the current rules of online gaming, winnings of Rs 10,000 or more are taxed. People have to pay 30 percent tax on this amount. Which means if you have won Rs 9,999, then you do not have to pay any tax. If you have won more than Rs 10,000 in different games, but your winnings per match are Rs 9,999 or less, then you do not have to pay any tax.

NBFC sector hopes for tax relief

According to Mahesh Shukla, Founder and CEO of PayMe, the lending or financing industry has seen a significant improvement in recent years with financial technology or fin-tech players and non-banking financial companies (NBFCs) on the rise. There has been a rapid increase in lending or disbursement of loans as compared to traditional banks. The NBFC sector has a lot of expectations from the Finance Minister during the Union Budget 2023. The biggest expectation of fin-tech players is the liberalization of the tax regime.

Startups hope for tax relief

Not levying GST till annual turnover of Rs 10 crore will help small and medium enterprises (SMEs) to create a stronger economy and help create more jobs. The government is also expected to extend support for better partnership with banks to strengthen existing models of financing. The Reserve Bank of India (RBI) may further improve regulations to govern the fin-tech sector, which may bring in more transparency and promote digitization of lending processes across the country, including in rural areas.

Expected change in tax slab

In the tax slab, 25 percent tax is being demanded on income of more than 20 lakhs. Similarly, there is a demand to increase the tax to 20 percent on the income of 10 to 20 lakhs. In the current tax slab, up to Rs 2.5 lakh is not taxed. From 2.5 to 5 lakhs 5% tax, from 5 to 7.5 lakhs 20% tax. Similarly, 20 percent tax is levied from 7.5 lakh to 10 lakh. In which change has been demanded.

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The government had announced a subsidy of Rs 200 for up to 12 cylinders in May last year under the PM Ujjwala Yojana. In the budget (Budget 2023), the government can announce to extend the subsidy for up to 12 gas cylinders by one year. According to media reports, the government may extend this scheme by one more year to increase the LPG coverage to 100 percent.

Government may increase subsidy on gas cylinder

Finance Minister Nirmala Sitharaman had given a subsidy of Rs 200 per cylinder to 9 crore beneficiaries under the PM Ujjwala Yojana to reduce the burden of inflation. The subsidy will put an additional burden of Rs 6,100 crore on the exchequer in the current financial year. However, the subsidy may be extended for next year as the reduction in global commodity prices and energy prices is likely to reduce the burden on the government in terms of lower subsidy bill.

The budget will be presented on February 1

Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 on 1 February. At the same time, the Economic Survey will be presented on 31 January. This budget will be the last full budget of the Modi government because after this the Lok Sabha elections are to be held in the middle of the year 2024. In such a situation, it is believed that the budget can be populist.

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A few days are left for the government’s budget (Budget 2023). Meanwhile, the government has said that it will not infuse capital into banks in this budget.

According to the information received from the sources, due to the better financial condition of the public sector banks, there is little possibility of the government announcing new capital infusion in the next financial year’s budget . The capital adequacy ratio of public sector banks has exceeded the regulatory requirement and is currently in the range of 14 per cent to 20 per cent.

Raising funds from the market

Let us tell you that these banks are raising funds from the market to increase their resources. Apart from this, they are also adopting the method of selling their non-core assets. The government last infused capital in public sector banks in the financial year 2021-22. It had earmarked Rs 20,000 crore for bank recapitalization through supplementary demand grant.

How much capital has been infused in the last 5 years?

During the last five financial years i.e. 2016-17 to 2020-21, capital of Rs 3,10,997 crore has been infused by the government in public sector banks. Of this, Rs 34,997 crore was arranged through budget allocation while Rs 2.76 lakh crore was raised by issuing recapitalization bonds to these banks.

Nirmala Sitharaman will present the budget

Finance Minister Nirmala Sitharaman will present the budget for the financial year 2023-24 on February 1. This will be the last full budget of the current tenure of the Narendra Modi government as general elections are due next year.

12 banks earned a profit of 15,306 crores

All 12 public sector banks had earned a total profit of Rs 15,306 crores in the first quarter of the current financial year. In the second quarter, this amount increased to Rs 25,685 crore. If compared to a year ago, the profit of these banks increased by nine per cent in the first quarter and by 50 per cent in the second quarter.

SBI earned a profit of Rs 13,265 crore The country’s largest bank State Bank of India (SBI) has earned the highest ever profit of Rs 13,265 crore in the second quarter. Compared to the same quarter a year ago, this growth was 74 percent.

Total profit of banks increased by 32 percent

In the first half of the current financial year, the total profit of public sector banks increased by 32 percent to Rs 40,991 crore. Earlier, in the financial year 2021-22, despite the challenges of the Kovid epidemic, the total profit of these banks had more than doubled to Rs 66,539 crore.

The Finance Minister took this decision recently.

Many public sector banks had also announced dividend in the last financial year. A total of nine public sector banks had distributed Rs 7,867 crore as dividend to the shareholders. Finance Minister Nirmala Sitharaman had recently said that the efforts taken to remove the problem of bad loans have started yielding results and the profits of public sector banks have started increasing.

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Accordingly, in the budget to be presented in Parliament on February 1, Green Incentives such as Tax Exemption of interest from Green Bond and Capital Gain rates and holding period can be rationalized.

Government can offer TDS framework

With regard to Tax Deducted at Source (TDS), EY said that currently there are 31 sections under the Income Tax Act dealing with different types of payments made to residents, with rates of withholding tax ranging from 0.1 to 30. % Happens till then.

That said, the government may introduce a TDS framework to reduce the complexity and compliance burden for taxpayers. TDS procedures related to non-resident (NR) persons may be simplified. Accordingly, investment and production linked incentive plans (PLIs) can be considered for strategic sectors that enhance sustainability and energy efficiency.

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There is a big opportunity for the government to make it populist. It is expected that many big announcements regarding income tax can be made in this budget. Sharekhan has released a report before the budget. In this, what are the expectations regarding personal income tax, it has been mentioned. The report believes that the government’s emphasis in the budget will be on capital expenditure, so that the economy gets a boost. There is little hope for policy reform.

Tax relief expected due to these 3 factors

Sharekhan said in his report that there are three major reasons for the change in income tax. Inflation is still intact and the fear of recession is increasing. The condition of the global economy is worse. Apart from this, there is an atmosphere of retrenchment all around.

In such a situation, the job market is weak. The burden of EMI on employed people is increasing separately. In such a situation, if the government gives relief to the income tax payers, then money will be saved in the hands of the people and consumption will improve. This will give a boost to growth.

What 5 major changes are expected in Income Tax?

1. At present, tax is not levied up to Rs 2.5 lakh. There is a demand to increase this limit to 5 lakhs.

2. From 2.5 lakhs to 5 lakhs, now 5% tax is levied. Under the old tax system, a rebate of Rs 125,000 is available. There is no rebate in the new tax system. There is a demand from the Finance Minister that 5 percent tax should be implemented from 5 lakh to 10 lakh.

3. At present, income up to 5-10 lakhs is taxed at 20% under the old tax system. There is a demand from the Finance Minister that its threshold limit should be increased to 10-20 lakhs and 20% tax should be imposed on this income.

4. At present, income above 10 lakhs is taxed at 30% under the old tax system. There is a demand from the government that the maximum tax rate should be reduced from 30 percent to 25 percent. At present, net tax on 30 per cent tax is 35.6 per cent including surcharge and cess.

5. The fifth demand is that at present the threshold limit for 30 per cent tax is Rs 10 lakh. be increased to 20 lakhs. Meaning, maximum tax rate should be implemented after Rs 20 lakh.

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Special announcements can be made in the government budget to increase the salary of government employees. Only a few days are left for the presentation of India’s Budget 2023. Government employees, common people, middle class and taxpayers have a lot of expectations from Finance Minister Nirmala Sitharaman’s Union Budget 2023.

Central employees have the highest expectations from this budget as the Lok Sabha elections are going to be held in the year 2024 and this is the last full budget of the Modi government before the Lok Sabha elections. In such a situation, the government can make populist announcements in this budget. Such announcements can be made in this budget which will increase the salary of government employees.

The government may announce the fitment factor in the Union Budget 2023. If this happens then a big hike can be seen in the basic salary of government employees. Presenting the budget on February 1, Finance Minister Nirmala Sitharaman may announce a salary hike for central employees.

Will the salary increase in the budget on February 1, 2023?

The budget session of Parliament will begin on January 31 and Finance Minister Nirmala Sitharaman is to present the Union Budget on February 1, 2023 . It is expected that the Finance Minister may announce an increase in the fitment factor in Budget 2023. Special announcements can be made in the government budget to increase the salary of government employees. Central employees have been demanding a change in the fitment factor for a long time.

Demands have been placed before the government several times

The employees association has held several meetings with the government to increase the fitment factor. If media reports are to be believed, the government wants to implement it as soon as possible. So that, government employees can be wooed at the time of elections. Lok Sabha elections are to be held in the middle of the year 2024. If the government announces to increase the fitment factor in the budget, then if this happens, then there can be a big increase in the salary of the employees.

The salary of government employees will increase by this much

Currently the fitment factor is 2.57 per cent. This means that if someone gets a basic pay of Rs 15,500 in 4200 grade pay, then his total pay will be Rs 15,500×2.57 i.e. Rs 39,835. The increase in the fitment factor from 2.57 per cent to 3.68 per cent will increase the basic salary and the allowances attached to it. The minimum basic salary of the employees will increase from Rs 18,000 to Rs 26,000. This step of the government will benefit about 48 lakh central government employees.

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Talking about the New Tax Regime, the tax rate in this is the same for people of all ages.  Income Tax in India is collected through the Income Tax Department. Those whose income is more than a certain limit, they have to pay income tax every year. Two tax regimes have been fixed by the government in the country.

They also have different advantages. At the same time, the Union Budget (Budget 2023) is also to be presented by the Central Government in the coming few weeks. This time in the budget, people have expectations of a big announcement on income tax as well. However, even before the budget, it is very important for some people to know one important thing.

Tax Slab Different slabs of income tax have been fixed in the country. In these, different tax rates are fixed on income in New Tax Regime, whereas in Old Tax Regime, different tax rates are fixed on income. Talking about the New Tax Regime, the tax rate in this is the same for people of all ages. Although there is a slight change in the tax rates according to the age in the Old Tax Regime.

New Tax Regime In New Tax Regime, Hindu Undivided Family, persons up to 60 years of age, senior citizens between 60 years to 80 years of age and very senior citizens above 80 years of age will have to pay tax at the same rate. Any increase in the basic exemption limit in the new tax regime will not benefit senior and very senior citizens. On the other hand, in the New Tax Regime, tax is waived up to Rs 2.5 lakh annually.

Old Tax Regime

However, tax exemption can be availed according to age in Old Tax Regime. For the financial year 2020-21, if a person below 60 years of age pays tax according to the Old Tax Regime, then his annual tax up to Rs 2.5 lakh is waived. After this, 5% tax is levied on 2.5 to 5 lakh rupees annually.

Their tax up to three lakh rupees is waived , while according to the Old Tax Regime for the financial year 2020-21, senior citizens, whose age is more than 60 years but less than 80 years, they will have to pay three lakh rupees annually in income tax.

Discount up to. This means that if a person, whose age is between 60 years to 80 years and he files income tax according to Old Tax Regime, then he will not have to pay any tax on income up to Rs 3 lakh annually. Their tax is waived on income up to three lakh rupees annually. At the same time, after this, they will have to pay 5% tax on income ranging from Rs 3 lakh to Rs 5 lakh annually.

Their tax up to five lakh rupees is waived , while super senior citizens whose age is more than 80 years, if they file tax according to Old Tax Regime, then they do not have to file tax on income up to five lakh rupees annually. Will happen. However, they will have to pay tax at the rate of 20 per cent on income between Rs 5 lakh and Rs 10 lakh.

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This package will be given under Special Assistance for Capital Investing Scheme. The government had mentioned the Special Assistance Scheme for Capital Investing to the states during the 2022-23 budget. An allocation of Rs 1.05 lakh crore was made under this scheme. Under this scheme, interest-free loans are given to state governments for capital projects for 50 years.

What did the government announce regarding the scam?

Now the central government has given an additional package of 2000 crores under this, so that the states move forward in the direction of scrapping the vehicles. Along with this, if a person scraps his vehicle which is 15 years old, then he will also be exempted from tax. Explain that the Finance Ministry had written in its letter that the road transport sector has been identified for giving incentives, after which this decision has come to the fore.

Rs 41,118 crore released to states

As an incentive to road transport, old vehicles have been added for scrapping and the state has announced a package of 2,000 crores. A package of Rs 1.05 lakh crore was also announced under the scheme presented in the budget for road transport, which has been later increased to Rs 1.07 lakh crore.

So far, the government has sanctioned Rs 77,110 crore under the scheme, out of which Rs 41,118 crore has been released to the states. The objective of the scheme is to encourage states to undertake capital expenditure and Rs 80,000 crore has been earmarked for this. Huh.

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The Finance Ministry has given this information. Last week, the Union Cabinet approved an incentive scheme of Rs 2,600 crore for banks to promote RuPay debit cards and low-value BHIM-UPI transactions in the current financial year.

Incentive to Government banks as a percentage of the value of RuPay Debit Card transactions and low value BHIM-UPI transactions up to Rs 2,000 under the Incentive Scheme for Promotion of RuPay Debit Card Rupay Debit Card and low value BHIM-UPI transactions pays the amount. The Payment and Settlement Systems Act, 2007 prohibits banks and system providers from accepting or making payments to anyone through RuPay Debit Cards or BHIM.

Let us tell you that UPI has created a record of 782.9 crore digital payment transactions worth Rs 12.82 lakh crore in December alone. At the same time, in a circular sent to the Chief Commissioners of GST, the Ministry said that the incentive is directly related to the subsidy linked to the value of the service. It does not form part of the taxable value of the transaction under the provisions of the Central GST Act, 2017.

GST rate It added, “As recommended by the Council, it is clarified that the rates given by the Ministry of Electronics and Information Technology (MeitY) to promote RuPay Debit Card and low value BHIM-UPI transactions GST will not be applicable on the incentives given. Such transaction is in the form of subsidy and will not be taxed.

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Therefore, this time it is expected that Finance Minister Nirmala Sitharaman will give many gifts to the people this time. If sources are to be believed, there is a possibility of change in the current income tax slab in this year’s budget. Income tax payers also hope that in the budget, the government will try to woo the middle class by increasing the income tax limit.

Even in the last budget, it was expected that the government would give tax relief to the middle class. But, this was not done. Reviewing Budget 2022, TV Mohandas Pai, chairman of Aerin Capital Partners and renowned financial expert, said that Finance Minister Nirmala Sitharaman has turned the budget into a ‘transformational budget’ by not giving tax relief to the middle class. It is expected that this time the Finance Minister will not let this opportunity pass.

If the income tax limit is increased by changing the income tax slab, then the middle class will be benefited the most. The middle class faced the biggest problem in Kovid-19. Most of the jobs in this category went during the Corona period. This class also spent the most on health.

Now the Indian economy has recovered to a great extent from the effect of Corona. The income of the government is increasing. This has raised hopes that this time the government will definitely give tax relief.

In March 2022, Finance Minister Nirmala Sitharaman had told that a total of 8,13,22,263 people have filed income tax in the assessment year 2020-21 i.e. 2019-20 financial year. If we consider only four members in the family of an income tax payer, then there are 32 crore people, whom we can call middle class.

The middle class is the engine of consumption in the Indian economy. This is the population that buys cars and takes home loans. They are the main taxpayers of India and also the consumers.

Experts say that if the government increases the income tax limit by changing the income tax slab in the budget, then more money will come in the hands of the middle class of the country. This will also increase consumption. This will not only benefit the country’s economy, but BJP can also get political advantage in the general elections to be held in the year 2024.

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At the same time, tax experts have said that in order to make the Optional Tax Regime attractive in the upcoming general budget, deduction should be allowed through PPF and other tax saving schemes. Along with this, he has demanded to increase the limit of maximum 30 percent tax slab to Rs 20 lakh.

The government had introduced Optional Income Tax Regime in the General Budget 2020-21 in which individuals and Hindu Undivided Families (HUF) were taxed with lower rates. However, other tax exemptions like rent allowance, home loan interest and investment under 80C are not given in this arrangement.

Total income up to Rs 2.5 lakh tax free

Under this, total income up to Rs 2.5 lakh is tax free. After this, 5 per cent on total income from Rs 2.5 lakh to Rs 5 lakh, 10 per cent on total income from Rs 5 lakh to Rs 7.5 lakh, 15 per cent on income from Rs 7.5 lakh to Rs 10 lakh, from Rs 10 lakh Income up to Rs 12.5 lakh is taxed at 20 per cent, income from Rs 12.5 lakh to Rs 15 lakh is taxed at 25 per cent and income above Rs 15 lakh is taxed at 30 per cent.

Taxpayers had to pay more tax in many cases

However, this scheme did not attract much attention of taxpayers, because in many cases taxpayers had to pay more tax on adopting it. Experts believe that in order to make the optional tax regime attractive, Finance Minister Nirmala Sitharaman should include some popular tax deductions in the upcoming budget, apart from increasing the limit of tax-free income and the highest tax rate.

Demand to make tax rates more rational

Rakesh Nangia, chairman of Nangia Andersen India, said that the government should make tax rates more rational in the optional tax regime. He advocated to make it in line with the previous deductions or exemptions.

Expressing a similar view, Deloitte India partner Sudhakar Sethuraman said the government may consider allowing some deductions. He said that this should be done without complicating the process. He said that life insurance premium, home loan interest and other deductions can also be given in this scheme.

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Finance Minister Nirmala Sitharaman has said that it is the clear vision of the Modi government to empower the people along with improving their lives by fulfilling their basic needs. Sitharaman said at a book release function on Friday that this government has a clear perception about ‘what is empowerment’ versus ‘what is entitlement’. If you are thinking of empowering people, then there is no need for entitlement. If you meet their basic needs then people find their way to make their life better.

Watch: Smt @nsitharaman‘s full address at the launch of the book titled ‘Reform Nation’ authored by Shri @gchikermane in New Delhi. @PIB_India @MIB_India @FinMinIndia https://t.co/F6dYqHIku6

— NSitharamanOffice (@nsitharamanoffc) January 7, 2023

Income Tax

In this function, Nirmala Sitharaman said that in order to ensure low rates for the people of low income group, an alternative income tax system with seven tax slabs has been brought through the government. He said that along with the old tax system, the government has come up with an alternative system in which there is no exemption, but it is simpler and has lower tax rates. He said that in the old tax regime, each taxpayer could claim around 7-10 exemptions and the income tax rates ranged between 10, 20 and 30 per cent depending on the income bracket.

Income tax slabs

Sitharaman said, “I had to make seven slabs so that there are lower rates for people in the lower income group.” In the general budget 2020-21, an alternative income tax regime was introduced, in which individuals and Hindu undivided families (HUFs) HUF) were taxed with lower rates. However, other tax exemptions like rent allowance, housing loan interest and investment under 80C are not given in this arrangement.

There’s a clear spirit in this govt about what is empowerment vs what is entitlement. If you’re looking at empowering people, there’s no entitlement. You give them fundamental requirements & people then find their own course to improve their living.

– Smt @nsitharaman. pic.twitter.com/Xtrj0rzjOF

— NSitharamanOffice (@nsitharamanoffc) January 7, 2023

Income tax slab rate

Under this, the total income up to Rs 2.5 lakh is tax free. After this, five per cent on total income from Rs 2.5 lakh to Rs five lakh, 10 per cent on total income from Rs five lakh to Rs 7.5 lakh, 15 per cent on income from Rs 7.5 lakh to Rs 10 lakh, from Rs 10 lakh Income up to Rs 12.5 lakh is taxed at 20 per cent, income from Rs 12.5 lakh to Rs 15 lakh is taxed at 25 per cent and income above Rs 15 lakh is taxed at 30 per cent.

Income tax return

Income up to Rs 2.5 lakh is tax free even under the old tax regime. After this, income between Rs 2.5 lakh and Rs 5 lakh is taxed at 5 per cent, while between Rs 5 lakh and Rs 10 lakh, 20 per cent tax is levied. After this, income above Rs 10 lakh is taxed at 30 per cent.

Tax on income Sitharaman said that the benefits of the old tax regime have not been removed, rather the new exemption-free tax regime is an alternative form of the income tax return system. He said that to end the harassment, the tax department has made arrangements for ‘faceless’ assessment of income tax returns.

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New tax regime may be applicable

According to the information received from the sources, the government wants to have a uniform tax system across the country, due to which it is believed that the implementation of the New Income Tax Regime can be announced this time.

Tax rates can be cut

In the Budget 2020-21, Finance Minister Nirmala Sitharaman announced a new tax regime, in which tax rates were reduced without exemptions and deductions. Let us tell you that in the assessment year 2021-22, about 5.8 crore people had filed taxes, but less than 5 percent of these people had adopted the new tax system. For this reason, the government can also announce a reduction in tax rates in this budget.

To make the income tax system popular, the Ministry of Finance is considering to cut its rates. Experts believe that there should be only one tax system in the country, in which taxpayers get exemption and it should be very simple.

Exemption is available in the old tax system

Taxpayers get many types of exemptions in the old tax system. In this, exemption is available including House Rent Allowance (HRA), Leave Travel Allowance (LTA) and many sections of the Income Tax Act, 1961. At the same time, many exemptions are available under section 80C including insurance, ELSS, provident fund, PPF.

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Talking about the New Tax Regime, the tax rate in this is the same for people of all ages.  Income Tax in India is collected through the Income Tax Department. Those whose income is more than a certain limit, they have to pay income tax every year. Two tax regimes have been fixed by the government in the country.

They also have different advantages. At the same time, the Union Budget (Budget 2023) is also to be presented by the Central Government in the coming few weeks. This time in the budget, people have expectations of a big announcement on income tax as well. However, even before the budget, it is very important for some people to know one important thing.

Tax Slab Different slabs of income tax have been fixed in the country. In these, different tax rates are fixed on income in New Tax Regime, whereas in Old Tax Regime, different tax rates are fixed on income. Talking about the New Tax Regime, the tax rate in this is the same for people of all ages. Although there is a slight change in the tax rates according to the age in the Old Tax Regime.

New Tax Regime In New Tax Regime, Hindu Undivided Family, persons up to 60 years of age, senior citizens between 60 years to 80 years of age and very senior citizens above 80 years of age will have to pay tax at the same rate. Any increase in the basic exemption limit in the new tax regime will not benefit senior and very senior citizens. On the other hand, in the New Tax Regime, tax is waived up to Rs 2.5 lakh annually.

Old Tax Regime

However, tax exemption can be availed according to age in Old Tax Regime. For the financial year 2020-21, if a person below 60 years of age pays tax according to the Old Tax Regime, then his annual tax up to Rs 2.5 lakh is waived. After this, 5% tax is levied on 2.5 to 5 lakh rupees annually.

Their tax up to three lakh rupees is waived , while according to the Old Tax Regime for the financial year 2020-21, senior citizens, whose age is more than 60 years but less than 80 years, they will have to pay three lakh rupees annually in income tax.

Discount up to. This means that if a person, whose age is between 60 years to 80 years and he files income tax according to Old Tax Regime, then he will not have to pay any tax on income up to Rs 3 lakh annually. Their tax is waived on income up to three lakh rupees annually. At the same time, after this, they will have to pay 5% tax on income ranging from Rs 3 lakh to Rs 5 lakh annually.

Their tax up to five lakh rupees is waived , while super senior citizens whose age is more than 80 years, if they file tax according to Old Tax Regime, then they do not have to file tax on income up to five lakh rupees annually. Will happen. However, they will have to pay tax at the rate of 20 per cent on income between Rs 5 lakh and Rs 10 lakh.

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Budget 2023: Since the year 2014, when the Modi government took over the reins of the country, many important decisions have been taken by the government. Along with this, there have been many such decisions in these decisions, through which old practices have also been broken by the government. One such decision was taken by the Modi government in its first term. This decision was regarding the budget and an old practice was broken by the Modi government. After this, he was also appreciated in the country.

Union budget

Actually, earlier the general budget presented by the central government was different and the railway budget was different. But an important decision in the Modi government was taken in the year 2017 regarding the budget. During that time, it was decided by the Modi government that now the general budget and railway budget will not be presented separately and both will be presented together.

Railway budget

The decision to present the general budget and the railway budget together is counted among the major decisions of the Modi government and the practice that has been going on for 92 years was also broken by the Modi government, due to which the Modi government took Seeing the big decisions, the country was also shaken. Let us inform that in 1924, a separate railway budget was started through the British. Whereas the merger of Railway and General Budget does not affect the functional autonomy of Railways but helps in increasing the capital expenditure.

Budget

The 92-year-old tradition of presenting the country’s general budget and railway budget separately was ended by the then Finance Minister Arun Jaitley in the Modi government. In the year 2017, Jaitley presented the country’s first combined budget by combining the general budget and the railway budget. The change was based on several recommendations from various stakeholders and allowed the government to take a more holistic approach towards the transport sector.

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There is about three weeks left for the budget for the financial year 2023-24. The discussion about the budget is happening everywhere. At the same time, people getting salary due to inflation and increase in interest rates also have high expectations from this budget, which includes capital gains tax, increase in exemption limit for home loan and many other types of relief.

Let us tell you, the budget is to be presented by Finance Minister Nirmala Sitharaman on February 1. This time’s budget is considered very important, because it is going to be the last full budget of the second term of the Modi government. For this, we have spoken to Rajendra Sabarwal, Tax Consultant in Mumbai. Let us know what the salary earners expect from the budget in this report.

Tax slab exemption

At present, the taxpayers in the country are given the option of two tax systems to pay income tax. This creates a lot of confusion among people. This time it is likely to end. Along with this, people are likely to get relief due to change in tax slab. At present, people earning up to Rs 2.50 lakh in a financial year have been kept under the ambit of income tax exemption. This time it is likely to be Rs 5 lakh.

Home buyers discount

This time, there is every possibility of increasing the interest rate from RBI, which can increase the scope of exemption for home buyers. Currently, taxpayers get income tax exemption on interest paid on home loans up to Rs 2 lakh. At the same time, filing of 80C is also expected to increase.

Personal loan discount

Personal loans and education loans account for 35 percent of the total loans in India. Education loan is exempt under Section 80E of the Income Tax Act, but there is no such provision for personal loan, which can be considered in this budget.

Uniform capital gains tax

There are many types of properties and according to them different tax rates are imposed by the government. In such a situation, many times people have to face difficulty in understanding this tax system. In this budget, one rate of capital gains tax or uniform capital gains tax can come.

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There is little time left for the country’s budget (Budget 2023). The Modi government is making a plan for big changes regarding tax in this budget. The Finance Minister can add a new income tax slab in this budget, due to which people with income between 5 to 10 lakhs will have to pay less tax. Finance Minister Nirmala Sitharaman is planning to give a big gift to the middle class this time. 

There will be a change in the tax slab
According to the information received from sources, those with an annual income of up to Rs 10 lakh can get a big discount. That is, those earning up to Rs 10 lakh will have to pay less tax than before. 

Only 10% tax will be applicable on income of 10 lakhs.
It has been learned from the sources of the Ministry of Finance that in this budget, there can be a big change in the budget of the government with an income of 5 to 10 lakh rupees. The government is planning to add a new slab of 10 percent for this income group. At present, a tax of 20 per cent is levied on it. In this year’s budget, a deduction can be announced for this tax slab. 

There will be changes according to the salary bracket,
along with this, the tax on people with income bracket of Rs 10 to 15 lakh can also be reduced to 25 percent. At the same time, there is no planning of any change in tax on the income bracket above it. 

What is the system now?
Let us tell you that at present there are 5 tax slabs in the system. In this, income up to Rs 2.5 lakh is tax free. At the same time, 5% tax on income from 2.5 to 5 lakhs, 20% tax on income from 5 to 10 lakhs, 30% tax on income from 10 to 20 lakhs and 30% tax on income above 20 lakhs. . At present, this time the government can add another new slab to these slabs. 

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The business class including the employed, farmers have various expectations from this budget. From the Ministry of Finance, from the first budget of independent India till now, tax payers have been given various facilities as well as tax slabs have been changed from time to time. New tax regime and old regime have been started by the Modi government for the tax payers.

Income tax exemption for annual income up to 2.5 lakh

. There is also a big difference in the tax slabs of both the regimes. According to a figure, most of the tax payers choose the old regime only. In both the regimes, annual income up to Rs 2.5 lakh is exempted from income tax. But there is a tax of 5 percent on income from 2.5 lakh to 5 lakh. In the old regime, 20 percent tax has to be paid on income between Rs 5 lakh to Rs 10 lakh annually. An annual income of 10 to 15 lakhs or more is taxed at 30 percent.

Let’s talk today if your annual income is Rs 10 lakh and you live on rent. Apart from this, if you invest the entire Rs 1.5 lakh under Section 80C of Income Tax, then today we calculate your tax.

Here is the complete math

1. If your annual income is Rs 10 lakh, then after reducing the standard deduction of Rs 50,000 given by the Ministry of Finance, your taxable income reduced to Rs 9.50 lakh.
2. After this it is considered that you have saved up to Rs 1.5 lakh under Section 80C of Income Tax. In this you can claim Tuition Fee, LIC (LIC), PPF (PPF), Mutual Fund (ELSS) and EPF (EPF) etc. In this way your taxable income has come down to Rs.8 lakh.
3. On House Rent Allowance (HRA) up to one lakh rupees, you do not need to give the PAN card of the landlord. If you pay this much rent, then your taxable income comes down to Rs 7 lakh. You will have to pay tax on this amount.
4. Rs 12,500 was taxed at the rate of 5 per cent on income between Rs 2.5 lakh to Rs 5 lakh. After this, 40 thousand tax was done on the income of 5 to 7 lakhs at the rate of 20 percent. In this way, from 2.5 lakh to 5 lakh, the total tax was Rs 52,500.
5. Now on this you will have to pay cess at the rate of 4 percent, which is Rs.2,100. In this way, your total income tax on salary of 10 lakhs is Rs 54,600.

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Talking about the New Tax Regime, the tax rate in this is the same for people of all ages.  Income Tax in India is collected through the Income Tax Department. Those whose income is more than a certain limit, they have to pay income tax every year. Two tax regimes have been fixed by the government in the country.

They also have different advantages. At the same time, the Union Budget (Budget 2023) is also to be presented by the Central Government in the coming few weeks. This time in the budget, people have expectations of a big announcement on income tax as well. However, even before the budget, it is very important for some people to know one important thing.

Tax Slab Different slabs of income tax have been fixed in the country. In these, different tax rates are fixed on income in New Tax Regime, whereas in Old Tax Regime, different tax rates are fixed on income. Talking about the New Tax Regime, the tax rate in this is the same for people of all ages. Although there is a slight change in the tax rates according to the age in the Old Tax Regime.

New Tax Regime In New Tax Regime, Hindu Undivided Family, persons up to 60 years of age, senior citizens between 60 years to 80 years of age and very senior citizens above 80 years of age will have to pay tax at the same rate. Any increase in the basic exemption limit in the new tax regime will not benefit senior and very senior citizens. On the other hand, in the New Tax Regime, tax is waived up to Rs 2.5 lakh annually.

Old Tax Regime

However, tax exemption can be availed according to age in Old Tax Regime. For the financial year 2020-21, if a person below 60 years of age pays tax according to the Old Tax Regime, then his annual tax up to Rs 2.5 lakh is waived. After this, 5% tax is levied on 2.5 to 5 lakh rupees annually.

Their tax up to three lakh rupees is waived , while according to the Old Tax Regime for the financial year 2020-21, senior citizens, whose age is more than 60 years but less than 80 years, they will have to pay three lakh rupees annually in income tax.

Discount up to. This means that if a person, whose age is between 60 years to 80 years and he files income tax according to Old Tax Regime, then he will not have to pay any tax on income up to Rs 3 lakh annually. Their tax is waived on income up to three lakh rupees annually. At the same time, after this, they will have to pay 5% tax on income ranging from Rs 3 lakh to Rs 5 lakh annually.

Their tax up to five lakh rupees is waived , while super senior citizens whose age is more than 80 years, if they file tax according to Old Tax Regime, then they do not have to file tax on income up to five lakh rupees annually. Will happen. However, they will have to pay tax at the rate of 20 per cent on income between Rs 5 lakh and Rs 10 lakh.

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Whose income is taxable, he has to pay tax on his income. At present, tax is collected from taxpayers according to Old Tax Regime and New Tax Regime. However, before the budget, people should keep one thing in mind.

Budget 2023

Before the budget, it should be known that people may have to pay up to 30 percent tax on income. As the income increases, the tax rate also increases. Different tax slabs are prescribed for different incomes in India, according to which tax is paid. The tax rate has also been fixed for the financial year 2020-21.

30 percent tax

Although 30 percent tax rate in India is paid on different income according to Old Tax Regime and New Tax Regime. If a person uses Old Tax Regime while paying income tax, then he will have to pay 30 percent tax on separate income and if he chooses New Tax Regime, then he will have to pay 30 percent tax according to different slabs.

Old Tax Regime

If someone chooses Old Tax Regime while paying income tax and his age is less than 60 years, then that taxpayer will have to pay 30% tax on income above Rs 10 lakh annually for FY 2020-21. In this slab, according to the age, senior citizens also get relaxation.

New Tax Regime

On the other hand, if a person is paying tax according to the New Tax Regime, then for FY 2020-21, those taxpayers will have to pay 30 percent tax on earning more than Rs 15 lakh. In this slab, the tax slab is the same for all age groups.

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Talking about the New Tax Regime, the tax rate in this is the same for people of all ages.  Income Tax in India is collected through the Income Tax Department. Those whose income is more than a certain limit, they have to pay income tax every year. Two tax regimes have been fixed by the government in the country.

They also have different advantages. At the same time, the Union Budget (Budget 2023) is also to be presented by the Central Government in the coming few weeks. This time in the budget, people have expectations of a big announcement on income tax as well. However, even before the budget, it is very important for some people to know one important thing.

Tax Slab Different slabs of income tax have been fixed in the country. In these, different tax rates are fixed on income in New Tax Regime, whereas in Old Tax Regime, different tax rates are fixed on income. Talking about the New Tax Regime, the tax rate in this is the same for people of all ages. Although there is a slight change in the tax rates according to the age in the Old Tax Regime.

New Tax Regime In New Tax Regime, Hindu Undivided Family, persons up to 60 years of age, senior citizens between 60 years to 80 years of age and very senior citizens above 80 years of age will have to pay tax at the same rate. Any increase in the basic exemption limit in the new tax regime will not benefit senior and very senior citizens. On the other hand, in the New Tax Regime, tax is waived up to Rs 2.5 lakh annually.

Old Tax Regime

However, tax exemption can be availed according to age in Old Tax Regime. For the financial year 2020-21, if a person below 60 years of age pays tax according to the Old Tax Regime, then his annual tax up to Rs 2.5 lakh is waived. After this, 5% tax is levied on 2.5 to 5 lakh rupees annually.

Their tax up to three lakh rupees is waived , while according to the Old Tax Regime for the financial year 2020-21, senior citizens, whose age is more than 60 years but less than 80 years, they will have to pay three lakh rupees annually in income tax.

Discount up to. This means that if a person, whose age is between 60 years to 80 years and he files income tax according to Old Tax Regime, then he will not have to pay any tax on income up to Rs 3 lakh annually. Their tax is waived on income up to three lakh rupees annually. At the same time, after this, they will have to pay 5% tax on income ranging from Rs 3 lakh to Rs 5 lakh annually.

Their tax up to five lakh rupees is waived , while super senior citizens whose age is more than 80 years, if they file tax according to Old Tax Regime, then they do not have to file tax on income up to five lakh rupees annually. Will happen. However, they will have to pay tax at the rate of 20 per cent on income between Rs 5 lakh and Rs 10 lakh.

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Meanwhile, industry body Assocham has made an important demand from the government in its pre-budget recommendations. This demand can affect crores of taxpayers of the country. Actually, Assocham has demanded the government to increase the scope of exemption in income tax. If this demand is accepted by the government, then taxpayers are going to get benefited.

ASSOCHAM has urged the government to increase the income tax exemption limit to at least Rs 5 lakh so that more disposable income remains in the hands of the consumers and boost consumption in the economy. At present, according to the income tax slab, no tax is levied up to Rs 2.5 lakh annually. At the same time, rebate is achieved on annual income of Rs 2.5 lakh to Rs 5 lakh.

Income tax exemption limit

Assocham President Sumant Sinha said that the boom in both direct and indirect taxes should give enough room to the government to increase the income tax exemption limit. The government must respond to the proactive steps that other countries are taking to support the production of green hydrogen as India strives to become a major energy producer.

Income Tax He said that now the total income up to Rs 2.50 lakh is exempted from income tax. However, if the total income in a year is up to Rs 5 lakh, then the income up to Rs 5 lakh can be exempted. If the income exceeds Rs 5 lakh, the entire amount (excluding the exemption limit of Rs 2.50 lakh) is taxed.

To increase Atmanirbhart job and promote green economy, attention should be given to sustainable and green industries. He said that economic security is bigger than manufacturing security. Pursuing green economy, achieving energy independence, investing in green industries and reducing the use of fossil fuels are all steps towards Atmanirbhart.

Deepak Sood, Secretary General, Economic Development

Assocham, said that promoting consumption by leaving more money in the hands of consumers would be a better decision for further improvement in economic growth. At the same time, along with consumption, the other way of sustainable development will be to further promote investment. In this direction, Assocham said that 15 percent corporate tax rate for new investment in manufacturing sector can be applied in all sectors including services.

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This time the elderly and widows can get great news from Finance Minister Nirmala Sitharaman. In this budget (Budget 2023), the government can take a decision to increase the pension of these people. The budget will be presented on 1 February 2023. Let us tell you how much the pension hike can be increased in the budget this time.

Letter written to the Finance Minister Eminent economists of the country have written a letter to the Finance Minister before the budget, in which a demand has been made to increase the pension for the sake of social security. Along with this, there has been a demand to make adequate provision for maternity benefits.

Increase in the pension of the elderly If we talk about the pension of the elderly, under the National Old Age Pension Scheme, the central government is giving pension at the rate of only Rs 200 per month from the year 2006 till now. The Economist says that this is not true at all. The central government should increase this contribution to at least Rs 500 per month.

Pension of widows should be increased to Rs.500

Talking about the pension of widows, there has been a demand to increase it from Rs.300 to Rs.500 per month. According to this letter, the expenditure on pension will be around Rs 1560 crore. At the same time, the Economist has also demanded regarding maternity in the budget for the financial year 2023024 that maternity rights should be fully implemented and if we talk about the expenditure on this, it will be around Rs 8000 crore.

Which economists are included?

Let us tell you that the list of these economists includes Jean Dreze, Professor Emeritus of Delhi School of Economics, Pranab Bardhan, Professor Emeritus of California Barclay University, R Nagaraj, Professor of Economics at Indira Gandhi Institute of Development Research, Mumbai, Ritika Khera, Professor of Economics at IIT Delhi. , JNU Honorary Professor Sukhdev Thorat and others.

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