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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Especially the salaried people who are troubled by inflation, as well as the loan has also become expensive for them. Along with inflation, expensive EMI is robbing people’s pockets. Heavy tax burden on him. In such a situation, the question arises whether the Finance Minister will take any major step to give relief from inflation and reduce the tax burden on the people? Will the Finance Minister increase the income tax exemption limit from Rs 2.5 lakh to Rs 5 lakh in the upcoming budget?

Income tax burden on salaried people.

At present, those whose annual taxable income is up to Rs 2.5 lakh do not have to pay any tax on this income. Those whose income is between Rs 2.50 to Rs 5 lakh, then they are liable to pay tax at the rate of 5% i.e. Rs 12500. But under Rule 87A of Income Tax, the government gives a tax rebate of Rs 12,500. That is, those whose taxable income is less than Rs 5 lakh do not have to pay any tax.

But those whose taxable income is more than Rs 5 lakh by even one rupee, they do not get the benefit of this rebate. Such people are not only worried about inflation, but they are also worried about the cost of EMIs after increasing the repo rate of RBI. On top of that expensive food items, inflation of milk, expensive LPG, petrol-diesel and CNG-PNG have ruined the budget.

Tax exemption limit should be Rs 5 lakh!

According to Ved Jain, former president of ICAI, in 2014, the minimum tax slab limit was Rs 2.50 lakh and the maximum limit was Rs 10 lakh. But it has been so many years that no change has been made in the minimum and maximum level of the tax slab.

He said that now the time has come to give relief to the people by changing the income tax slab. He said that the income tax exemption limit should be increased from Rs 2.50 lakh to Rs 5 lakh annually. Also, the maximum limit of tax slab should be increased from Rs 10 lakh to Rs 20 lakh. Currently, taxable income above Rs 10 lakh is taxed at 30 per cent.

Changes in tax slabs will benefit the economy

According to Ved Jain, the Indian economy has developed tremendously after 2014. BSE Sensex and NSE Nifty have touched new heights. There has been a tremendous jump in the tax collection of the government. Consumption has also increased during this period. But there is one thing in which the government has not changed that is the income tax slab.

No change has been made in the tax slab during this period. He said that the government’s effort is to increase the tax base, due to which the number of people filing income tax returns has increased. This is the reason why the government has not made any change in the minimum slab rate of income tax. He said that if the government increases the tax slab, then taxpayers will spend the savings in the form of tax and invest in the purchase of essential things, which will benefit the economy. This will accelerate the economic development of the country.

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The central government had talked about giving 8.1 percent interest rate on the provident fund for some time. This interest rate is the lowest interest rate in 40 years. Earlier, the government had given 8.5 percent interest. So this time interest will be transferred to your PF account at the rate of 8.1 percent.

Calculation of interest is quite simple
– If you have Rs 10 lakh in your PF account then you will get Rs 81,000 as interest.
If you have Rs 7 lakh in your PF account, you will get Rs 56,700 as interest.
If you have Rs 5 lakh in your PF account, then Rs 40,500 will come as interest.
If you have one lakh rupees in your account, then 8,100 rupees will come.

How to Check Balance
You can follow 4 ways to check your PF balance. Or you can choose any one of the four methods. In these ways, you can check the balance through SMS and you can also know by giving a missed call. Apart from this, you can also check through EPFO’s website, and UMANG app.

By SMS: For this, you have to send a message by writing EPFO ​​UAN LAN (Language) to 7738299899 from the mobile number registered with EPFO. LAN stands for your language. If you want information in English, you have to write ENG instead of LAN. Similarly, HIN is to be written for Hindi and TAM for Tamil. For example, to get information in Hindi, you have to message by typing EPFOHO UAN HIN.

By missed call: If you want, you can also know your EPF balance through a missed call. For this, you have to make a missed call on 011-22901406 from your registered mobile number. After missed call, your phone will be disconnected automatically and you will get your balance information.

Through website: To check your balance online, you visit the EPF passbook portal. Log in to this portal using your UAN and password. In this, click on Download / View Passbook and then the passbook will open in front of you, in which you can see the balance.

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