Tax is necessary for everyone from middle class to upper class, if someone’s income is high then he will have to pay more tax and if income is less then he will have to pay less tax. In which Finance Minister Nirmala Sitharaman can make a big change this time. If you also pay tax or come in the tax slab, then it is important for you to know what kind of changes the Central Government is going to make in the tax slab this time.

The government will present the budget (Budget 2023) on February 1 in 2023. Means the budget is going to come after two days. Let us tell you what is the government’s plan regarding tax this time-

Tax limit may increase

At present, no income tax is levied on income up to Rs 5 lakh, but Finance Minister Nirmala Sitharaman is planning to increase this limit in this budget.

Finance Minister Sitharaman had asked for suggestions

According to the information received from sources, Finance Minister Nirmala Sitharaman had asked for suggestions regarding tax, how much scope is there for improvement in the new tax regime. There is also a discussion about this, so it is believed that the government can make changes in both the new and old tax system. Right now there is no benefit of any kind in the new tax regime.

The last major change was in 2014.

Let us tell you that before this, the income tax limit was changed for the last time in the year 2014. This time again it is expected that the government can give great news before the Lok Sabha elections. It is expected that the government is considering increasing the personal tax exemption limit.

Elections will be held after 13 months

Modi government will present the full budget of its second term in 2023. Next year, after about 13 months of the budget, the general elections will be held, so it is believed that this time the government is preparing to give a big relief to the general public.

The post Income Tax Slab Change: Income tax payers got lottery! Now they will not have to pay tax, Announcement of the Finance Minister! first appeared on Rightsofemployees.com.

Apart from increasing the Basic Tax Limit, the Finance Minister can make many big announcements. Currently only 21 days are left for the budget to come. Let us tell you that this time on which fronts there is a possibility of getting relief-

Tax limit may increase after 9 years

Tell me, there has not been any change in the tax limit for the last 9 years, so this time the government can give a big relief in this limit. Along with this, employed people can also get a big benefit under 80C.

80C limit may increase

Apart from this, the government can also increase the scope of exemption available under 80C in income tax. At present, under section 80C on income, the benefit of exemption is available on investment up to Rs 1.5 lakh. In this, apart from government schemes like PPF, Sukanya Samriddhi, many schemes including life insurance are included. Increasing the limit of 80C will give great relief to the job profession.

Basic limit of income tax may increase Experts believe that this time the government can increase the basic limit from Rs 2.50 lakh to Rs 3.50 lakh. Let us tell you that the last increase in this limit was in the year 2014. Earlier its limit was Rs 2 lakh, at that time it was increased by Rs 50,000 to Rs 2.5 lakh. There has been no change in this limit for the last 9 years, due to which it is believed that this time the Finance Minister can give a big relief by increasing this limit.

Tax exemption can be available on FDs up to 3 years, along with this, the Finance Minister can also make tax deposits up to 3 years tax free. Everyone from the general public to the middle class has a lot of expectations from this budget. Let us tell you that now the benefit of tax exemption is available on FDs up to 5 years, which can be reduced to 3 years. By doing this, you can get great options for investment.

The post 80C limit increase: Big news! The government can also increase the scope of exemption under 80C in income tax first appeared on Rightsofemployees.com.