A surprise waiting on february 1..!? What's all in the budget..?

Union Finance minister Nirmala Sitharaman and members of the Budget Preparation Committee, after several weeks of consultations with industry bodies and financial experts, have started preparing the budget for 2023-24. This budget is politically very important as it is the last full budget of the 2nd term of prime minister Modi. At the same time, it is predicted that all the countries of the world will enter into recession in 2023, and this budget report of the central government is very important.
Union Finance minister Nirmala Sitharaman was admitted to the private ward of the All india Institute of Medical Sciences (AIIMS) in delhi yesterday due to a stomach infection, and the budget work is likely to be delayed. Similarly, it is expected to give a big boost to the government's capital expenditure. Finance minister Nirmala Sitharaman is confident that good growth in tax collection in 2022-23 will be able to finance additional expenditures. The total tax revenue collection increased by 18% in the first half (April-September) of 2022-23 compared to the previous year.Thus, it is believed that this budget will be favorable for both the individual and the business sector. In this situation, what are the main expectations in the budget report for the financial year 2023-24 that the central government is going to release on february 1..? What are the needs of the market..? After the Corona epidemic everyone has realized how important health insurance is in india and people are buying more and more health insurance plans to protect their families. In this situation, in Section 80D of the Income Tax Act, only 25000 rupees are given as a tax benefit for health insurance, many parties are demanding that this should be increased up to 1 lakh rupees.For the last 9 years, income tax relief has been given only for an amount of Rs 1.5 lakh under Section 80C. Similarly, only 50000 is being given zero tax benefit in the standard deduction category. In this situation, the expectation has increased that the tax benefit given in section 80C should be increased up to 2.5 lakh rupees. Similarly, in the new income tax plan, while zero tax is given up to 2.5 lakh rupees, the government is consulting on the plan to increase it up to 5 lakhs. At present, capital gains taxes are different according to each investment and investor. It is important to declare the period and tax levy for all parties to make it uniform. Just as there was much confusion in the GST tax regime, there is now a lot of confusion in the capital Gains Tax section as well.As life insurance is a major investment scheme used by people from all walks of life, there is a demand to create a separate section for life insurance tax relief in the Income Tax Act. In other words, there is a request to give concession on the life insurance amount which is used by most of the people in section 80C in a separate income tax section. The officials of the department have made this request to the central government as important as it can not only get additional investment in the sector but also ensure the future security of the people by giving excessive tax incentives to the pension schemes like life insurance investment. If only this happens it will become the next big investment sector in India. Rising interest rates have become a huge burden for those planning to buy their own home. In this situation, to reduce this burden, currently under Section 24, tax relief has been given for home loan interest payments up to 2 lakh rupees only. A request has been made to increase this up to 5 lakhs.
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Sowmiya Sriram

27/12/2022 11:50 AM