Budget Session 2023: Union Finance Minister Nirmala Sitharaman will present the Union Budget on Wednesday (February 1). People have high hopes regarding this. However, to promote Make in India in the Union Budget, import duty can be increased, the effect will be that goods coming from abroad will be costlier and the market for Make in India products will increase. To promote small budget schemes and life insurance schemes, tax exemption of up to Rs 1.50 lakh is given by the government.
Home buyers can get relief
Those who buy a house by taking a loan can get some relief in this budget. Currently, interest paid on home loan is exempted up to Rs 2 lakh under section 24(b) of income tax. It is expected that in this budget, this exemption can be made up to Rs 4 to 5 lakh.
What is the plan regarding development plans?
The government has been continuously mentioning the schemes of development. In such a situation, it is possible to increase the expenditure on schemes and social schemes related to this sector once again. Through these social schemes, the government is making inroads with the people. BJP has also got its electoral advantage.
What will those taking health insurance get?
After the Corona period, the number of people taking health insurance has increased. In such a situation, the tax exemption on health insurance can be increased by the government in this budget. At present, if a person gets health insurance for himself, wife and children, then he is given a tax exemption of Rs 25,000 and for getting health insurance of parents Rs 50,000.
What will the farmers get?
Everyone’s eyes are fixed on what can be special in this budget for a common taxpayer. It is possible that in this budget, the standard deduction limit of Rs 50,000 available to common taxpayers can be increased.
On the other hand, keeping in view the interest of agriculture and farmers, special announcements can be made in this budget. Although there is no tax on the income from agriculture, but the traders dealing in agricultural products can be given tax exemption.
At the same time, in this budget, along with the announcement of running new trains under Vande Bharat, new passenger corridors for high speed trains and dedicated freight corridors for goods trains, as well as laying of new railway lines can also be announced. . To respond to the nefarious activities of China and Pakistan, the defense budget may be increased further than last year, but the emphasis will remain on the development and purchase of indigenous weapons.
What is the plan to stop infiltration?
Along with this, in view of the frequent incidents of infiltration from the Chinese side, a provision can also be kept in this budget for new construction work and projects in the surrounding areas of LAC.
It is possible to a large extent that some announcements should be made in this budget to make the new tax regime more simple, because the Modi government definitely brought the new tax regime. But could not achieve success as expected. For this reason, the scheme should be made simpler than before so that more and more people can start filing income tax returns using the new tax regime.
Read this also- Budget 2023: How will India’s general budget be? Understand the movement of planets and the position of constellations
,
