Salaried Expects: Budgets India 2023

Salaried Expects Budgets India 2023. Budget 2023 Survey: Taxpayers want FM Nirmala Sitharaman to raise the Section 80C limit to Rs 3 lakh

According to a survey by Kuvera, a Mumbai-based online financial planning platform, most taxpayers want to double the exemption limit under Section 80C of the Income Tax Act.

Here’s what taxpayers want from Budget 2023, according to a survey
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  • Two out of three survey respondents wanted Finance Minister Nirmala Sitharaman to raise the tax deduction limit under Section 80C.

    Ahead of the upcoming budget, which will be presented by FM Sitharaman on February 1, Kuvera conducted a survey among its 16 lakh users asking them about their expectations from the Union Budget 2023.

    Indian surveys from several sources:-

    The survey found that more than two out of three respondents wanted to increase the income tax deduction limit under Section 80C of the Income Tax Act.

Many respondents also expected Budget 2023 to switch from regular to direct mutual fund tax-free schemes. Three out of every 10 respondents voted for the change. Currently, the scheme is taxable.

While the government may have announced new measures to reduce the budget deficit below 5%, fiscal prudence has not been a top priority for taxpayers.

Fewer than one in 10 said they wanted the finance minister to reduce the budget deficit to 5% or below.

  • “Respondents said they would prefer the limit to be doubled from its current Rs 1.5 lakh. The current limit has not changed since 2014 and taxpayers are obviously expecting some relief from the upcoming budget,” said Gaurav Rastogi, co-founder of Kuvera.

    Also Read: How Budget 2023 Can Help Salaried Workers

    “According to our survey, at least among our user base, taxpayers were more interested in tax breaks than the country’s budget deficit. With fears of a bigger recession, it would be good to announce tax relief and encourage people to save more,” he added. also consulted face-to-face with Central Govt. employees they clearly argued about their right of Pay fixation and enhancement of Investment under 80cc and in tax slabs. And also includes giving special concessions in House Building Loan interest and fuel concession. Moreover, Govt should think positively before the 24 LS election. It is also mentioned that If we want 100% digitization in India all transactions should be free of charge.

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