New Delhi: Union Finance Minister Nirmala Sitharaman will present the Union Budget 2023 for the year 2023-24 today i.e. on February 1. While the common man is hoping for relief from inflation from this budget of the Modi government, on the other hand, the salaried class taxpayers are expecting relief in income tax. This time people are expecting more relief from the union budget because this is the second full budget of the Modi government and before the Lok Sabha elections. In such a situation, people are sitting with the hope that keeping the elections in mind, the government can give great relief to the common man and the taxpayers. In the general budget 2023, people have expectations of income tax slab, relief from inflation, relief from health, education to a home loan, and gas prices. So let us know what are the expectations this time from the general budget to be presented because of the upcoming Lok Sabha elections.
Will there be a change in the income tax slab?
The salaried class i.e. the working class is expected to get an exemption in income tax slab from this general budget of the Modi government. Keeping the elections in mind, people are hopeful that the Modi government at the center can give tax relief to the salaried class people this time. It is important to mention here that the tax limit has not been increased for 8 years. Earlier in the year 2014, the tax exemption limit was increased. This time people are hopeful that the government can increase the existing tax limit from 2.5 lahks i.e. 2.5 lahks to 5 lahks.
Will there be relief from inflation?
Finance Minister Nirmala Sitharaman’s budget to be presented today has a lot of expectations from the common man affected by inflation. People are expecting this, and the budget will be as per their expectations. For some time, the common man is expecting relief from the increased prices of food and other essential items. People are hopeful that people are also likely to get relief from tax exemption on essential things. Because there is a Loksabha election next year, in such a situation the government can try to give relief to the common man from inflation.
Deduction limit expected to increase on home loan
Due to the last full budget before the general elections, Union Finance Minister Nirmala Sitharaman can give relief in income tax to salaried and small businessmen. There is also a demand for increasing the exemption limit on housing loans to motivate the common man to buy residential properties and to give impetus to the real estate sector. In terms of providing employment in the country, real estate is second only to agriculture. It is expected that the government will consider the long-pending demand of raising the deduction limit on housing loan interest from Rs 2 lakh to Rs 3 lakh. Please tell us that since 2014 till now there has been no change in it.
What will farmers and rural areas get?
As the BJP is hoping to win the Lok Sabha elections for the third time in a row, massive public welfare schemes for farmers and the rural population cannot be ruled out. The Modi government can make some big announcements in this budget keeping in mind the farmers and rural areas.
sometimes there is a continuous increase in the price of LPG and due to this, the common man has shown a lot of trouble. This is the reason why the opposition has also been raising this issue from time to time. Not only have the prices of food items increased, but due to the increase in the price of cooking gas, the budget of the people has also deteriorated. In such a situation, it is expected that the government can announce relief in the price of cooking gas.
Keeping an eye on education, health, and employment too
, the Modi government at the center has been seen continuously focusing on education, health, and employment. Special focus is expected on them in this budget as well. It is expected that the government can make some big announcements regarding employment and jobs. Not only this, but it can also announce some schemes regarding education and health.