Union Budget 2023: Only one day are left for the presentation of the financial budget for the year 2023-24. In such a situation, the eyes of the income tax payers are fixed on only one thing, and they have high expectations from Finance Minister Nirmala Sitharaman. Union Budget 2023: Tax payers will get good news in this budget.
He feels that this will reduce the income tax burden. In such a situation, the salaried class is expected to get this good news. Discussions are starting to be heard that there may be a change in the income tax provisions in this budget. It is expected that the Narendra Modi government may make changes in income tax slab 80C in this budget.
Let’s see how much money you will be able to save if everything goes as planned.
80 C Section Change
There is a discussion that the government is going to give a huge gift to the employees. For this, the government can change the section of 80C. After this, income tax payers will be able to save their tax by investing more. If the government gives exemption in this, middle class people will get relief. Currently there is a provision of Rs 1.5 lakh rebate under section 80C.
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Experts are expecting that the government may increase this exemption limit to 2 lakh. If this happens, people with income above 5 lakh will get tax exemption. If your income is Rs 5 lakh you can save your tax without investing, but if your income is more than Rs 5 lakh, you can use Section 80C of Income Tax. Currently under this Exemption is available up to Rs 1.50 lakh. If this limit is increased to 2 lakhs, you can save 2500 rupees in taxes per year.
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