5 Much Needed Tax Reforms We Demand from Budget 2023 | Key Tax Amendments Expected from Budget 2023
The Honorable Union Finance Minister, Ms. Nirmala Sitharaman, will present the Budget 2023 on February 1 before the Indian Parliament. The forthcoming budget is expected to meet very high expectations from individual taxpayers because to the epidemic and the current inflation adjustments.
Inflationary pressures have intensified in recent years due to rising living expenses. To boost the Indian economy, Budget 2023 is likely to put a special emphasis on small and middle-class taxpayers by providing them with tax relief and additional tax deductions.
1. The current income tax exemption threshold for both the new and the old income tax regimes is Rs. 2.5 lakhs per year. The government should increase the income tax exemption level under the new tax system to Rs. 5 lakhs in the upcoming budget for 2023–2024.
2. For a self-occupied house, the maximum tax deduction that may be claimed on a home loan is Rs. 2 lakh each fiscal year. The tax saving threshold of Rs. 2 lakh on housing loans under section 24(b) needs to be enhanced in light of the current ranges in home prices. Regardless of the cost of the property, the maximum must be increased to at least Rs. 3 lakhs.
3. The most popular method of tax reduction used by taxpayers is the deduction under section 80C. This chapter discusses PPF/EPF, ELSS, NSC, NPS, SSY, and other topics. The maximum deduction allowed under Section 80C was increased to Rs. 1.5 lakh in 2014. We ask that the Section 80C maximum deduction amount be increased to at least Rs. 2.5 lakhs.
4. In accordance with section 80TTA, interest on saving bank accounts is eligible for an annual deduction of up to Rs. 10,000. Interest income up to 20,000 must be exempt from taxation in order to be assessed.
5. A salaried person may claim a standard deduction of Rs. 50,000 from their pay income under the present tax code without providing any declarations or proof of expenses. The need to raise the standard deduction ceiling is urgent. Taxpayers in the salaried class anticipate a raise in the standard deduction of up to Rs. 1,00,000.
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