Delhi: 1 The attention of the whole country is on the Union Budget 2023-24 (Union Budget 2023) to be presented on February. This budget is going to be important for everyone from the common man to the farmers and businessmen. Common people are worried about what they will get and what will be expensive this year from Finance Minister Nirmala Sitharaman’s Finance Department. Prime Minister Narendra Modi has also given some important indications before the budget. Because of this, every sector is eyeing the budget to be presented on February 1. Will the Finance Minister make any changes in the tax slabs after 8 years? This is important to see. Meanwhile, let us know what opportunities can be found in this budget.
Income tax slab may increase
This is the last budget presented by the Modi government before the 2024 elections. Before this, the assembly elections of 9 states will also be held. In such a situation, the Central Government can increase the tax concessions available to the salaried employees. In 2014, the then Finance Minister Arun Jaitley raised the tax for the last time. Therefore, now there is a possibility of increasing the existing tax exemption limit of 2.5 lakhs to 5 lakhs.
read this also
What’s in the budget for borrowers?
In fact, to curb rising inflation, the Reserve Bank (RBI) had increased interest rates last year. Home loan borrowers were hit the most. This increased the premium for home buyers. In this case, the finance minister can increase the interest deduction on home loan from Rs 2 lakh to Rs 5 lakh under Act 24B.
Most focus on farmers
Many schemes will also be planned for the farmers in this budget. In the budget, the government is expected to increase the cash assistance given to farmers under PM Kisan Yojana. That is, under PM Kisan Yojana, farmers are paid 6 thousand rupees every year. Apart from this, the government can also make a big announcement for Agri Technology Startups.
Will there be a discount on train fares as well?
Since the expansion of Vande Bharat Trains, many new trains can also be announced in this budget. So will rail travel become cheaper after this year’s budget? Meanwhile, can senior citizens also be exempted from this? It is also necessary to see this now.
There will be good news regarding health insurance
Finance Minister Nirmala Sutharaman can make some big announcements regarding health insurance. After the terrible times of Corona, people have become more health conscious and this has led to a huge increase in insurance takers. Currently there is a tax exemption limit of Rs 35,000 on health insurance for husband, wife and children. The same limit is expected to be raised to Rs 50,000.
Will there be relief from inflation?
In 2022, the country had to bear the brunt of inflation. From the price of gas to the price of petrol and diesel, the prices have gone up. Due to the increase in the price of fuel, food items also became expensive. So it is important to see whether people will get relief from inflation in this year’s budget.
What steps will the government take to provide employment to the youth?
The issue of unemployment remains a subject of constant confrontation between the central government and the opposition. The government may raise the issue of employment in the budget before the 2024 elections. Therefore, the possibility of announcing a big package for the youth cannot be ruled out. There is an economic recession in the world. Meanwhile, the businessmen of the country have high expectations from the budget. It is expected that the government will try to promote business. That’s why it has to be seen whether businessmen get relief in this year’s budget or not.
What will women get from the budget?
Finance Minister Nirmala Sitharaman herself is a woman. That’s why women also have high expectations from the budget. The demand to increase the tax slab for women to Rs 10 lakh has been going on for several days. That’s why it is also discussed that the Finance Minister can make some announcements for women entrepreneurs.
