The Union Budget of 2023 is one of the most eagerly awaited events of the year, particularly for the salaried class. The budget has the potential to significantly impact the lives of millions of salaried employees in India, by shaping the financial landscape of the country. Every year, salaried employees have a set of expectations from the Union Budget, and the Budget of 2023 is no exception.
Budget Expectations 2023 for Salaried Individuals
Increase in Basic Exemption Limit
Salaried employees expect the basic exemption limit to be raised, which will reduce their tax burden. An increase in the basic exemption limit can help employees save more of their hard-earned money.
Hike in Tax Deduction Limits for Investments
Salaried employees look forward to a hike in the tax deduction limits for investments such as Equity Linked Saving Schemes (ELSS), Public Provident Fund (PPF), National Savings Certificate (NSC), etc. This will allow them to make more tax-efficient investments and save more money.
Increase in HRA Allowance
A majority of salaried employees in India receive House Rent Allowance (HRA) as a component of their salary. An increase in the HRA allowance will provide them with more disposable income and will allow them to lead a more comfortable life.
Tax Benefits for Health Insurance
The salaried class expects the Union Budget to announce tax benefits for health insurance premiums. This will encourage individuals to opt for health insurance and secure their financial health.
Simplification of Tax Filing Process
Salaried employees expect the tax filing process to be simplified so that they can file their returns quickly and easily. The government can take steps such as digitization of tax returns, online processing, and reducing the number of forms to make the process more streamlined.
Increase in Gratuity Limit
Salaried employees expect an increase in the gratuity limit, which is the amount paid by the employer to the employee upon leaving the organization. An increase in the gratuity limit will benefit employees and provide them with more financial security in their old age.
Tax Benefits for Home Loans
Salaried employees also expect tax benefits for home loans. The government can announce tax benefits for individuals who are repaying their home loans, which will encourage people to buy homes and boost the real estate sector.
In conclusion, the Union Budget of 2023 holds great significance for the salaried class, and their expectations from the budget are many. The budget has the potential to shape the financial landscape of the country, and the salaried employees hope that it will provide them with the necessary financial support and security to lead a comfortable life.
The official website for the union budget 2023: Indian Union Budget