Budget 2023: Will there be a change in the tax slab? What is the challenge before Nirmala Sitharaman? understand

New Delhi. Finance Minister Nirmala Sitharaman will present the budget for the financial year 2023-24 in Parliament on Wednesday. During this, he will be faced with the challenge of balancing the expectations of cutting taxes and increasing social security along with showing fiscal prudence. Through this last full budget before the next year’s general elections, the government can also try to live up to the expectations of the people. For this, the method of increasing public expenditure can be adopted.

Sitharaman is going to present her fifth budget at a time when the economy is faced with the tough challenge of dealing with global shocks and meeting domestic needs.

Demand for change in income tax slab

Budget The demand for changes in income tax slabs has been prominent in the demands raised during discussions with industry organizations and interest groups before. This can provide relief to the middle class. At the same time, along with increasing public expenditure on the poor, measures can also be announced to encourage domestic manufacturing.

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However, it will be necessary for Sitharaman to maintain fiscal prudence while meeting these expectations. Although inflation coming down from high levels in the last few months and tax collection increasing can be a relief, but health, education and rural economy can be his main focus.

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Tags: Budget, Nirmala Sitaraman, PM narendra modi