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Budget 2023: Preparation for the last full budget of Modi government started! A gift to everyone including taxpayers in the budget

Budget 2023: From October 10, 2022, the process of preparing the budget for the financial year 2022-23 is starting. On February 1, 2023, Finance Minister Nirmala Sitharaman will present her fifth budget, which will be the last full budget of the second term of the Modi government. In such a situation, this budget becomes very important that because this budget will be populist or will give more momentum to the pace of development, all eyes will be on it. Will the middle class get the gift of tax exemption to give relief from inflation? Presenting the interim budget just before the Lok Sabha elections in 2019, the government had announced to bring the Pradhan Mantri Kisan Samman Nidhi Yojana, which was implemented from 1 December 2018. In such a situation, the question arises that what does the government announce for the farmers in the coming budget.

In fact, the budget to be presented for the financial year 2022-23 will be the last full budget before the 2024 Lok Sabha elections, so this budget is likely to remain electoral. Also, if there are assembly elections in big states like Karnataka, Madhya Pradesh, Chhattisgarh and Rajasthan in 2023, populist announcements can be made in the budget to woo the voters.

Will the tax exemption limit increase?
There has been no change in the tax exemption limit for a long time. Income tax exemption up to Rs 2.50 lakh is available. At the same time, those whose income is less than Rs 5 lakh, they get a tax rebate of Rs 12,500. That is, they do not have to pay any tax. Income between Rs 5 to 10 lakh has to be taxed at 20 per cent to 30 per cent on income above Rs 10 lakh. It is believed that after the backbreaking inflation and boom in tax collection, the Modi government can reduce the tax rates in its last full budget. So that the middle class can be given relief from inflation. In this way, the government can rationalize the income tax slab for common taxpayers.

New tax regime can be made attractive
In order to increase the acceptability of the new system of income tax among taxpayers, the government is considering making major changes in its rules. In the new income tax regime, some tax exemption can be given with certain conditions. So that taxpayers can choose this option. It is believed that the Finance Minister can announce this in his budget. In the new income tax regime, the tax rates may be low, but due to non-availability of standard deduction in addition to tax exemption on home loan principal or interest or savings, the new system is not able to entice taxpayers. 5.89 crore taxpayers have filed returns for the assessment year 2021-22, but less than 5 percent of this number has filed income tax returns under the new system of income tax. was filed. In such a situation, an announcement can be made to make the new system attractive.

Will the tax exemption limit on investment increase?
Under Section 80C of Income Tax, tax exemption is available on investment of Rs 1.50 lakh in PPF, Insurance, ULIP, ELSS, EPF. There has been no change in this limit for years. In this one and a half lakh rupees, along with the principal amount of the home loan, the school fees of the children also come. In such a situation, to promote investment, the government can announce to increase the limit of Rs 1.50 lakh.

Emphasis will be on employment generation
The Finance Minister has said that the focus of the government is not to control the government now because the government has taken many steps to check inflation. In such a situation, the focus of the government is going to be on employment generation in the budget. In such a situation, a huge increase in capital expenditure can be done to strengthen the infrastructure. This will help in creating new employment opportunities. This was the focus of the government in 2022-23 as well. The government had made a budget provision of Rs 7.50 lakh for capital expenditure in this financial year.

MNREGA for urban areas!
MGNREGA scheme is already running to provide employment to the people in rural areas. But unemployment has emerged as a major challenge in urban areas. In such a situation, it is believed that the government can announce a scheme like Urban MNREGA in the budget to deal with the problem of unemployment in urban areas. In 2008, when the UPA government brought MNREGA, it made tremendous electoral gains in the 2009 Lok Sabha elections.

The amount of PM Kisan Samman will increase!
Under the Pradhan Mantri Kisan Samman Nidhi Yojana, farmers are given a total of Rs 6000 every year in three installments of Rs 2000 each. But the Modi government can increase this limit from 7500 to 9000 rupees annually in its last full budget to woo the farmers.

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