Thursday, February 22nd, 2024

Distressed by the reduced income and increased expenditure, the common man needs these 5 reliefs from the budget, this time do not disappoint the Finance Minister

Photo:India TV Finance Minister Nirmala Sitharaman

Budget 2023: The eyes of the common man are fixed on the general budget to be presented on February 1. Distressed by the low income and high expenditure due to the skyrocketing inflation after the Corona epidemic and the Russia-Ukraine war, this time the common man is looking at Finance Minister Nirmala Sitharaman with great desire. He hopes that the Finance Minister, understanding his problems, will definitely announce relief. Economic experts also say that it is necessary to provide relief to the common man. Come, let us know what are the expectations of the common man from this budget and what kind of relief will he get from its completion?

1. Ayushman Bharat scheme should be expanded

The poor citizens of the country are being given the facility of free treatment up to Rs 5 lakh under the Ayushman Bharat Yojana by the Modi government. However, a large population is not being covered under its ambit. After the Corona epidemic, the importance of health insurance policy has been understood. In such a situation, there is a demand from the middle class that the government should increase the scope of the Ayushman Bharat scheme this time. This will provide relief to lakhs of people across the country. Along with this, the tax exemption limit available on the premium of health insurance policy, which is currently Rs 25,000, should be increased.

2. Measures to increase savings

Tax and investment expert Balwant Jain told India TV Told that in view of inflation, there is a need to emphasize on measures to increase savings for the common man in the budget. He said that tax exemption of Rs 1 lakh was available under 80C about 20 years ago, which was increased to Rs 1.5 lakh in 2014. However, considering the way inflation has increased, now the exemption limit under 80C should be reduced to at least 3 lakhs. Along with this, there is a need to bring a separate act for the exemption on buying a house. Now the exemption available under 80C is not enough because the cost of the house has reached in crores. At the same time, under 80C, expenses ranging from insurance policy to children’s education are included. Along with this, there is a need to reform the capital gains tax on the sale of shares, property, land etc. By doing this, more money will be saved in the hands of the common man.

3. Increase the scope of income tax exemption

The salaried class demands that in this budget, the Finance Minister should increase the scope of tax exemption to provide relief to them. There has been no change in the tax slab for the last several years. Currently, tax exemption is available on annual income up to Rs 2.5 lakh. There is a demand from the salaried class that in the changed circumstances, the tax exemption limit should be increased to at least Rs.5 lakh. Along with this, changes should be made in the new tax system to make it attractive. Changes in income tax slabs have been demanded for a long time.

4. Get more discount on buying a house

House prices have gone up significantly in the last three years. In such a situation, there is a demand to increase the tax exemption available on the purchase of a house. Let us tell you that at present, home buyers get a rebate of up to Rs 2 lakh annually on home loans under Section 24B of Income Tax. At the same time, a deduction of up to Rs 1.5 lakh is available under Section 80C on the payment of home loan principal money. After a significant increase in house prices, home buyers are demanding that the exemption limit under Section 80C be increased to Rs 3 lakh and the exemption available under Section 24B to Rs 5 lakh.

5. Demand to remove STT on investment in shares

After the Corona epidemic, a large number of people have started investing in the stock market. According to a report, the number of demat accounts in the country has crossed 12 crores. In such a situation, there is a demand of the youth that STT, the direct tax charged on the purchase and sale of shares, should be abolished. There is no point in levying LTCG, STT and GST on every transaction done by the investor. With this, not only the country’s but foreign investors will also be attracted towards the Indian market. This will also help companies to raise capital from the market.

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