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With budget 2023 round the corner, tax payers have a slew of demands from the finance minister. 

Budget 2023: What does the salaried class want? 

Budget 2023: How can it help salaried employees?

India's salaried class, one of the largest groups of taxpayers in the country, have high expectations from this year's budget. Tax payers are hoping for some announcements to ease the tax burden.&nbsp;

The salaried class is keenly awaiting this year's budget announcement. After being left disappointed last year, with not too much being announced by way of tax relief, the salaried class has high hopes from the Finance Minister, this year.&nbsp; Income Tax Slab Revision: Personal income tax slabs and rates have not been changed since 2017-18. Experts are of the view that income tax slabs should be revised to give tax payers more purchasing power.&nbsp;
Basic Exemption Limit: Expectations are that the basic exemption limit be raised to Rs 5 lakh from the prevailing Rs 2.5 lakh.&nbsp; Increase the limit under section 80 C: A long standing demand has been to increase the 80 C limit from the current 1.5 lakhs (since 2014-15) to 2.5 lakhs. There are a whole slew of long-term savings options such as PPF, ELSS, NSC, NPS, Bank FDs etc. And an increase in this limit would encourage taxpayers to increase investments while saving taxes.&nbsp; Increase the limit under section 80 D: Experts say the limit under section 80D for claiming health insurance should be increased from Rs 25,000 to Rs 50,000 and for the elderly from Rs 50,000 to 75,000.&nbsp;
Home office expenses: With work from home continuing for a lot of companies, experts say that home office expenses should be allowed as a deduction.&nbsp;

Govt proposes to increase income tax rebate limit from Rs 5 lakh to Rs 7 lakh in new tax regime

Budget 2023: No income tax upto ₹7 lakhs slab for the new regime 

Govt proposes to increase income tax rebate limit from Rs 5 lakh to Rs 7 lakh in the new tax regime

BUDGET 2023: INCOME TAX&nbsp; Finance Minister Nirmala Sitharaman on Wednesday raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade as she did a tight rope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections.
The personal income tax rebate limit has been increased to Rs 7 lakh from the fiscal year starting April 1 under the new tax regime from the previous Rs 5 lakh. Tax slabs has been cut to five from seven earlier. Also, the maximum income tax rate has been reduced to about 39 per cent from 42.7 per cent after a reduction in the highest surcharge to 25 per cent from 37 per cent.
Besides, the deposit limit for senior citizen savings schemes has been doubled to Rs 30 lakh and for Monthly Income Account Scheme to Rs 9 lakh. A new small savings scheme for women, offering 7.5 per cent interest rate on deposits of up to Rs 2 lakh for a tenor of 2 years, has been announced.

salaried class

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