Budget 2023: Some relief expected for individuals on the tax front, says MK Ventures founder Madhusudan Kela

Union Budget 2023: With Budget 2023 only a few days away, one of the significant expectations of the masses from the Finance Ministry includes some tax relief.

“There should be some relief on the tax fronts as the inflation is taking a toll. The limit of Rs 2.5 lakh was set long ago, so some reliefs need to be there for individuals in this Budget,” added Madhusudan Kela, founder of MK Ventures, in an exclusive interaction with Zee Business.

 Individuals को Tax में मिलेगी राहत?

टैक्स में कितनी छूट संभव?

विदेशी निवेशकों को आकर्षित करने के लिए Budget 2023 में क्या करें सरकार?

बजट और बाजार पर Madhusudan Kela की राय..

देखिए @AnilSinghvi_ के साथ#BudgetOnZee #Budget #AnilSinghvi @MadhusudanKela #MarketMangeMore pic.twitter.com/vL2Z05Z9Mb

— Zee Business (@ZeeBusiness) January 30, 2023

With inflation soaring high in the last year, the middle class has been worst-affected. Thus, all eyes are now on the budget as people are expecting some tax reliefs and also restructuring of the old and new tax regimes.

Even sources from the Ministry of Finance once confirmed that it is likely that Finance Minister Nirmala Sitharaman will announce measures that will help enhance the spending capacity of the salaried class. With inflation soaring high, if the tax bracket remains the same then individuals are left with little money to spend. And if the spending capacity among the masses is stagnant, then the GST collection will be affected in the future, pointed out economists.

Experts expect some rise in tax exemption limits under section 80C as well. There has been no revision in the limits for 80C for the past few years, so many are hoping that there will be some change this year. Some SOPs need to be introduced for all sorts of loan borrowers, said various chartered accountants. People expect some Standard Operating Procedures (sops) to be introduced for all retail loans.

Many chartered accountants and experts suggested that a special new section should be introduced in the budget for allowing tax deductions on the amount spent on insurance plans. The introduction of the tax benefits for loans other than home loans could also be considered.

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