Last Updated IST
In Pics | List of expectations from Union Budget 2023 Credit: Getty Images
Tax Slab Change: The tax slab for salaried individuals of Rs 2.5 lakh remains unchanged since FY 2014-15 and it is expected that the limit might be re-evaluated. Credit: Getty Images
Standard Deduction: An increase in the standard deduction limit from Rs 50,000 to Rs 1 lakh can be expected. Experts suggest that the standard deduction limit should be doubled due to the growing cost of living and rising inflation. Credit: Getty Images
Increase in 80C and 80D limit: Section 80C which offers a Rs 1,50,000 deduction on certain investments and may see a rise to Rs 2,50,000. Section 80D allows a deduction on medical insurance premiums of up to Rs 25,000 and Rs 50,000 for senior citizens which may also be revised. Credit: Getty Images
Home Loan Interest Rates Revision: Currently, taxpayers are allowed to claim a deduction for interest paid on a home loan up to Rs 2 lakh. Home loan EMIs have seen an exponential rise in the last few months due to changes in the repo rate by RBI. Credit: Getty Images
Surcharge Rate: Taxpayers who fall in the highest tax bracket (earning more than Rs 5 crore per annum) are charged an effective tax rate of 42.744%. This rate can be expected to be rationalised to ensure a higher disposable income in the hands of the taxpayer. Credit: Getty Images