In Pics | List of expectations from Union Budget 2023

While we all eagerly await Finance Minister, Nirmala Sitharaman to present the Union Budget 2023 on 1st February, here, we list some key changes one can expect from this year's budget.

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