Budget 2023 will be tabled on February 1, by the hands of Union Finance Minister Nirmala Sitharaman. Industry leaders are eagerly waiting for the new announcements to be made by the Finance Minister while presenting the budget.
Budget 2023 is to be Tabled on February 1, 2023
The budget will be released and major announcements will be made, but what can a salaried individual expect in terms of getting or availing income tax deductions? As per many experts like Dr Suresh Surana, who is the founder of RSM India, a tax accounting and consulting firm, there can be opportunities to save more under savings-based tax deductions-Section 80C.
Furthermore, deductions under section 80C of the Income-tax Act, 1961 cover a variety of deductions based on savings and investment including LIC, PFF, Employees’ contribution to RPF/Superannuation Fund, etc. “However, the overall limit is restricted to Rs. 1,50,000 p.a. and also it is notable that it was last revised in the 2014 budget,” Dr Surana added.
He also added that “the overall deduction limit is still on the lower side as section 80C covers a basket of eligible investments on which deduction is allowed such as 5 years fixed deposits, Equity Linked Savings Scheme (ELSS), Principal repayment on housing loan, life insurance, Sukanya Samridhi Yojana, provident fund contribution, etc.”
Upcoming Budget Session of 2023
January 31, 2023, will be the date on which the budget session of 2023 will be commenced, and April 2023 will conclude it.
“The Union Budget 2023-24 will be presented by the Union Finance Minister Nirmala Sitharaman in Parliament on February 1, 2023. The first part of the Budget session is expected to continue till February 10, 2023, while the second part is likely to start on March 6 and end on April 6, 2023,” informed times now.