The Finance Ministry said that the Union Budget 2023-24 will be delivered in paperless form, like the previous two Budgets. The Budget 2023 documents will be available on mobile apps.
The Ministry added that the Budget documents will be available on the ‘Union Budget Mobile App’ on both the Android and Apple OS platforms after the completion of the Budget Speech by the finance minister in Parliament on February 1, 2023.
There are some expectations from people across sectors, with individuals also expecting tax relaxations. Among the expectations are an increase in tax exemption and deduction limits, PLI scheme for more sectors, infra and rural push. There is an expectation that the government might give relief to individual taxpayers by raising tax exemption or rebate limits.
Salaried employees are one of the major tax contributors in India. Their salary is tax-exempt up to Rs 2.5 lakh a year. However, their salary is also tax-free if it is below Rs 5 lakh in a year. If the salary goes above Rs 5 lakh in a year, the tax on the whole amount except the exemption limit of Rs 2.5 lakh will be applicable. Now, there are demands for raising the exemption limit to Rs 5 lakh.
