Budget 2023 impact on investment/saving schemes: Finance Minister Nirmala Sitharaman has raised deposit limits under Senior Citizens Savings Scheme and Post Office Monthly Income Scheme (POMIS).
SCSS deposit limit has been raised to Rs 30 lakh while POMIS limit has been doubled from Rs 4.5 lakh to Rs 9 lakh. (Check calculation: How much income Rs 30 lakh in SCSS will give)
FM Sithararaman was expected to increase the Section 80C deduction limit. Ahead of the Budget Speech 2023, several experts suggested that the Government should enhance the deduction limit under Section 80C to at least Rs 2 lakh from the current Rs 1.5 lakh per year.
If the Government accepts this suggestion then depositors of several small saving schemes will benefit. This article will take a look at how Budget 2023 will impact the following saving/investment schemes. Following are the details of what has changed in Budget 2023. Also read our Budget 2023 Income Tax Live Blog.
Budget Impact on Senior Citizens Savings Scheme (SCSS)
FM Sitharaman has raised Senior Citizens Savings Scheme (SCSS) deposit limit to Rs 30 lakh for senior citizens.
Post Office Monthly Income Scheme
FM has proposed to raise deposit limit under Post Office Monthly Income Scheme to Rs 9 lakh for single account and Rs 15 lakh for joint accounts.
Budget Impact on Sukanya Samriddi Yojana
No Change
Budget Impact on Public Provident Fund (PPF)
No Change
Budget Impact on Senior Citizens Savings Scheme (SCSS)
No Change
Check: Income Tax Calculator for AY 2023-24
Budget Impact on Mutual Fund Investors
No Change
Budget Impact on National Savings Certificates
No Change
Budget Impact on Fixed Deposit
No Change
