Biggest Income Tax Budget 2023 Expectations

Jan 25, 2023

Rajeev Kumar

Budget 2023 is expected to provide some major tax relaxations to individual taxpayers. Here’s a look at 5 biggest expectations from the upcoming Budget

Experts and taxpayers are expecting the Government to increase Section 80C limit to at least Rs 2 lakh or Rs 2.5 lakh per year

Section 80C

It is expected that the Government will increase the basic exemption limit under Income Tax Act to Rs 5 lakh

Basic Exemption Limit

Experts suggest that the Government should increase Section 80D deduction limit for health insurance

Section 80D

The upcoming Budget is expected to increase tax exemptions on home loan principal and interest payments

Home Loan Tax

Experts have suggested the Government to provide LTCG tax relief to retail mutual fund and stock investors in the market through Budget 2023

LTCG Tax Relief