DNA Exclusive: Expectations From Union Budget 2023-2024

New Delhi: Finance Minister Nirmala Sitharalam will be presenting her 5th union budget, along with the railway budget, on the floor of the Parliament on February 1, 2023. This year's Budget presentation holds significance as it is Prime Minister Narendra Modi`s government's last full budget before the next parliamentary elections, slated for April-May 2024. Further, just like last time, this time also the budget will be paperless.

In today’s DNA, Zee News' Rohit Ranjan made an analysis of the expectations from Union Budget 2023-2024.

Like every year, this year as well people of the country have a lot of expectations from the Union budget 2023-2024. Further, this budget comes as a test for the Narendra Modi government before the Lok Sabha elections in 2024. 

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There are four major expectations from the budget:

1) Under the new tax system, the income tax exemption limit for income up to Rs 2.5 lakh can be increased from Rs 2.5 lakh to Rs 3.5 lakh.

2) Under Section 80C of Income Tax, the exemption limit of Rs 1.5 lakh can be increased.

3) The standard deduction limit of Rs 50,000 for the salaried class can be increased to Rs 75,000 under section 16(ia) of the Income Tax Act.

4) The current limit for claiming health insurance under section 80D is Rs 25,000. In this budget, the government is likely to increase it to Rs 50,000.

Further, in this year’s budget, it is expected that there will be a big announcement related to electric vehicles. It is expected that this year’s union budget will bring schemes of interest-free loans on the purchase of electric vehicles, which is currently applicable till March 2023 and is expected to be extended till 2025. Along with electric vehicles, there may be an announcement to reduce GST from 18 percent to 5 percent on car chargers.