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Budget 2023-24: Finance Minister Nirmala Sitharaman is busy preparing the budget for the financial year 2023-24. Meanwhile, the employed people are waiting for relief from the government. There is a possibility that the government may bring some relief in income tax in this budget. Let us tell you that in the last few years, no major announcement has been made in the budget speech regarding the improvement in this matter.

The salaried class is considered to be the largest group of taxpayers in the country. Experts believe that the government should announce some relief for them. The government should consider making the new income tax regime attractive or reducing the tax slabs under the old regime. Let us tell you that many appeals have also been made to increase the standard deduction of Rs 50,000 applicable under the old income tax regime.

Experts also believe that there has been a slow growth in people’s income after the pandemic. Inflation has also increased. Therefore the demand of salaried persons is justified. But he does not pin much hope on such announcements in the upcoming budget. Many economists have already said that the government is facing a tough challenge given the deteriorating global economic environment and the possibility of a slowdown in GDP in the next financial year.

Taimoor Baig, managing director at DBS, told news agency Reuters that he expects most of the spending in this budget to be around infrastructure development. This will increase the possibility of employment in the country and speed up the pace of development.

The government will also focus on reducing its fiscal deficit in the next financial year in view of lower exports amid the global economic slowdown. The projections from Reuters economists also indicate the government will cut unnecessary spending to protect itself from external disruptions.

Even though this budget for 2023-2024 will be important keeping in mind the Lok Sabha elections to be held next year, but most economists believe that Finance Minister Nirmala Sitharaman will avoid excessive spending and adopt a balanced path. In such a situation, the possibility of tax exemption in the upcoming budget is less visible.

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