On February 1, 2023,Nirmala Sitharaman, Minister of FinanceWill render2023 guild budget。 Because it is estimated that it will be the final announcement before the 2024 presidential election, everyone is concerned about this announcement. The department estimates that the 2023 – 24 budget will help India achieve its economic target of US $5 trillion.

Increased capital expenditure, improved infrastructure construction, and incentive mechanism for key industries such as processing and manufacturing industry and service industry. However, this is no longer a noble goal, but a development strategy that can be carried out. The budget is committed to dealing with the difficulties at this stage and improving our country in the next few decades.

Expectations for the 2023 federal government budget

The enterprise income tax unit claimed that a considerable number of operators rely on wages for a living. In 2022, ITR-1 from salaried workers accounted for nearly 50% of all ITR-1 submissions. However, apart from a new tax structure, there is little to be thankful for in the recent budget. They want to produce something. On an equal footing, we should give full consideration to layoffs, wage cuts, rising inflation and the serious harm of unemploymentGlobal recessionRecent years have been a test for them.

The following potential adjustments can be made to the salary type budget:

1. Tax exemption policy limit
2. Increase the standard deduction
3. Declare section 80C
4. Deduction of medical insurance expenses
5. Reduced additional expense rate
6. Effectiveness of other deductions
7. Check children's education and dormitory subsidies

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Highlights of 2022 Budget

The key product selling points of the 2022 budget are the introduction of ITR-U based on trusted governance, so that operators can disclose their unreported income.Data encryption currency-LikeVirtual digital currency(VDA) Today, a 30% tax will be paid, but this tax cannot offset the loss of one cryptocurrency against the profit of another. For VDA payments exceeding 10000 rupees per year, investors and trading companies must also pay 1% TDS discount. The deadline for modification of the sales list, debit and credit documents and ITC claims as part of the fiscal year has been changed to November 30 of the next year.

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