With Finance Minister Nirmala Sitharaman presenting the Union Budget for 2023-24 in the Lok Sabha on February 1, the government is expected to raise the income tax ceiling and provide relief to middle-class taxpayers, among others.
The middle class has been urging the Union Budget to lay emphasis on employment generation initiatives. Due to the significant loss of employment due to the pandemic, many middle-class families are now struggling to make ends meet. To give livelihood opportunities to the middle class, the government should take action to create jobs in critical industries such as manufacturing, technology and infrastructure.
The middle class is demanding the transfer of children’s tuition fees to a separate provision from the deduction of Section 80C of the Income Tax Act. The provision is already loaded with a lot of things including investment/expenditure and the limit is Rs 1.5 lakh.
