A recent tweet by CNBC-TV18 stated that sources say the Government may recognise the contribution of the Indian middle class in the upcoming Union Budget 2023-24 by announcing a slew of measures to address concerns of the aspirational classes.
Budget 2023 to Recognise the Contribution of the Indian Middle Class:
- Government likely to announce measures to address concerns of the aspirational classes
- Budget may introduce new tax slab at 8-10 lakh with a tax rate of 10-15%, against 20% currently
- 30% tax rate on income above 10 lakhs may be reduced to 25%
- Government considering reducing some cess rates
- Benefits under 80C may be increased from 1.5 to 2 lakhs
- Tax exemption limits on housing loans may be increased from ₹2 lakhs currently
Source from: https://twitter.com/CNBCTV18Live/status/1618867816521940992