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Budget 2023-24: Listen to the Finance Minister… Income tax exemption limit increased, pensioners get relief

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Bhopal (State Bureau). Employees, office bearers of industrial organizations and traders have demanded to increase the income tax limit to five lakhs in the upcoming Union Budget. They also demand that the limit of income tax exemption available under section 80C of income tax should be increased to more than 1.5 lakh. On the other hand, the Pensioners’ Association demands that they be exempted from income tax. Apart from this, he has also demanded exemption from GST at some places including canteen.

There is a need to increase the scope of income tax exemption to more than five lakhs. Apart from this, the tax rates also need to be reduced. Secondly, sometimes there is a lot of delay in getting the refund. Make such a process that after filing the return, the refund is received quickly.

– Tejkul Pal Singh Pali, President, Bhopal Chamber of Commerce

Pensioners should be exempted from income tax. If the government can pay the income tax of ministers and MLAs, then why not pensioners. Apart from this, pensioners should also get GST exemption at some important places including canteen. There is such a system in UP.

– Ganesh Dutt Joshi, Senior Vice President, Pensioners Association

One hears a lot about the benefits of doing business, but importance should also be given to simple process of income tax filing, tax exemption and refund. Under Income Tax Section 80C, at present only income up to Rs 1.50 is exempt, it needs to be increased. The income tax limit of five lakh should also be increased.

– Mridul Arya, Tax Consultant (Advocate)

Income tax rules need to be made employee friendly. Income tax exemption limit should be raised above five lakhs. Employees should be charged income tax at a lower rate than others. There should be such a system that the employees can go there and fill the returns free of cost.

– Surendra Singh Kaurav, President, Health Officer Employees Federation

Posted By: Ravindra Soni

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