The Union Finance Minister, Nirmala Sitaraman is all set to present the Union Budget on 1st February 2023.
The middle class expect the budget to be a stepping stone to better personal finances, especially savings, as the cost of living and tax liabilities are equally high. Notably, the gross savings of Indian Households fell to an amusing 10.8% in FY 2021-2022, a much lesser figure in comparison to the 15.9% recorded in FY 2020-2021.
The inflation and increasing fuel prices have also contributed to reduced savings allocation of salary and has had a big impact on the purchasing power of the middle class and salaried taxpayers.
Not many changes are expected in the tax slabs, as experts of the field point out, however, some beneficial measures are anticipated for the salaried class. As of now, no official confirmation is available on the changes.
As experts point out, the consumption-culture, powered by the middle class, is what will make India a developed economy. So it is only fair to give back their fair share of expected state involvement.
The following changes are anticipated by the salaried class and middle income earners: –
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