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Here are the major adjustments that the salaried class might anticipate from the Union Budget 2023.

  1. Increase in Exemption Limit: The Union Budget 2023 could see an increase in the existing income tax exemption limit, which would provide additional relief to the salaried class.
  2. Standard Deduction Increase: The standard deduction amount could be increased to provide a better tax relief to the salaried class. This could be done to compensate for the loss of tax benefits due to the removal of medical reimbursement and transport allowance.
  3. Tax Rebates: The Union Budget 2023 could introduce tax rebates for the salaried class, which could provide additional tax relief.
  4. Increase in House Rent Allowance: The House Rent Allowance (HRA) could be increased to provide additional tax benefits to salaried individuals who are living in rented accommodation.
  5. Increase in Savings Limit: The Union Budget 2023 could see an increase in the existing limit for savings under Section 80C to provide additional tax benefits to the salaried class.
  6. Tax Deduction for Home Loan Interest: The Union Budget 2023 could see a further increase in the tax deduction for home loan interest payments to provide additional tax relief to the salaried class.
  7. Tax Deduction for Health Insurance: The Union Budget 2023 could introduce tax deductions for health insurance premiums paid by the salaried class, which would provide additional tax benefits.