Pre-budget expectations for salaried individuals on tax relief Budget 2023
January, 25th 2023
Taxpayers, especially those who are salaried, must appropriately implement their income tax planning since the start of the new fiscal year in 2023 is only one quarter away. Working professionals should seek suitable tax-saving investments in order to lessen their income tax burden because tax rates might vary depending on the kind of taxpayer and the type of income or profits made from sources. Without a doubt, the most popular tax-saving options are provided by Section 80C of the Income Tax Act, which enables you to claim a tax deduction of up to ₹1.5 lakh in a financial year, but working professionals seeking deductions over and above the limit prescribed in section 80C there are other popular deductions available under Section 80TTA, Section 80E, Section 80D, Section 24 (b), Section 10(13A), Section 80DDB and Section TTB. We thus addressed how salaried individuals may save the maximum income tax and how they can prevent conflicts that may develop during tax preparation for the new financial year 2023 based on an exclusive conversation with Dr. Suresh Surana, Founder, RSM India.