New Delhi: Union Finance Minister Nirmala Sitharaman is busy preparing the budget for the financial year 2023-24. Meanwhile, employed people are waiting for relief from the government. They hope that the government can give some relief in income tax in this budget. But, let us tell you that in the last few years, no major announcement has been made by the government regarding improvement in this matter in the budget speech.

In fact, the salaried class is considered to be the largest group of taxpayers in the country. Experts believe that the government should announce some relief for them. The government should consider making the new income tax regime attractive or reducing the tax slab under the old system. Several requests have also been made to increase the standard deduction of Rs 50,000 applicable under the old income tax regime. Experts also believe that after the Corona epidemic, the growth in people's income has slowed down and during this time inflation has also increased. Therefore, the demand of salaried people is justified. However, they are not expecting much about such announcements in the upcoming budget.

Many economists have already said that the government is facing a tough challenge in view of the deteriorating global economic environment and the possibility of a slowdown in GDP in the coming financial year. Taimur Baig, Managing Director at DBS, told the media that most of the expenditure in this budget can be around infrastructure development. This will open up employment avenues in the country and speed up the pace of development.

The government will also focus on reducing its fiscal deficit in the coming financial year in view of lower exports amid the global economic slowdown. Economists also say that the government will cut unnecessary spending to protect itself from external constraints. Even though this budget for 2023-2024 will be crucial in view of next year's Lok Sabha elections, most economists believe that Finance Minister Nirmala Sitharaman will avoid overspending and take a balanced path. In such a situation, the possibility of tax exemption in the upcoming budget is less visible.

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