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Budget 2023
Budget 2023

What the common man wants from Budget 2021

It’s time to increase the limit on Section 80C. Currently, this stands at Rs 1.5 lakh a year

January 28, 2021 / 10:08 AM IST

About a little over a month back, the finance minister had promised a ‘never before’ kind of budget this year. The idea I am sure is to address the concerns of the pandemic-hit economy and to boost the financial morale of all us Indians.

I am no expert in all things Budget, but given that I work on financial plans of a lot of common investors, I wanted to share some of the desires that people have from this annual exercise.

More deductions and exemptions

-The tax structure was tweaked a bit last year by introducing a new system (without exemptions) and keeping the old one too. To put some money back in the hands of tax-payers, increasing the basic income tax exemption limit to Rs 5 lakh (which is currently at Rs 2.5 lakh) would be a good move.