Finance Minister Nirmala Sitharaman will present the country's general budget on February 1, 2023.

Union Budget 2023 Update:

In its last full budget of this term, the Finance Ministry is considering proposals to benefit the middle class.

The Finance Ministry is considering such proposals which will benefit a large section of the middle class.

According to sources, the government may increase the income tax exemption limit from Rs 2.5 lakh to Rs 5 lakh.

Along with this, the government can also increase the standard deduction which remains at Rs 50,000.

Apart from this, the Finance Ministry can also increase the investment exemption limit under 80C.

Life insurance, FD, bonds, residential and PPF, and other services come under the investment exemption of 80C.

Let us tell you that at present there is an exemption on investments up to Rs 1.50 lakh under 80C.

A statement by the Finance Minister raised hopes in the middle class that they might get some relief in the upcoming budget.