Budget 2023: Taxpayers want tax deduction limit doubled under 80C

Ahead of the Union Budget 2023, a significant number of retail investors want the Finance Minister to enhance the tax deduction limit under section 80C of the Income Tax Act.This was one of the key findings in a recent survey by financial planning start-up Kuvera, which conducted the survey related to Budget expectations in January among its 16 lakh users.

The poll found that more than two out of three respondents wished for increasing the tax deduction limits under section 80C of the Income Tax Act.“Responders said they would prefer if the limit use doubled from its current ₹1.5 lakh. The current limit hasn’t changed since 2014 and taxpayers are clearly expecting some relief from the upcoming budget,” said Gaurav Rastogi, Co-founder, Kuvera.Another significant expectation of taxpayers, according to the survey, is making the scheme for switching from regular to direct of the same fund tax free. Three out of every 10 responders voted for this change. Currently the scheme is taxable.Finance minister Nirmala Sitharaman will present the Union Budget 2023 on February 1