By Malvika Gurung — The new week is packed with a slew of economic events in the domestic as well as global markets, including the Union Budget, the US Fed’s monetary policy meeting and the OPEC meeting scheduled later in the week.

In a note to, Dr VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, provided the Budget expectations for salaried-class people, stating that there is a likelihood of relief for income taxpayers at the Budget this year.

He believes that the basic exemption limit of Rs 2.5 lakh fixed in the year 2014 needs revision, stating that the exemption limit could likely be raised to Rs 4 lakh.

Vijayakumar expects this relief to be offered in the ‘no exemption regime’ since the government wants this regime to take off.

“Rationalisation of the capital gains tax regime is another expectation. The current system is complex with different tax rates and holding periods for different investments. This needs simplification,” he added.

The domestic market kicked off the power-packed week on a negative note, with losses intensifying on Dalal Street as benchmarks Nifty50 lost 0.7%, sliding under the 17,500 mark and Sensex slashed 380 points or 0.65% in the afternoon trade at 1 pm.

The market continues to remain jittery ahead of the Union Budget session on Wednesday, Feb 1, 2023.

Read Also: Union Budget, FOMC, BoE, OPEC Meeting Among Key Events in Packed-Week

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