Budget Expectations 2023: This year’s budget 2023-24 can be a relief for taxpayers. There is news that the government can give some relief to those who file income tax returns for the salaried class.
Budget Expectations 2023: This year’s budget 2023-24 can be a relief for taxpayers. There is news that the government can give some relief to those who file Income Tax Return (ITR Filing) for the salaried class. In fact, IANS has quoted sources as saying that the government may increase the income tax exemption limit from the existing Rs 2.5 lakh to Rs 5 lakh in the upcoming budget of 2023-24.
What is the present slab?
Explain that if this decision is taken then taxpayers can have more disposable income. Sources said that this will also boost consumption, which can also lead to economic recovery. Sources further said that the move would also encourage investment. Explain that at present, the maximum amount of income on which no tax is levied is Rs 2.5 lakh. In case of individuals in the age group of 60-80 years, it is Rs.3 lakh and for senior citizens above 80 years of age, it is Rs.5 lakh. Let us tell you that senior citizens and super senior citizens get more relief on annual income.
- Annual income up to 2.5 lakh: Zero tax slab
- Annual income up to 2.5-5 lakhs: 5% tax slab
- Annual income up to 5-10 lakhs: 20% tax slab
- Annual income above 10 lakhs: 30% tax slab
Preparing for change after 9 years
Let us tell you that the government last changed the income tax limit in the year 2014. At that time the limit of 2 lakhs was increased to 2.5 lakhs. This was the first general budget of the first term of the Modi government. Now in the year 2023, the Modi government is going to present the last full budget of its second term. Let us tell you that Finance Minister Nirmala Sitharaman is expected to present the Union Budget for 2023-24 on February 1, 2023.
