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Income Tax Slab for 2023-24: The Finance Minister will make a big announcement in this budget about the income tax slab being unchanged for a long time. We inform that the income tax has not passed on the slab for nine years. The last time the income tax exemption limit was increased was in 2014.
Relief on budget day: cheaper gasoline Rs 84.10 and diesel Rs 79.74 per liter
To say that in these nine years the people’s spending increased, income increased but the scope of the income tax remained the same. Due to inflation, people’s spending has multiplied in recent years. The Modi government has not given any income tax concessions in the past nine years. In such a situation, taxpayers expect to increase the income tax exemption limit from Rs 2.5 lakh to Rs 5 lakhs under the new tax system. At present, people have to pay 5% tax on salary between 2.5 and 5 lakhs and 20% on salary between 5 and 7.5 lakhs.
(Read full budget details here)
Budget 2023: Today the country’s general budget will be presented, many expectations from the Minister of Finance
Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, says that
The expectation of this year’s budget is relief for income taxpayers. The original exemption limit of Rs 2.5 lakh crore was set in 2014 and is therefore in need of revision. The exemption limit is likely to be raised to Rs 4 lakh.