Belying huge expectations, the Budget for the financial year has not provided any income tax relief to taxpayers. No changes in income tax slabs or rates have been proposed.
Nor have any additional tax exemptions or deductions been introduced. The standard deduction for the salaried and pensioners also remains the same as before.
“The small and medium-income earners were looking forward to some relief from the Budget while the super-rich was expecting a hit of the rumoured ‘Covid cess’ but nothing has changed in tax rates, surcharge rate, exemptions or deductions.”
Nirmala Sitharaman, on February 1, announced that there will be no change in income tax slabs. Sitharaman made the announcement while presenting Budget 2022-23 in the Lok Sabha.
The news could be a setback for taxpayers who were hoping that the government will increase the income tax slab. The income tax limit has not been increased in the last couple of years.
