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Budget 2022: FM Sitharaman announces no change in income tax slab for individual taxpayers
Sitharaman made the announcement while presenting Budget 2022-23 in the Lok Sabha.
Highlights
- Taxpayers can now file an updated return within 2 years from the relevant assessment year.
- The income tax limit has not been increased in the last couple of years.
New Delhi: Dashing hopes of taxpayers, Finance Minister 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.
"To align individual tax rates with corporate tax rate, it is advisable to reduce the highest tax rate of 30% to 25%... Therefore, the proposed highest slab rate (including surcharge and cess) can be reduced to 35.6% from 42.7%," Deloitte India had said in its report.
Meanwhile, FM Nirmala Sitharaman announces to provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year. Also Read: Budget 2022: Revised tax filing window to be open for two years from assessment year in case of less filing of tax
“Taxpayers deserve applause who have diligently contributed to fulfilling their responsibilities in improved tax and GST,” she said. Also Read: Budget 2022: Cryptocurrencies to be taxed at 30%, says FM Nirmala Sitharaman