Tax Highlights: Income Tax Slabs Remain Unchanged, No Sops For Salaried Class
Announcing her sixth straight Budget, outlining the economic documentation of Modi government over the last 10 years, FM Sitharaman had nothing in her kitty for the salaried class.
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New Delhi: On Thursday, February 1, Finance Minister Nirmala Sitharaman unveiled the Interim Budget 2023 in Parliament. Though the focus of attention was on her declaration regarding potential relief for the salaried class, the FM had nothing to offer.
Given that this is an interim budget, FM, as was anticipated, combined policies aimed at women, farmers, and the economy that gave a brief outline regarding government's plans for the future of the nation as well as the economic records of the last ten years under the Modi administration.
Sitharaman announced no changes in the income tax slab. Reading out her Interim Budget speech, FM said, "I wish to make an announcement to improve tax payer services. There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing anxiety to honest tax payers and hindering refunds of subsequent years. I propose to withdraw such outstanding direct tax demands up to twenty-five thousand rupees (Rs 25,000) pertaining to the period up to financial year 2009-10 and up to ten-thousand rupees (Rs 10,000) for financial years 2010-11 to 2014-15. This is expected to benefit about a crore tax-payers."
In the last Budget (Budget 2023) FM Sitharaman made a significant announcement for individual taxpayers. FM has increased the income tax bracket for taxpayers in relation to personal income tax. According to the new tax rates, individual taxpayers will not be required to pay any taxes from 0 to Rs 3 lakhs, 5% tax from Rs 3 to 6 lakhs, 10% tax from Rs 6 to 9 lakhs, 15% tax from Rs 9 to 12 lakhs, 20% tax from Rs 12 to 15 lakhs, and 30% tax from above Rs 15 lakhs, stated the FM.
Here are the highlighs of Interim Budget 2023.
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