FM Nirmala Sitharaman: Income Tax is an essential tax for everyone from middle class to upper class, in which Finance Minister Nirmala Sitharaman is going to make a big change this time.
If you also pay tax or come in the tax slab, then it is important for you to know what kind of changes the Central Government is going to make in the tax slab this time. The government will present the budget (Budget 2023) on February 1 in 2023. Let us tell you what is the government’s plan regarding tax this time-
Tax limit may increase At present, there is no tax on income up to Rs 2.50 lakh, but in this budget, Finance Minister Nirmala Sitharaman is planning to increase this limit to Rs 5 lakh. That is, after this change, if your income is Rs 5 lakh, then you will not have to pay any kind of tax.
The last major change was in 2014.
Let us tell you that before this, the income tax limit was changed for the last time in the year 2014. At that time this limit was 2 lakhs, which was increased to 2.5 lakhs. This time again it is expected that the government can give great news before the Lok Sabha elections. It is expected that the government is considering increasing the personal tax exemption limit.
Elections will be held after 13 months
Modi government will present the full budget of its second term in 2023. Next year, after about 13 months of the budget, the general elections will be held, so it is believed that this time the government is preparing to give a big relief to the general public.
Finance Minister Sitharaman asked for suggestions
According to the information received from sources, Finance Minister Nirmala Sitharaman had asked for suggestions regarding tax, how much scope is there for improvement in the new tax regime. There is also a discussion about this, so it is believed that the government can make changes in both the new and old tax system. Right now there is no benefit of any kind in the new tax regime.
