Income Tax Slab 2023: The government can increase the current limit of income tax exemption from Rs 2.5 lakh to Rs 5 lakh in the budget of 2023-24.
This year, taxpayers are expecting from Budget 2023 that they can be given some relief. Some experts are expecting that the rates for tax slabs may be changed in the upcoming budget 2023. At the same time, many people are also saying that the income tax rates and slabs which were applicable in the assessment year 2022-23, can remain applicable in the new assessment year (AY 2023-24) as well. Let us tell you that Finance Minister Nirmala Sitharaman will present the budget on 1 February 2023.
According to media reports, the government may increase the income tax exemption limit from the existing Rs 2.5 lakh to Rs 5 lakh in the budget of 2023-24. Significantly, this will be the last full budget of this tenure of the Modi government. General elections will be held in the year 2024. It is expected that in the budget, the Finance Minister will try to woo the middle class by increasing the income tax limit.
