Income tax slab 2023: The signal has been received. In Budget 2023, a big gift is being given to the taxpayers. Just a day before the presentation of the budget for the middle class, great news has come to the fore.
The Economic Survey has been presented at the beginning of the budget session. It has been indicated in this survey that there is a possibility of change in income tax slab in the budget. When the budget will be presented on the morning of February 1 i.e. Wednesday, the faces of taxpayers will blossom. There is every hope of getting relief in income tax in the budget.
Taxpayers and infra sector can get a gift
Finance Minister Nirmala Sitharaman presented the Economic Survey 2022-23 in Parliament. In the economic survey, the focus was on many sectors. Looking at this entire survey, it seems that in the government budget 2023, taxpayers can be given a big relief in income tax. Apart from this, many announcements can also be made to increase investment in the infra sector.
Tax slab may change
Experts also believe that there is a focus on increasing demand and consumption to give a boost to the economy. But, if work has to be done on both these fronts then exemption in income tax is very important. Demand in the economy can be increased by giving exemption to taxpayers. In such a situation, the government will make some big announcement regarding income tax. According to the experts, this announcement can be regarding the tax slab. Also, the exemption limit can be increased in section 80C as well.
You can get relief on income up to 10 lakhs
According to sources, if we talk about Old Tax regime in the current system, then there are only 3 slabs for taxpayers. Of these, those with an income of 2.5 lakh to 5 lakh are kept in the 5 per cent slab. At the same time, those with an income of 5-10 lakhs have to pay 20 per cent tax. Those earning above Rs 10 lakh are taxed at 30 per cent. According to sources, those earning up to 10 lakh can get a big discount in the upcoming budget. A new slab of 10 per cent can be added for this income group.
New income tax slab can be added
In the budget, at present there is 5 percent tax on those having 2.5 to 5 lakhs. It can be maintained. But, currently there is 20 percent tax on income from 5 lakh to 10 lakh, which can be reduced to 10 percent. Means those earning up to 10 lakhs will have to pay only 10% tax. A new slab may be proposed for this. Means instead of 3 slabs, now there will be 4 slabs in income tax. Income up to Rs 2.5 lakh will remain tax free. However, this basic exemption limit can also be increased. In this case the structure may be slightly different.
What will happen on earning 15 lakhs?
In the current system, income above Rs 10 lakh is taxed at 30 per cent. If sources are to be believed then this slab can also be broken. That means, those with income between Rs 10 to 15 lakh can be kept under 20 per cent tax and those with income above 15 lakh can be kept under 30 per cent tax. At the same time, there may be a proposal to bring income above Rs 2 crore in the 35 per cent tax slab.
