Budget 2022: No Change In Personal Income Tax Slab Rates
NEW DELHI: In a disappointment to the salaried employees, Finance Minister Nirmala Sitharaman did not change the personal income tax slab rates in the Budget 2022-23.
-There were no changes in the income tax slabs in the personal income tax category in the Budget unveiled on Tuesday.
-The Minister also did not raise the standard deduction, which was widely anticipated in view of elevated inflation levels and impact of the pandemic on the middle class.
-The standard deduction currently stands at Rs 50,000.
-The corporate tax rate too was kept at the same level. However, the concessional rate of 15 percent has been extended by one year for newly incorporated manufacturing units.
- The Finance Minister said the government will provide a one-time window to correct omissions in income tax returns (ITRs) filed.
-The updated returns will have to be filed within two years.
-The Minister also said that the government proposes to reduce Minimum Alternative Tax (MAT) to 15 percent for co-operative societies, at par with corporates.
-Nirmala Sitharaman informed that the fiscal deficit in 2021-22 will be 6.9 percent of GDP and 6.4 percent in 2022-23. The total expenditure in FY'23 is estimated at Rs 39.45 lakh crore; while total resources mobilisation would be Rs 22.84 lakh crore other than borrowings, she said.
