Union Finance Minister Nirmala Sitharaman addressing a post-budget press conference at National Media Centre, New Delhi on Tuesday.
There has been no change in the personal income tax slab in the Union Budget 2022-23 presented by Finance Minister Nirmala Sitharaman on Tuesday. Sitharaman, who presented her fourth Union Budget, also did not raise the standard cut, which was widely speculated in view of rising inflation levels and the impact of the pandemic on the middle class.
The standard deduction is currently Rs 50,000. The corporate tax rate was also kept at the same level. However, the concessional rate of 15 per cent has been extended for one year for newly incorporated manufacturing units. Later speaking to reporters, Sitharaman explained why the government did not tinker with the personal income tax category.
“I have not tried to earn even a single penny by raising taxes this year and even last year. The prime minister had given clear instructions that people should not be burdened with taxes during the pandemic,” he said. ,
The basic personal tax exemption limit in personal income tax was last revised in 2014. Notably, personal income tax is one of the most eagerly awaited announcements in the budget every year. However, Nirmala Sitharaman today proposed to provide a one-time window to rectify the defaults in the Income Tax Return (ITR) filed. He said taxpayers can file an updated return on payment of taxes within two years from the end of the respective assessment year.
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