The maximum income tax is paid by the salaried class. Tremendous growth has been registered in the last financial year. There has been a demand from the salaried class for a long time to change the income tax slab. If you also pay tax every year, then you are likely to get relief from Finance Minister Nirmala Sitharaman in this budget. This time the experts are expressing hope that the Finance Minister will definitely give relief to the middle class in the budget.

The budget will be presented on February 1, 2023

The budget for the financial year 2023-24 will be presented by the government on February 1, 2023 in the Parliament. What are the things the government is preparing to announce in this budget? Let us give you information about this.

Income tax exemption likely to increase

At present no tax has to be paid on annual income up to Rs 2.50 lakh. But the 5 percent tax on income between Rs 2.5 lakh and Rs 5 lakh is waived off by the government. In this way, if your taxable income is 5 lakhs or less, then you do not have to pay tax. This time in the budget, Finance Minister Nirmala Sitharaman is planning to increase the limit of 2.5 lakh to 5 lakh.

There was a change in 2014 The last change in the income tax limit was done in the year 2014 by the government. At that time the limit of 2 lakhs was increased to 2.5 lakhs. This is the last budget of the government before the Lok Sabha elections, so it is expected that this time this relief can be given to the salaried class. The government is considering increasing the personal tax exemption limit.

Finance Ministry asked for suggestions

According to sources, suggestions were sought from different industries on behalf of the Finance Ministry in the last days regarding the budget. Finance Minister Nirmala Sitharaman had asked for suggestions regarding tax that how much improvement can be done in the new tax regime. It is believed that this time the government can make changes in both new and old tax regime. At present, there is no benefit of any kind in the new tax regime.

The post Income tax exemption Limit: Good news! These people who pay Income Tax will no longer have to pay tax, Finance Minister will announce! first appeared on Rightsofemployees.com.