According to the data till January 10, the tax collection has increased by 24.58 percent to Rs 14.71 lakh crore. Net tax collection after refund stood at Rs 12.31 lakh crore. This is 19.55 percent more than the same period of the last financial year.

Tax collection 86.68% of the total budget estimate

Tax payers can get the benefit of this increase in tax collection in the form of income tax exemption in the budget. The tax collection is 86.68 percent of the total budget estimate for the current financial year. During the financial year 2022-23, the tax collection was estimated to be Rs 14.20 lakh crore. On a gross basis, Corporate Income Tax (CIT) collections grew by 19.72 per cent, while Personal Income Tax (PIT) grew by 30.46 per cent.

2.40 Lakh Crore Refunds Issued The Central Board of Direct Taxes (CBDT) said in the statement, the initial figures of tax collection till January 10, 2023 show a steady growth. According to CBDT, the direct tax collection in direct tax collection during this period was Rs 14.71 lakh crore, which is 24.58 percent more than the same period last year. After adjusting refunds, there was a net increase of 18.33 per cent in CIT collections. According to the statement, between April 1, 2022 and January 10, 2023, refunds worth Rs 2.40 lakh crore have been issued. This figure is also 58.74 percent higher on an annual basis.

Income tax exemption limit will increase this time

Experts are hopeful that this time the effect of encouraging tax collection figures can be seen in the budget of the year 2023-24. On February 1, 2023, the general budget of the country is to be presented by Finance Minister Nirmala Sitharaman. This is the last full budget of the government before the Lok Sabha elections. In such a situation, it is expected that this time the government can increase the income tax exemption limit from Rs 2.5 lakh to Rs 5 lakh.

The post Income Tax: Government got good news on the basis of salaried clauses before the budget, tax payers will be benefited! first appeared on Rightsofemployees.com.

The reason for this is also that this is the last full budget of the government before the elections. In such a situation, it is expected that the Finance Minister will give some relief to the employed people in view of the rising inflation rate after the pandemic.

Tax expert recommended for this time’s budget, tax expert has recommended to increase the limit of standard deduction for the job profession. Experts say that the Finance Ministry should give tax rebate for the working class. In fact, it has become necessary to give relief due to the increase in expenditure on transport, rent etc. due to the reopening of the office. Not only this, at the time of the epidemic, some companies had asked the employees to vacate the rented house and go back to their hometown.

Standard deduction will be 75 thousand rupees!

Now when the companies are calling back the employees. Returning again to Delhi-NCR or other cities to join office has increased the cost of many things. In such a situation, there is a need to update the amount of standard deduction. It is expected from the Union Budget this time that the Finance Minister can increase the standard deduction from Rs 50,000 to Rs 75,000. This will give the needed relief to the taxpayer.

What is Standard Deduction

A limit has been fixed by the Ministry of Finance to give tax relief to the salaried person on all kinds of expenses. The standard deduction of Rs 40,000 on account of medical expenses, transport allowance etc. has been reintroduced in the year 2018-19. Earlier, to give relief from income tax to the salaried class, Rs 19,200 and Rs 15,000 were given as transport allowance and medical allowance. Together these two were a deduction of Rs 34,200.

After this the standard deduction was increased to Rs 40,000 and later it was increased to Rs 50,000. This flat amount is reduced from the gross salary of the taxpayer. There is relief from this tax. It is deducted from the salary of every employed person. There is no need for any kind of claim to get exemption under this.

The post Standard Deduction Relief: The decision is done! This time no Income Tax, Finance Minister will give relief to salaried clauses first appeared on Rightsofemployees.com.

With the beginning of the new year, the discussion has also started regarding the upcoming budget. This time the budget session is expected to start from January 31 and continue till April 6. Finance Minister Nirmala Sitharaman is expected to present the budget this time on February 1, 2023.

Income Tax Payers have high hopes from this budget. Salaried Clauses are hopeful that along with giving relief to the tax payers from the Modi government, changes will also be made in the income tax slab.

There will be more money to spend in hand In the report of IANS, quoting sources, it has been claimed that this time the income tax exemption limit can be increased from Rs 2.5 lakh to Rs 5 lakh. If this step is taken by the government then people will have more money to spend. This will encourage consumption in the coming times, due to which the economic situation is expected to improve. This step will also encourage investment.

Exemption up to 5 lakhs for super senior citizens

Let us tell you that at present no income tax has to be paid by the government on income up to Rs 2.5 lakhs. Senior citizens in the age group of 60 years to 80 years get this exemption up to an income of three lakh rupees. At the same time, the exemption limit for super senior citizens above 80 years is Rs 5 lakh.

The pre-budget consultation was started by Finance Minister Nirmala Sitharaman on 21 November. During this, Union Minister of State for Finance Bhagwat Karad and top officials also took part in it. During this also there was discussion on increasing the income tax exemption limit. Apart from this, this time the limit of investment available under 80C can also be increased.

The post Income Tax Exemption limit: The biggest good news for salaried clauses! Now income tax will not have to be paid till this lakh. first appeared on Rightsofemployees.com.