In an election year, the government holds the key, and all eyes are glued to finance minister Nirmala Sitharaman as she prepares to navigate the delicate calculus of fiscal prudence and electoral appeal
The direct tax to total tax ratio has decreased to 54.62 per cent in the fiscal year 2022-23 (FY23) from 56.32 in FY14, showing a decrease of 270 basis points (bps), , Central Board of Direct Taxes (CBDT), Income Tax Returns (ITRs), tax buoyancy, Tax to GDP
In an election year, the government holds the key, and all eyes are glued to finance minister Nirmala Sitharaman as she prepares to navigate the delicate calculus of fiscal prudence and electoral appeal
In Budget 2023, FM Sitharaman extended the standard deduction of Rs 50,000 to the new tax regime, which was earlier restricted to the Old Tax Regime, in a bid to make the new tax system more attractive.