Individuals with income above Rs 2 crore get some relief in the form of capping of surcharge at 15 per cent on long term capital gains (on specified assets) from existing graduated rates, Parizad Sirwalla, Partner and Head, Global Mobility .
Get latest articles and stories on India at LatestLY. The Union Budget presented on Tuesday did not change the income tax rates for the fiscal year 2022-23. India News | Budget 2022 Tax Proposals Cheer Industry, No Change in Income Tax Rates.
The expected relief comprises an increase in the basic exemption limit from Rs 2.5 lakh to Rs 3 lakh, while for senior citizens, it is being sought to be increased to Rs 3.5 lakh from the present Rs 3 lakh.