India's Finance Minister Nirmala Sitharaman will present the union budget 2022-23 in the parliament on February 01.
One of the most keenly awaited announcements in the union budget every year is related to personal taxation. In every budget income tax rates and slabs are reviewed. However, the income tax slabs have not been changed since 2014. Will Sitharaman change the slabs and give relief to taxpayers in the budget on Tuesday?
Major steps towards simplification and rationalisation of the income tax regime are also expected in this year's budget.
Finance Minister Nirmala Sitharaman will present the union budget for 2022-23 on Tuesday at a time when India s economy is showing strong signs of recovery from the problems created by COVID-19 and the country has again emerged as among the fastest-growing economies in the world.
On the individual tax front, 64 per cent respondents expect an enhancement in the basic income tax exemption limit of Rs 2.5 lakh, according to a KPMG survey.