Finance Minister Nirmala Sitharaman announced the much-awaited Union Budget for the fiscal year 2022-2023 today and much to taxpayers’ dismay, there has been no change in the income tax rates, yet again. Notably, the corporate tax rate too was kept at the same level.
No rise in Standard Deduction
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Belying expectations, the Union Budget 2022-2023 unveiled on Tuesday displays no change in the income tax slabs in the personal income tax category. The finance minister also did not raise the standard deduction, which too was highly expected as per the Economic Survey, 2021-22 tabled in the Parliament on Monday. The standard deduction currently stands at ₹50,000, despite the elevated inflation levels and impact of the pandemic on the middle class.
Though Corporate tax also met with the same, with no changes in the slabs, a 15% concessional rate has been extended by one year for newly incorporated manufacturing units.
