Budget 2023: Taxpayers will get good news in the budget! Income up to 5 lacks can be tax-free
Income Tax Exemption: Currently no tax has to be paid on income up to Rs 2.5 lakh. The income tax exemption limit was last increased 9 years ago.
Highlights
- Budget 2023, this will be the last full budget of this tenure of the Modi government.
- At present, income tax is not payable on annual income up to 2.5 lakhs.
- Taxpayers are demanding to increase this limit.
New Delhi. Finance Minister Nirmala Sitharaman can give good news to taxpayers in Budget 2023. The government may increase the income tax exemption limit in the upcoming budget (Budget 2023). If the government does this, then it will be a great relief for the middle class of the country. The income tax limit was last changed in 2014. Then the limit of Rs 2 lakh was increased to Rs 2.50 lakh. The scope of Income Tax Exemption has not been increased in the last 9 years. However, income taxpayers hope to get more income tax exemptions in every budget, but this expectation is not fulfilled.
