This budget may come as a great surprise to taxpayers. There are just a few days left for the budget (Budget 2023). The old structure may be eliminated by the central government in this budget. Additionally, there is a strategy in place to end the tax exemption.
Perhaps a new tax structure will be used.
The government wants a unified system across the nation, according to the information from the sources, so it is anticipated that the New Income Tax Regime would be put into effect this time. can be declared.
Taxes could be reduced.
Finance Minister Nirmala Sitharaman has introduced a new tax system in the budget for 2020–21, in which tax rates were decreased without exemptions and discounts. Let me state that less than 5% of the 5.8 crore taxpayers who filed taxes in the assessment year 2021–2022 were using the new system. Because of this, the government may also declare a decrease in rates in this budget.
The nation should have only one system. The Ministry of Finance is thinking about reducing the rates of the income system to increase its popularity. According to experts, the nation should have a single, relatively straightforward tax system in which taxpayers receive exemptions.
In the previous tax system, the exemption is possible. In the previous system, taxpayers were eligible for numerous exemptions. The House Rent Allowance (HRA), Leave Travel Allowance (LTA), and numerous provisions of the Income Tax Act of 1961 are all excluded from this. At the same time, section 80C offers a variety of exemptions, including those related to insurance, ELSS, provident funds, and PPF.
Read More: Why pencils and sharpeners are liable to a higher GST rate
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