Union Finance Minister Nirmala Sitharaman submitted the budget for 2022-23 at the Parliament on Tuesday. But unexpectedly, Sitharaman did not make any changes in the Union budget this time over the personal income tax rate. The finance minister also did not change the income maximum fixed for personal income tax. It was highly expected that some incremental changes would be introduced to the current income tax regime.
The minimum limit for income tax deduction at present is Rs 50,000. The finance minister also made no changes in the budget this time to other income norms earmarked for providing personal income tax. However, the finance ministry has mentioned a new rule that it can file an updated income tax return application even after two years in the budget. Further, she also announced that any income from the transfer of virtual digital assets will be taxed at 30 percent, and tax on gift of such assets to be paid by the recipient.
No change in Income tax rate: Sitharaman on the Budget 2022-23
