Income Tax Slab Latest Update: The common man got income tax exemption in the year 2014.
It was believed that in this year’s budget, the common man can get exemption in income tax. But the government has not made any change in the income tax slab.
Union Budget 2022 India: Union Finance Minister Nirmala Sitharaman made several announcements during the budget in Parliament. However, no relief of any kind was announced regarding the Income Tax Slab Update.
Before the budget, it was expected that the government may change the tax slab. But the common man has not got any relief regarding this. The government has not made any change in the income tax slab. Whereas the corporate tax has been reduced from 18% to 15%.
Will get 2 Years Time to Rectify The Mistake in ITR
Finance Minister Sitharaman has said that 2 years will be given to rectify the error in ITR. It has been announced to reduce the corporate tax from 12 percent to 7 percent. The Finance Minister said that the process of reforming the tax system will continue.
He said that the government is planning to bring new tax reforms. The government has also made a provision of imprisonment up to 2 years for falsification in ITR.
Income Tax Exemption Limit Was Increased 8 Years Ago
The common man got exemption in income tax 8 years ago from today. In the year 2014, the government increased the income tax exemption limit from Rs 2 lakh to Rs 2.5 lakh.
At the same time, the tax exemption limit for citizens in the age group of 60 to 80 years was increased from Rs 2.5 lakh to Rs 3 lakh. It was believed that in this year’s budget, the common man can get exemption in income tax. But this did not happen.
30% Tax on Earnings From Cryptocurrencies
The Finance Minister has said that income from virtual digital assets will be taxed at 30 percent. That is, cryptocurrencies will also come under the tax net and income from cryptocurrencies will be taxed at 30 percent. Custom duty on cut and polished diamonds
and gems will be reduced to 5%. But the common man has not got any relief on the income tax front in this budget and no change has been made in the income tax slab. This clearly means that no savings will be available on the capital which is known to the tax.
Finance Minister Nirmala said that the government is bringing Cryptocurrency under the purview of taxation. Now crypto investors will have to pay tax on the earnings from crypto. It is proposed that income from cryptocurrencies will now be taxed at 30 percent.
