Economic Survey 2023: Modi in the morning and then in the evening, the Economic Survey indicated… Income tax exemption is sure to be available in the budget! – economic survey 2023: pm modi in morning then economic survey in evening signal tax relief in budget 2023
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What do the figures of the Economic Survey say?
According to the Economic Survey, growth has been registered in major direct taxes in the first 8 months during the financial year 2022-23. It declined during the Corona epidemic in the financial year 2020-21. However, now it has increased again. During these 8 months, 26 percent growth has been registered in direct tax.
It is okay to have pudding in the ceremony, this time in the budget, feed the people burfi, Finance Minister!
There are already speculations in many media reports
There have been many such media reports that in the budget 2023, the government can give exemption in income tax. Strong growth in direct tax collection will give the government an opportunity to give this gift. His hands will be open to increase the basic tax exemption limit. There has been no change in the income tax limit for the last several years.
Right now there are two systems of income tax. The rates are lower in the new income tax regime. But, for this, about 70 types of exemptions and deductions have to be washed away. This is the reason why very few people have opted for the new income tax regime. If the taxable income is less than Rs 5 lakh, then there is no need to pay tax in both the systems.
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