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New income tax slabs and structures in the budget for 2023? Recognize the expectations

The Union Budget for 2023 is still a long way off and the exact structure of the income tax slabs for that year is yet to be determined. However, a few changes are expected in the income tax slabs and structure in the upcoming budget.

The government is likely to expand the scope of the current income tax slabs and offer more tax relief to individuals and companies. It is expected that the government will introduce new tax slabs and raise the tax exemption limits.

The current tax slabs are 5%, 20%, and 30%. It is expected that the government will introduce two new tax slabs of 10% and 25% in the upcoming budget. This will lead to an increase in the tax exemption limit to Rs 5 lakhs.

It is also expected that the government will introduce tax incentives for investments in certain areas such as healthcare, education, and infrastructure. This will encourage citizens to invest in these sectors, leading to increased economic growth.

The government is also likely to reduce the corporate tax rate to 25%, which will encourage companies to set up their businesses in India. This will lead to an increase in employment opportunities and more revenue for the government.

In conclusion, the exact structure of the income tax slabs for 2023 is yet to be determined, but the government is likely to introduce new tax slabs and raise the tax exemption limit to Rs 5 lakhs. It is also likely that the government will introduce tax incentives for investments in certain sectors and reduce the corporate tax rate to 25%.