Budget 2022: The Central Government has presented the budget of the country today, in which no changes have been made in the income tax. The general public expected a tax cut, but the government did not make any changes in it. After the budget, the Finance Minister participated in the press conference.
no increase in tax
In this conference, someone asked the question to the Finance Minister that the middle class has not got relief from the income tax burden in the budget, then he replied that during the epidemic, the government did not do any tax to collect additional funds to meet the expenditure on a large scale. is extended.
No change in tax slab
In her fourth budget, Sitharaman neither made any change in the tax slab nor increased the limit of standard deduction. Given the spurt in inflation and the impact of the pandemic on the middle class, it was expected that the Finance Minister would give some relief on the tax front. In a post-Budget press conference, he said, “If there was any apprehension about increasing the tax, we did not do it.”
Do not burden the public during the epidemic
He said, “I did not do this (increasing the income tax rate) even last year …. I did not take a single rupee extra by way of tax burden.” Sitharaman said that last year Prime Minister Narendra Modi had directed that Kovid Fiscal deficit should not be a concern during -19 and there should not be additional tax burden during pandemic.
no change in company tax
In the budget presented on Tuesday, the standard deduction on personal income has been retained at Rs 50,000. Also, there has been no change in the tax slab. There has also been no change in the company tax rate. However, the period of concessional 15 per cent tax rate has been extended for newly formed manufacturing units.
middle class will benefit
Sitharaman said that MSMEs (Micro, Small and Medium Enterprises), affordable housing, announcement of measures to make passports accessible, etc. will ultimately benefit the middle class.
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