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- Budget 2023; If The Tax Slab Is Changed According To Inflation, Then You Can Get Relief
New Delhi43 minutes ago
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Income tax is the biggest concern of a working person. Whatever money is saved, goes to tax. According to the report of bankbazaar.com, the common man is caught between the current tax slab and inflation. The tax slabs for income above Rs 5 lakh were last changed in 2013-14.
Meanwhile the inflation index has increased by 50.45%. That is, the thing which was worth Rs 100 in 2013-14, is now worth Rs 150.45. In the report, comparing the Inflation Index (CII) and Income Tax, it has been told that Rs. People earning more than this have to pay more tax. This amount keeps on increasing with the increase in the tax slab.
understand it with 3 examples
- 28,840 in 2013-14 on an income of 5 lakhs. There was tax. is nil in 2022-23. If added to inflation, 19,169 tax is made. Means only they benefit.
- Income after deduction in 2013-14 is Rs.10 lakh. 1.33 lakh was paying tax. Will pay 1.17 lakh tax in 2022-23. 88,997 if added to inflation. It is made That is Rs 28,003. Giving more
- 10 years ago, he was paying tax of Rs 1,95,700 on an income of Rs 12 lakh. 1.79 lakh tax is generated in 2022-23. 1,30,073 if added to inflation. It is made 49,327 Rs. Paying more tax.
20% slab should be 7.5 to 15 lakh+, 30% slab should be 15 lakh+
Most of the people are in the old slab system, there should be an increase of 50% in that too.
- Several other reports have been quoted as saying that since most people have opted for the old tax regime, the government should change the tax slabs. In the old system, the slabs should be increased by 50%.
- 80C deduction limit should be increased from 1.5 lakh to 2 lakh.