In Budget 2023, FM Sitharaman extended the standard deduction of Rs 50,000 to the new tax regime, which was earlier restricted to the Old Tax Regime, in a bid to make the new tax system more attractive. Budget expectation income tax: February 1 will see Union Finance Minister Nirmala Sitharaman present the Interim Budget statement for this year ahead of the Lok Sabha elections scheduled in April-May. The Interim Budget is expected to have limitations as the full Budget will be presented in July by the newly elected government. However, experts feel there could be certain announcements, such as an increase in the Standard Deduction limit.
Against this backdrop, Rahul Charkha, Partner, Economic Laws Practice (ELP) has been quoted in article, Budget Expectations: Will Standard Deduction see a revision in Interim Budget? published by Business Today.
Please read the detailed quote here – https://bitly.ws/3b7nA