Another year, another Budget — no change in income tax for common man

The standard deduction of Rs 50,000 was also maintained amid widespread expectations of an increase

Representative picture. Credit: iStock Images

Belying expectations, Finance Minister Nirmala Sitharaman did not tinker with the personal income tax rates in the Budget for 2022-23.

The minister also did not raise the standard deduction, which was widely anticipated in view of elevated inflation levels and the impact of the pandemic on the middle class. The standard deduction currently stands at Rs 50,000.

Also Read — Taxpayers can now file updated returns within 2 years of relevant AY

There was no change in income tax slabs in the personal income tax category in the Budget unveiled on Tuesday. The corporate tax rate was also kept at the same level. However, a concessional rate of 15 per cent for newly incorporated manufacturing units was extended by one year.

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