Budget 2023: A 'new' I-T regime could include some exemptions

► Date : Jan 13, 2023


With few takers for the exemption-free personal income tax regime, the Union Budget 2023-24 is likely to review the tax structure and may announce a few sweeteners to entice more people to opt for it.


Individual taxpayers who forego most deductions and exemptions can pay taxes at comparatively lower rates under the additional personal income tax regime announced in the Union Budget 2020-21. However, because there is no exemption for long-term investments, social security, or medical insurance, the option has not gained traction with taxpayers, including those in low-income brackets.


According to sources, the government is likely to maintain both personal income tax regimes: the older one, which provides tax exemptions and deductions in exchange for relatively higher tax slabs, and the "concessional" regime.


It is considering allowing certain exemptions, such as those for house rent, mortgage interest, social security, and medical insurance, even for the newer regime. The slabs could also be restructured so that the tax liability of the majority of taxpayers is reduced, particularly for those in the lower tax brackets.


While the finance ministry is said to be looking into the matter, a final decision is expected within the next week or so. On February 1, the Union Budget will be presented to Parliament.


► Tags : #gst #tax #customs

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