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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 standard deduction, which was widely anticipated in view of elevated inflation levels and impact of the pandemic on the middle class.
The standard deduction currently stands at Rs 50,000. There was no change in income tax slabs in the personal income tax category in the budget unveiled on Tuesday.
The corporate tax rate too was kept at the same level. However, the concessional rate of 15 per cent has been extended by one year for newly incorporated manufacturing units.
(With inputs from agencies)