Personal Taxes

No change in personal revenue tax charges within the funds

NEW DELHI — Contrary to expectations, Finance Minister Nirmala Sitharaman has not tinkered with personal income tax rates in the 2022-23 budget.

Nor did the minister increase the standard deduction, which was widely expected given elevated levels of inflation and the impact of the pandemic on the middle class.

The standard deduction is currently Rs 50,000.

In the budget presented on Tuesday, there was no change to the income tax plates in the personal income tax category.

The corporate tax rate was also kept at the same level. However, the reduced rate of 15 percent was extended by one year for newly established production units.

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