Budget Next Month Will Modify The Rules Of The Game

English News 18 Jan 2023 21

tax experts recommend raising the standard deduction for calculating taxes based on the gross salary of salaried employees...

Every January brings with it a fresh set of aspirations and expectations, among them a wishlist for the upcoming federal budget from businesspeople, salaried people, and financial experts alike. Lower taxes, tax relief, and compliance ease are, of course, the perennial objectives. Nothing has changed this year either. The fundamental exemption cap has not been altered in almost ten years. Instead, the government steadily boosted the amount of the tax credit that may be claimed by taxpayers with annual incomes under Rs. 5 lahks. A new tax system was also implemented, but due to its complex structure and the absence of deductions, it was not well received by the majority of taxpayers.

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