The union Finance Minister, Nirmala Sitharaman presented the interim budget today and much like the recent years, income taxpayers have been ignored again with no changes in tax slabs.
It is announced that those earning below Rs 7 lakh per annum are exempted from paying the income tax. But for conventional taxpayers above the bracket, the existing brackets (20% above ₹ 5,00,000 and ₹ 1,00,000 + 30% above ₹ 10,00,000) will apply.
While there have been complaints about the excessive taxation for taxpayers in the last budget announcement, no changes were made this term. Those who hoped that the center might reduce the taxation budget for the larger section of the taxpayers are disappointed now.
The corporate tax for Indian companies was brought down from 30% to 22% which helps the companies.
