In a big disappointment for salaried individuals, FM Sitharaman did not announce any change in income tax slabs for 2022-23. The income tax rates for 2022-23 were also not revised.
The finance minister has concluded the budget speech without any mention of any change in personal tax rates/slabs or an increase in any exemption/deduction limits.
The expectations were high with rumours of changes in income tax slabs for 2022-23 and possible standard deduction revision to account for more work for home expenses, higher limits for investments under Chapter VI-A (Section 80C, Section 80D).
The only benefit for the government employees that too only state government employees are the deduction of the contribution to the NPS account Employees of the state governments will be able to claim a tax benefit of 14% on the NPS contribution made by their employer, i.e., state government from FY 2022-23 onwards. Currently, only central government employees are eligible to claim a tax benefit of 14% for the employer’s contribution to the NPS account of an employee. In the case of private-sector employees, the tax benefit is limited to 10%.
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