Income Tax Slabs 2022-23: Here's what common man expects from Budget 2022

By Team Newsable | First Published Feb 1, 2022, 10:41 AM IST

Income Tax Slabs 2022-23: According to a LocalCircles poll, here are insights that were revealed about the upcoming budget which includes taxable income.

Finance Minister Nirmala Sitharaman will introduce the Union budget on February 1, and the public is expecting the budget to provide respite throughout the election season. At the same time, people anticipate a rise in taxable income from the government.

According to a LocalCircles poll on the subject, if the government lowers the tax rate by another 2-5 per cent, 40 per cent of taxpayers are inclined to switch to the new income tax system. In the Union Budget 2020, a new tax regime with reduced tax slabs but no exemptions were suggested. The budget also provided an option to maintain the current structure with the same tax rates.

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For the previous three years, the government has not provided any tax relief to the middle class, and the demand for tax cuts has increased. The community social media site polled almost 9,000 members ahead of Budget 2021 to see if they would receive relief this time.

In this regard, 37 per cent indicated they would relocate if the tax rate was decreased further to 2-5 per cent, while 3 per cent said they would remain with the existing arrangement if it was reduced by 0-2 per cent. Would prefer, 28% of respondents polled stated they would not migrate to the new structure, while 13% said they were already under the new tax rate structure and would welcome the tax rate drop.

According to the report, 40 per cent of surveyed taxpayers said they are inclined to switch to the new income tax structure if the government reduces the tax rate by another 2-5 per cent. The results are based on 9,342 responses submitted. The Union Budget 2020 suggested eliminating 70 tax exemptions under the new tax structure but lowering the tax rate from 20% to 10% for income between 5 lakh and 7.5 lakh, and from 20% to 15% for income between 7.5 lakh and 10 lakh. It was reduced from 30% to 20% for income between Rs.10 lakh and Rs.12.5 lakh.

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