..As the year 2022 is passing, discussions about the upcoming Union Budget 2023 are gaining momentum everywhere. Speculations are being made that we may get to see tax exemptions in this budget. In such a scenario, you and I can become INCOME TAX FREE. Let’s find out.

Speaking of the Union Budget 2023, government officials have started holding meetings on it. According to the news, the Confederation of Indian Industry (CII) has suggested to the government to reduce the rates of personal income tax, which would benefit 5.83 crore taxpayers directly.

The Finance Minister Nirmala Sitharaman has started the pre-budget meetings –

As soon as the government started the process of Union Budget 2023, the Finance Minister Nirmala Sitharaman has started the pre-budget meetings in the Indian government.

And before the main discussion on Budget 2023, demands have started to reduce personal tax rates in the upcoming budget.

Suggestion from CII –

According to several officials in the ministries, the Confederation of Indian Industry (CII) has suggested tax cuts in the upcoming Union Budget 2023.

Benefits of being income tax-free for job professionals and businessmen –

If the suggestion of the CII is accepted and tax rates are cut in the upcoming Union Budget 2023, then many taxpayers will become income tax-free benefiting around 5.83 crore taxpayers who file income tax returns. This includes both job professions and businesspeople.

The CII has said in its proposal that tax cuts will be beneficial in reviving the demand in the economy. This could also lead to a slight increase in the growth rate of the country’s economy.

ref- https://www.moneycontrol.com

(CII) Indian Industry Association has also suggested working on GST rates –

According to (CII) Indian Industry Association, they have sent a proposal or suggestion to the government to work on various GST rates. This will lead to an increase in overall tax collection, as per the opinion of many economy experts.

There were no changes in tax rates in the Union Budget 2022 –

Amidst all of these discussions, it is worth noting that the government did not make any changes to tax rates in the previous budget, leaving the dream of tax exemption for the common people unfulfilled.

In the previous fiscal year, the government did not accept the suggestion of the Confederation of Indian Industry (CII) and now it remains to be seen whether the government will fulfil the dream of millions of taxpayers becoming tax-free by accepting this suggestion.

Several former finance ministers have discussed the Income Tax Free campaign –

it is noteworthy that many former finance ministers continue to express their ideological agreement on this issue, including the late former finance minister of the government, Shri Arun Jaitley.

There could be an impact on the government treasury for some time –

It is suspected that if the government fulfills the dream of Income Tax Free by making changes in the current tax rates of millions of taxpayers, then it could have a slight impact on the Indian government’s treasury.

However, if people spend the money they save from income tax exemption on new purchases or investments, it is estimated that the government will benefit indirectly, which will help boost the country’s economy.

Anyway, it is hoped that this will directly benefit the people of the country and the economy. We hope you liked our article. Please let us know your opinion on this topic by commenting.

❤️Jai Hind Jai Bharat❤️