Common people have many expectations from this time budget. The biggest hope would be that there is no need to pay any tax on annual income up to Rs 5 lakh due to the tax slab. If the income increases more than this, then he has to pay tax.
How much relief in tax slab?
If the income exceeds Rs 5 lakh to Rs 200, then tax of Rs 13,000 has to be paid. This time experts are hoping that there should be a provision in the upcoming budget 2022 through which taxpayers did not have to pay any tax if their income is a little more than Rs 5 lakh.
Government should take care of small taxpayers
Experts are hoping that this time before the budget, the government will take care of it in various types of opinions and discussions with experts and take a better decision on such problems. Care should be taken that the tax bill of the person does not increase rapidly beyond the prescribed limit of his income.
Expert gave this suggestion to the government
The Federation of Indian Chambers of Commerce and Industry (FICCI) has also suggested the government to provide marginal relief if the total income of individual taxpayers crosses Rs. 5 lakh limit by a small margin.
“In order to reduce hardship for small taxpayers, it is recommended that the concept of marginal relief for small taxpayers should be introduced.