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Budget 2023: Will FM Sitharaman Are you ready to revise the long term pending income tax exemptions cap?

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Image Source PTI Finance Minister Nirmala Sitharaman The presentation will include the Budget On February 1.

Budget 2023: As The Union Budget 2023 will be the last full-term budget that is presented before 2024 Lok Sabha There are high hopes for the election. Finance Minister Nirmala Sitharaman The tax rates will be changed Indian taxpayers. In Moreover, it is possible to speculate on key decisions concerning the long-term tax on equity investment (LTCG) and measures to increase the demand for housing.

BUDGET 2023: FULL INSURANCE

Will You can change the income tax brackets Finance Minister Nirmala Sitharaman?

Individuals You do not have to pay tax on incomes over this amount. Rs Between 2.5 lakh and 5.5% on your income Rs Between 2,50,000 and 5,00,000. 20% tax is payable on income between 2.50,000 and 5.00,000. Rs. 408212.50 Rs. 816425, 30% for income greater than $10,000 

According Experts Sitharaman The starting limit may be increased for those in the 30% tax bracket Rs 10 lakh to Rs 20 lakh. Under The Concessional Tax Regime (CTR) was introduced in Budget 2020 may also see the possibility of the government changing the slab rates. It The possibility exists that the 7.5% tax rate would be lower than the current 5%. However, incomes up to $75,000 could still qualify. Rs 5 lakh are exempted from tax

On FM: What is LTCG? Nirmala Sitharaman do?

The Experts and analysts believe that the long-term capital gains (LTCG), tax will be rationalized by 2023-2024. Shares Current 10% taxation applies to all accumulated earnings for more than one calendar year. The The LTCG Tax was repealed in 2005. However the BJP government reinstated it for 2018. 

The It may prove difficult to sustain the momentum of direct tax growth.

The It may prove difficult for the government to maintain its direct tax growth momentum during the upcoming fiscal years. Between April 2022 January 10, 2023, India’s Direct tax collection rose by 19.5% year over year to 12.31 trillion rupeesRs.151.70 billion).

The The real estate industry requested policy and tax easing. Union Budget 2023–2024 in order to maintain demand in the housing and real estate industries. Real The real estate industry hopes that the government will provide incentives to keep housing demand, which was greatly affected by COVID-19 due to rising interest rates.

Insurance Companies are hoping for tax cuts 

Indian Insurance companies expect to offer more tax incentives for policyholders. According According to reports, decision-makers at insurance companies want to reduce or eliminate the Goods Services Tax (GST), on insurance premiums, exempt pension or annuity proceeds form taxation and establish a separate tax deductions category for premiums.

FAQs


Q1. What Is LTCG legal?

LongLTCG (long-term capital gains) are longer-lasting returns on investments.

Q2. What What happens if the LTCG is more than one lakh?

There Any LTCG (on equity) exceeding INR 15,000 will attract a 10% tax (plus a surcharge)

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