Income tax rates will remain unchanged for fiscal year 2022-23, Finance Minister Nirmala Sitharaman announced in the Union Budget today in possibly her shortest Budget speech ever.
Standard deduction was also not raised – widely anticipated in view of the elevated inflation levels and impact of the pandemic on the middle class.
The standard deduction currently stands at Rs 50,000. There was no change to income tax slabs in the personal income tax category in the Budget.
Twitter was disappointed and expressed their chagrin with memes as the salaried class got no tax concessions.
Here’s how Twitter reacted:
A 30 per cent tax will be levied income from the sale or acquisition of virtual and digital assets such as cryptocurrency, Nirmala Sitharaman announced clearing the air on virtual assets.
Twitter was again not impressed. A 30 per cent tax is similar to tax rates on lottery or game show winnings. They were quick to point out their disappointment with hilarious memes.
Sitharaman presented her fourth consecutive Budget today and read the key financial document from a 'Made in India' tablet in a push for 'Digital India'.
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