income tax rates in the Budget 2022-23. The minister also did not raise the standard deduction, which was widely anticipated in view of elevated inflation levels and the impact of the pandemic on the middle class.
However, relief has been provided to persons who have received money for expenses incurred on treatment of Covid 19. “The budget does not have much to offer on personal tax.
However relief has been provided to persons who have received money for expenses incurred on treatment of Covid 19. Likewise money received by family members on death of a person will be exempt upto 10 lakhs for family members," said tax expert Balwant Jain.
According to Budget Paper 2022, “In section 56 of the Income-tax Act, in sub-section (2),––(a) in clause (viib), in the Explanation, in clause (aa), after the words and figures “Securities and Exchange Board of India Act, 1992", the words and figures “or regulated under the International Financial Services Centres Authority Act, 2019" shall be inserted with effect from the 1st day of April,2023; 15 of 1992.