Surprise waiting for women..!? central government announcement..!
While on the one hand, the Modi-led central government is expected to make big use of its last full budget statement as the general elections in 2024 are fiercely contested, on the other hand, the growing recession fears around the world, the slump in the economy, trade, and manufacturing make the chances of excessive relaxations in the budget less likely. In this situation, the budget report for the financial year 2023-24 asks whether women will get any concession in income tax. As the people of india are facing severe impacts and impacts due to rising prices, the notification will necessarily be an individual benefit.
While there is talk that it is more likely to depend on women, what kind of announcements will come in this budget statement..? Are there any special income tax exemptions, tax slabs, and tax concessions for women in india, that once existed but are now removed? The Finance Act 2012 abolished the differential tax slabs provided to women altogether. After this, the central government is collecting income tax on the common integrated tax structure for men and women. Before the 2012 Finance Act, women had slightly more tax benefits than men. In india, they were providing additional tax benefits to improve the future of working women and attract more women to the labor market. But now, due to the increase in income and number of employments, it was believed that there is no need for the concession in income tax and this concession was removed.Current individual income tax rates are the same whether male or female. Also, the income tax slab changes only depending on the age of the individuals, and hence no benefit is given based on gender. While people in india are facing excessive problems due to rising prices, there is a demand for change in income tax slab, reduction of tax rates, or widening of income tax brackets to reduce the tax burden of the people. In this situation giving income tax concessions to all individuals will cause a huge impact on the tax collection of the government, instead, the central finance ministry can give this benefit only to women. This means that the special offer which was removed in 2012 can be brought back into practice, said sudhakar Sethuraman, Partner, Deloitte India. sudhakar Sethuraman said that women are better at saving money than men, and in this case, this tax benefit will encourage women to save more money and enter the employment market.