Women hope from the budget, can get special relief in income tax

According to a survey by RBI, only 14 percent of MSMEs in the country are owned by women. At the same time, 5.9 percent of startups are of women. Apart from this, there is also a demand to increase the gender budget.

Budget 2023

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Finance Minister Nirmala Sitharaman will present the country’s budget on 1 February 2023. In such a situation, many questions are arising. There is also a question whether budget 2023 Will women get tax exemption? Women hope that in this budget the focus will be on increasing the participation of women in business. According to a survey by RBI, only 14 percent of MSMEs in the country are owned by women. Whereas 5.9 percent startups are of women. Apart from this, there is also a demand to increase the gender budget.

Will women get special benefit in tax slab?

The Finance Act 2012 had done away with the difference in tax slabs for women and introduced a uniform tax slab that was the same for both men and women. Till the year 2012, women used to get slightly more tax benefits than men. According to experts, thinking about the future of working women, they should get more tax benefits. According to experts, exemption in tax slab should be applicable according to the age of the person and not in relation to gender.

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According to media reports, Deloitte India partner Sudhakar Sethuraman said that uniform exemption in income tax slab rates is an important demand of today’s era. She says, instead of fulfilling everyone’s demand, the Finance Minister may give these benefits only to serf women.

She further says that even though the ability of women to do savings is better than that of men. This budget will probably make women financially strong. Keeping in mind India’s vision and efforts towards women empowerment and women leadership with various schemes like Ujjwala Yojana, there are high-profile schemes like ‘Beti Bachao Beti Padhao’, ‘Sukanya Samriddhi Account’, and ‘Sainik School’, said Sethuraman. Where not only women get tax exemption but the country also develops. Former National Leader of Global Mobility Practice, PwC India says that giving tax relief to women will make women financially stronger.

They say this because during the Corona epidemic, many women had lost their husbands, who were the only source of income in their house. In such a situation, it became difficult for women to raise their children. Similarly, single parents should be given tax exemption. However, income tax is already exempt in many schemes like ‘Beti Bachao, Beti Padhao’, ‘Ujjwala Yojana’ of the government.

current tax slab

At present the country has two tax slabs. One is known as Old Tax Slab, it has been running since long, while the New Tax Slab was introduced in 2020. There are three slabs in the old slab 5%, 20% and 30%, whereas, in the new slab – 5%, 10%, 15%, 20%, 25%, and 30%. Under which all deductions and benefits are available. The government has left it to the taxpayers under which tax slab they pay their income tax. There are many such benefits which are not available in the new tax regime, so most people file income tax returns from the old tax slab only.

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New tax slab can be like this

Economic experts say that if the government changes the tax slab, then the exemption limit can be increased from 2.5 lakh to 5 lakh. Which means it is clear that no tax will have to be paid on income up to 5 lakhs. At present, it is necessary for those earning more than 2.50 lakhs to file income tax returns. After the new slab, this limit will increase to 5 lakhs.