The upcoming Union Budget 2022 is unlikely to bring any tweaks in the existing income tax rates.
The thinking in the government and among Budget makers is that, given the continued uncertainty around Covid-19 and its impact on household income and savings, any change in tax rates could be counter-productive. “If the existing rates are changed, while some sections of taxpayers may benefit, others may see a rise in their income tax liabilities, since the government will also have to ensure that there is minimal revenue foregone. The view is that perhaps the populace is not …
Individuals are the only ones who can take advantage of this deduction. No other taxpayer is eligible for this deduction. As a result, you cannot claim any advantage under this provision if you are a HUF, AOP, Partnership firm, company, or any other type of taxpayer.
