{"id":2604,"date":"2022-02-05T11:14:00","date_gmt":"2022-02-05T11:14:00","guid":{"rendered":""},"modified":"2025-11-07T10:54:34","modified_gmt":"2025-11-07T05:24:34","slug":"latest-union-budget-status-quo-for-tax-payers-and-a-mixed-bag-for-msmes","status":"publish","type":"post","link":"https:\/\/www.equentis.com\/blog\/latest-union-budget-status-quo-for-tax-payers-and-a-mixed-bag-for-msmes\/","title":{"rendered":"Latest Union Budget \u2013 Status Quo For Tax Payers and a Mixed Bag For MSMEs"},"content":{"rendered":"
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After a quick look at points highlighted in the Economic survey \u2013 a precursor to the FY23 Budget<\/a>, let\u2019s look at what FM Nirmala Sitharaman had to say for Tax Payers and theMicro Small Medium Enterprises (MSMEs).<\/span><\/p>\n\n\n\n

No Change in Taxation (H1)<\/strong><\/p>\n\n\n\n

Every year, the common man expects several things from the Budget. A major expectation revolves around <\/span>\u2018Taxation\u2019<\/strong>. <\/span><\/p>\n\n\n\n

This year too, the common man expected FM Nirmala Sithamana to decrease tax rates. He\/she expected the Budget to present tax rate and surcharge reductions, an increase in the deduction amount available under section 80C<\/a>, an increase in the housing loan repayment exemption, dividend tax relief, capital gains<\/a> standardization across different asset classes, the removal of securities transaction tax (STT) and the exclusion of GST on services provided to the general public.<\/span><\/p>\n\n\n\n

However, the Budget didn\u2019t fulfill any of these expectation. The Budget maintained its status quo on Income tax<\/a> rates. Here is how taxpayers will pay taxes this year.<\/span><\/p>\n\n\n\n