Income Tax Slabs may not Change this Year

The Budget 2022 is set to be revealed on February 1 and like always income tax remains the most anticipated announcement to watch out for. The cost of living has already gone up largely with the rising inflation and Covid-19 related expenses including hospitalisation and medicines.The slowdown in the economy came as a result of lower disposable incomes that led to lower consumption. More money spent helped the economy shift gears and one of the ways to put it in the pocket of the people is by reducing taxes.These are the reasons why it is believed that the income tax slabs may not change this year. The effects of the covid-19 and the new work culture have given the economy a shift that may lead to no changes in the income tax slabs in the budget this year.