ITR Filing: In Budget 2023, Finance Minister Nirmala Sitharaman announced that income up to Rs 7 lakh will be tax free under the new system. However, concerns were expressed as to what would happen to taxpayers who were earning marginally above Rs 7 lakh.
Income Tax Return: After the arrival of Modi government in the country, many changes have come. Due to these changes, people in the country have also got many types of relief. At the same time, it is also very important for the people in the country to fill the income tax return. It is very important for those whose income is taxable to fill ITR. At the same time, this time a lot of exemption has also been given by the Modi government in the income tax return, through which people will also be helped in saving tax. Let’s know about it…
Tax free income
In Budget 2023, Finance Minister Nirmala Sitharaman announced that income up to Rs 7 lakh will be tax-free under the new system. However, concerns were expressed as to what would happen to taxpayers who were earning marginally above Rs 7 lakh. Regarding this, Sitharaman said that the government has taken note of such concerns and now income up to Rs 7.27 lakh has become tax-free due to the introduction of minor relief provisions under the new tax regime.
✅Under the new regime, there is no income tax to be paid for annual income up to Rs 7 lakh, which effectively increases to Rs 7.27 lakh with marginal relief provisions.
✅A standard deduction of Rs 50,000 has also been introduced under the new income tax regime.
✅There has… pic.twitter.com/xsfQYwGmDv
— Nirmala Sitharaman Office (@nsitharamanoffc) July 14, 2023
Standard deduction
“Under the new regime, no income tax will be payable on annual income up to Rs 7 lakh, which effectively rises to Rs 7.27 lakh with marginal relief provisions,” the finance minister said. Apart from this, to make the new system attractive, a standard deduction of Rs 50,000 was announced in Budget 2023.
Exemption
Sitharaman said that now standard deduction of Rs 50,000 has also been introduced under the new income tax regime. Standard deduction facility is available to salaried employees. Apart from this, the exemption limit on medical expenses of senior citizens has been increased from Rs.30,000 to Rs.50,000. Also, life saving drugs and cancer drugs have been exempted from GST.
