Modi Government on Income Tax: This time an important decision has been taken by the Modi Government, after which there will be no tax on the income of crores of taxpayers of the country. Finance Minister Nirmala Sitharaman had made a special announcement about this in Budget 2023.
Income Tax Return: There is great news for the people who pay Income Tax. If you also pay income tax, then now you have got a big relief from the Central Government. This time an important decision has been taken by the Modi Government, after which no tax will be levied on the income of crores of taxpayers of the country. Finance Minister Nirmala Sitharaman had made a special announcement about this in Budget 2023. Let us tell you that now which people have got freedom from paying tax.
Was announced in the budget
In February, the Modi government had presented the budget, in which the Finance Minister had announced that people filing taxes under the new tax regime are now getting relief from paying taxes. The government had decided to increase the income tax exemption to Rs 7 lakh in the new tax regime. That is, now people with income up to 7 lakhs will not have to file tax.
Earlier the limit was 5 lakhs
Let us tell you that the government had told that from now on, if anyone files tax under the new tax regime, then he will not have to pay tax on income up to Rs 7 lakh. Earlier this limit was Rs 5 lakh, which was increased to Rs 7 lakh in February. People with higher salary have benefited from the increase in tax exemption.
You will also get the benefit of standard deduction
Apart from this, you will also get the benefit of standard deduction in the new tax regime. Salaried and pensioners now file tax under the new tax regime, then they will get an additional benefit of Rs 50,000. In such a situation, after earning seven lakh rupees annually in the new tax regime, a rebate of 50 thousand rupees will also be available under the standard deduction.
