Budget 2023: This work will be difficult if not done while filling ITR, know here what is the matter – taxpayers take from budget the new income tax regime becomes the default tax regime

New Delhi: Finance Minister Nirmala Sitharaman presented the budget for the financial year 2023-24 in Parliament today. This was the last full budget of the Modi government before the general elections due next year. Taxpayers especially had a lot of expectations from this budget. Sitharaman did not disappoint him. He gave many reliefs on the tax front to the middle class and the salaried class. Under this, no tax will be levied on income up to Rs 7 lakh under the new tax regime. Sitharaman proposed this while presenting the last full budget of this government in Parliament on Wednesday. Apart from this, for the first time, the benefit of standard deduction has also been proposed under the new tax regime. Till now the benefit of standard deduction of 50,000 was given in the old tax regime.

The Finance Minister proposed to make the new tax regime i.e. the tax regime with no exemptions a ‘default’. ‘Default’ means that if you have not opted out while filing income tax return, you will automatically move to the new income tax regime. Under the proposal made in the budget, there will be no tax on income up to seven lakh rupees. In the old tax regime, there is zero income tax on an income of Rs 2.5 lakh. Similarly, income between Rs 2.5 lakh and Rs 5 lakh will be taxed at 5 per cent, income between Rs 5 lakh and Rs 10 lakh at 20 per cent and income above Rs 10 lakh at 30 per cent.

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how much will be the benefit

Under the income tax slab in the new tax regime, income up to Rs 3 lakh will not be taxed. 5 percent on Rs.3 lakh to Rs.6 lakh, 10 percent on Rs.6 to 9 lakh, 15 percent on Rs.9 lakh to Rs.12 lakh and 20 percent on Rs.12 lakh to Rs.15 lakh and above Rs.15 lakh. will be taxed at 30 per cent. The Finance Minister said that Rs 45,000 will now be taxed on income of Rs 9 lakh, which was earlier Rs 60,000. That means there will be a profit of 15 thousand rupees. Similarly, Rs 1.5 lakh tax will have to be paid on an income of Rs 15 lakh, which was earlier Rs 37,500.

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When asked about the ‘default’ regime, income tax expert Satyendar Jain said, ‘It means that if you have not exercised your option in the income tax return, you will automatically go to the new tax regime.’ Jain said, “Actually the government is promoting the new tax regime. But it is beneficial only for those people who do not make any savings. Apart from this, relief has also been given in the budget to the taxpayers with high income. In this, the highest rate of surcharge has been reduced from 37 percent to 25 percent, which will affect the tax rate by three percent.