If many doubts are arising in your mind regarding income tax slab, then remove them like this

New Delhi (Uttam Hindu News)-Finance Minister Nirmala Sitharaman presented the interim budget on Thursday. After Sitharaman has not made any changes in the direct tax, now in the new tax regime, income up to Rs 7 lakh will be tax free while the benefit of standard deduction of Rs 50,000 will continue to be available as before. Whereas in the old tax regime, income up to Rs 2.5 lakh will be tax free, but the common man will get tax rebate on income up to Rs 5 lakh. If someone’s annual income is Rs 5 lakh.

In the new tax regime, income up to Rs 3 lakh is tax free. In such a situation, the person will be liable to pay tax at the rate of 5% on the remaining Rs 2 lakh. That means, he will have to pay tax of Rs 10,000. But in this regime, the government waives tax on income up to Rs 7.5 lakh under Section 87A. There is a catch in this also. If you are salaried and your earning is more than Rs 7.5 lakh by even one rupee, then you will have to pay tax not on one rupee but on Rs 4,50,001. Now after waiving off the tax of Rs 3 lakh, out of the remaining Rs 4,50,001, Rs 15,000 will have to be paid at the rate of 5% on Rs 3 lakh and Rs 15,000 at the rate of 10% on the remaining Rs 1,50,001. It is noteworthy that Finance Minister Nirmala Sitharaman did not make any major announcement regarding personal tax while presenting the interim Budget 2024. This time also no change has been made in the tax slab. He has said that under the new tax regime, income up to Rs 7 lakh is tax free. Now, for changes in tax slabs, taxpayers will have to wait for the full budget to be presented after the general elections. If standard deduction is added, no tax is to be paid under the new regime up to Rs 7.50 lakh.