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Income Tax Return: Many important steps are being taken by the government for the welfare of the people. One of these includes income tax. People who have higher income have to pay tax on their income.
However, this time it was also announced to give relief to the taxpayers in the budget. While presenting the Budget 2023 on behalf of Union Finance Minister Nirmala Sitharaman, several announcements related to income tax were made. Due to which those who file income tax returns will get relief.
income tax slab
Presenting the Budget 2023, Finance Minister Nirmala Sitharaman had announced several changes in the new tax system. Under this change, earlier where there was no tax slab on income of Rs 2.5 lakh per annum, it was increased to Rs 3 lakh per annum. This means that on an annual income of three lakh rupees, zero tax will have to be paid in the income tax slab.
tax exemption
At the same time, Finance Minister Nirmala Sitharaman made an important announcement in the Modi government. In the new tax regime, the exemption limit has been increased to Rs 7 lakh. This means that taxpayers who file income tax returns will get a rebate of up to Rs 7 lakh annually, due to which they will not have to pay tax.
standard deduction
Along with this, another important announcement was made by the Modi government, due to which taxpayers got more relief. In fact, it was announced by Nirmala Sitharaman in Budget 2023 that now taxpayers will be able to get the benefit of standard deduction in the new tax regime. People have got some more relief as salaried people get the benefit of standard deduction of Rs 50,000. Due to this, those people will not have to pay any tax till the annual income of Rs 7.5 lakh.
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