Wave of happiness among taxpayers due to exemption in income tax slab in Union Budget 2023-24; Tax nil for income up to Rs 7 lakh
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Union Finance Minister Nirmala Sitharaman announced that the income tax exemption limit has been raised to Rs 7 lakh in the new tax regime. In an announcement, this limit will be raised from Rs 5 lakh at present to Rs 2 lakh, much to the delight of taxpayers.
New tax rate of personal income tax: Nil from Rs 0 to 3 lakh, 5% from Rs 3 to 6 lakh, 10% from Rs 6 to 9 lakh, 15% from Rs 9 to 12 lakh, 20% from Rs 12 to 15 lakh and 15 lakh Will be above 30%: Union Finance Minister Nirmala Sitharaman pic.twitter.com/WwndobjaAp
— ANI_HindiNews (@AHindinews) February 1, 2023
The FM further announced that the average processing time for income tax returns would be reduced from 93 days to 16 days. The Center intends to roll out the next-generation common IT return form. The government also aims to strengthen the grievance redressal mechanism.
The deduction limit under 80C was Rs 1.5 lakh at present. Section 80C under the Income Tax Act is a tax saving option which has proved beneficial for taxpayers. This enables them to limit their taxable income by availing tax saving instruments.
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