Income Tax Slab: The system of the new tax regime was begun by the Modi government. At a similar time, in the budget 2023, many essential bulletins have been made by Finance Minister Nirmala Sitharaman.
In these announcements, two essential bulletins have been additionally made by Finance Minister Nirmala Sitharaman relating to the new tax regime, on account of which taxpayers are going to get a lot of advantages.
Income Tax Return: Income tax return needs to be filed by these people, whose income is greater than taxable income. If somebody’s annual income is greater than the taxable income, then they should file an income tax return. At a similar time, many varieties of tax exemptions are additionally being given by the government on submitting income tax returns. In this sequence, the Modi authorities have given reductions to the people by giving two new advantages in the new tax regime. Let’s know about it…
Two new announcements
The system of the new tax regime was begun by the Modi authorities. At a similar time, in the finances 2023, many essential bulletins have been made by Finance Minister Nirmala Sitharaman. In these bulletins, two essential bulletins have been additionally made by Finance Minister Nirmala Sitharaman relating to the new tax regime, on account of which taxpayers are going to get a whole lot of advantages.
Tax exemption on such income
Presenting the Price range for 2023, Finance Minister Nirmala Sitharaman elevated the tax slabs in the new tax regime, as well as increased the tax submitting restrict. Together with this, if a taxpayer has information ITR from the new tax regime, then he will not pay any tax on an annual income of Rs 7 lakh. Together with this, if somebody’s annual income is as much as seven lakh rupees, then he will not pay tax under the new tax regime.
Standard deduction
Together with this, one other essential announcement has been made in the Price range 2023 by Finance Minister Nirmala Sitharaman. Earlier, people didn’t get the advantage of customary deductions in the new tax regime. However, when presenting the Budget 2023, it was announced by Nirmala Sitharaman that from now on even in the new tax regime, salaried and pensioners will get the advantage of a customary deduction of Rs 50,000
People got relief
In such a situation, tax exemption on annual income as much as Rs 7 lakh and with the assistance of a normal deduction of Rs 50 thousand, people will not pay any tax on annual income of Rs 7.5 lakh. With these two bulletins, people will get a whole lot of reduction in filling ITR.A