The income tax payers received some extremely excellent news from Finance Minister Nirmala Sitharaman (FM Nirmala Sitharaman) in this budget. The new fiscal year has begun right now, and if you want to save money on your taxes this year, then this information is for you.
The income tax payers received some extremely excellent news from
Finance Minister Nirmala Sitharaman (FM Nirmala Sitharaman) in this budget. The new fiscal year has begun as of right now, and if you want to save money on your taxes this year, then this information is for you. Sitharaman stated at the announcement that there will be no income tax on income up to Rs 7 lakh. You now know which rules have changed because the government significantly altered the income tax regulations and put them into effect for the new fiscal year.
Obtaining a lot of tax advantages
The national government has made tax-free income up to Rs 7 lakh available to the general population as part of the new tax system. There are also other tax benefits available in addition to this. Let us inform you that starting on April 1, 2023, the new tax system will be in effect by default. The ITR portal’s complete format will now follow the new tax system going forward.
Let us assure you that the old tax system has not changed,
however, if you have already submitted your taxes under the old system, you will need to do so again. Also, you will have the choice to file taxes under the previous tax system. The existing tax system with exemptions like investment and HRA has not changed as of yet.
Tax-free income up to Rs. 7 lakh is now available.
Income up to Rs 7 lakh has been made yearly tax-free under the new Tax Slab. Meaning that you won’t have to pay any tax with the rebate if your yearly income is less than Rs. 7 lakh.
The base exemption now stands at Rs. 3 lakhs.
Let us inform you that the basic exemption limit (Tax Free Limit) has been raised to Rs. 3 lakh under the new tax system. Prior to Rs. 2.5 lakh in income, there was no tax. In addition, there will be 5 tax bands instead of 6, and income up to Rs 7 lakh would be exempt from tax with a rebate rather than Rs 5 lakh. In addition, people making Rs 15.5 lakh will benefit from the standard deduction, which will be Rs 52,500 under the new tax system.
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