There have been a lot of changes since the Modi administration took office. People throughout the nation have also experienced a variety of relief as a result of these improvements. Filling out an income tax return is also crucial for the citizens of the nation at this time. Filling out an ITR is crucial for anyone whose income is taxed. The Modi government has also granted a lot of exemptions this time around in the income tax return, which would assist people to save money on taxes. Let’s discuss it.
Tax-free earnings
Nirmala Sitharaman, the finance minister, stated that the new system will exempt income up to Rs 7 lakh from taxes. Concerns were raised about what would happen to taxpayers making little over Rs 7 lakh, though. Regarding this, Sitharaman stated that the government has taken note of such concerns and that as a result of the addition of modest relief measures under the new tax regime, income up to Rs 7.27 lakh has now been tax-free.
Typical Deduction
According to the finance minister, “Under the new regime, no income tax will be payable on annual income up to Rs 7 lakh, which effectively increases to Rs 7.27 lakh with marginal relief provisions.” Additionally, a standard deduction of Rs 50,000 was promised in Budget 2023 in order to make the new system more appealing.
ITR Filing – Exemption
According to Sitharaman, the new income tax system has also begun to offer a standard deduction of Rs. 50,000. Salary employees have access to the standard deduction facility. In addition, the senior citizen medical expense exemption cap has been raised from Rs. 30,000 to Rs. Cancer medications and life-saving medications have also been exempted from GST.
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