Income Tax Return Filling: Along with this, many schemes are also being run for the benefit of the people. Through these, the government is working to provide relief to different classes of people. At the same time, an important step has been taken by the Modi government. Through this step, the Modi government has done the work of providing relief to crores of people of the country. Let’s know about it in detail.
Many works are being done by the government to give relief to the people. Along with this, many schemes are also being run for the benefit of the people. Through these, the government is working to provide relief to different classes of people.
At the same time, an important step has been taken by the Modi government. Through this step, the Modi government has done the work of providing relief to crores of people of the country. With this, people are going to get tax exemption.
Government announcement
In fact, in the month of February this year, Finance Minister Nirmala Sitharaman had made an important announcement while presenting Budget 2023. Through this announcement, Finance Minister Nirmala Sitharaman increased the income tax exemption in the new tax regime to Rs 7 lakh. Along with this, Sitharaman said that people whose annual income is up to Rs 7 lakh will no longer have to pay tax.
Relief work
In such a situation, the Modi government told that if someone now files tax through the new tax regime, then taxpayers will not have to pay any tax on the annual income of seven lakh rupees. Earlier this limit was Rs 5 lakh per annum. By increasing the tax exemption, the work of giving relief to crores of people of the country has been done by the Modi government.
Standard deduction
Along with this, now in the new tax regime, people can also take advantage of standard deduction. Salaried and pensioners now file tax under the new tax regime, then they will get an additional benefit of Rs 50,000. In such a situation, after earning seven lakh rupees annually in the new tax regime, a rebate of 50 thousand rupees will also be available under the standard deduction.
