Income Tax Update: Good news is coming out for those who pay Income Tax. Many changes have been made in the income tax this year, after which the government (Modi Government) has given you the benefit of paying zero tax with a lot of exemption.
Income Tax Slab Update: Good news is coming out for those who pay Income Tax. Many changes have been made in the income tax this year, after which the government (Modi Government) has also given you the benefit of paying zero tax with a lot of exemption… Yes, if you are also worried about paying tax. If so, now no tax will be levied on your income. The Finance Minister himself has announced about this. Nirmala Sitharaman has made many big announcements regarding tax in this budget. Let us tell you how you can avoid paying tax.
Changes in tax rules
The new financial year has started from the month of April. Along with this, many rules related to tax have changed. If you are taking advantage of the new tax regime, then now you will not only get the benefit of more exemption, but with this you can also get freedom from paying tax. In the new tax regime, income up to Rs 7 lakh has been made tax free, that is, if you are earning Rs 7 lakh annually, then you do not have to pay any tax.
Will get the benefit of standard deduction
Along with this, another important announcement has been made by Finance Minister Nirmala Sitharaman in Budget 2023. Earlier, people did not get the benefit of standard deduction in the new tax regime. But while 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 benefit of standard deduction of Rs 50,000.
Income up to 7 lakh will be tax free,
along with this, in the financial year 2023-24, your annual income is Rs 7 lakh and you choose the new tax regime, then you will not have to pay any tax because in the new tax regime, Section 87A of the Income Tax Act The tax exemption available under this has been increased from Rs 12,500 to Rs 25,000.
Leave encashment exemption also increased
for non-government employees, leave encashment is exempted up to a limit. This limit was Rs 3 lakh from the year 2002. It has now increased to Rs 25 lakh.
