Income Tax Return News: Now you will not have to worry about heavy income tax at all. Now there will be no tax of any kind on your income. The Finance Minister himself has announced about this.
Income Tax Return Update: Even before July 31, good news has come for lakhs of taxpayers. If you have not filed your ITR yet, then now you will have to pay 0 tax… Yes, now you will not have to worry about heavy income tax at all. Now there will be no tax of any kind 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 had started from the month of April and along with it many rules related to tax were 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 lakhs will be tax free,
along with this, in the financial year 2023-24, your annual income is Rs 7 lakhs 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.
