FM Nirmala Sitharaman on Income Tax: Since the budget, it is only being discussed everywhere that from now on those earning up to 7 lakhs will not have to pay any tax (Income Tax News), but today we will tell you that now if Even if your salary is more than 7 lakh rupees, you will not have to pay any tax (Tax Free Income).
Income Tax Latest News: Since the budget, it is being discussed everywhere that from now on, those earning up to 7 lakhs will not have to pay any tax (Income Tax News), but today we will tell you that now if your salary 7 lakhs, even then you will not have to pay any tax (Tax Free Income). Yes… Finance Minister Nirmala Sitharaman has disclosed this in the budget. Let us tell you how-
Apart from 7 lakhs,
the Finance Minister had announced in the budget speech that if you also adopt the new tax regime, then you will not have to pay any tax on income up to Rs. 7 lakhs, that is, this income will be completely tax free. But along with this, two types of exemptions are being given to you by the government.
In this way, you will get a discount of Rs 50,000.
In the new tax regime, salaried and pensioners did not get the benefit of standard deduction. Earlier this benefit was available only in the old tax regime, but in the budget 2023, the government has announced to give standard deduction of up to Rs 50,000 in the new tax system as well. Let us tell you that the people of the salaried class will get the benefit of this exemption.
Will have to pay zero tax
Let us tell you that the benefit of this standard deduction is not for non-salaried individuals, that is, according to this, you can save tax on the entire income up to Rs 7,50,000 lakh, that is, you will have to pay zero tax.
In this way, you will get a rebate of Rs 25,000.Â
Apart from this Rs 7,50,000 lakh, the tax rebate limit has also been increased by the government. This limit has been increased under section 87A of Income Tax. Let us tell you that earlier in this, the benefit of tax exemption was available on taxable income of up to Rs 5 lakh. In this way you will get a discount of Rs 25,000.
