The general budget is going to be presented on 1 February. Along with this, all the preparations regarding the budget are going on in full swing. According to the present reports, it is being said that these people can get tax relief. Whose government is doing new planning.
The general budget is going to be presented on February 1 next year. Along with this, all the preparations regarding the budget are going on in full swing. It is believed that taxpayers can be given a big relief in this budget. If media reports are to be believed then there may be a change in the annual income limit for paying tax. At present, those earning more than Rs 2.5 lakh annually have to pay tax.
At the same time, it is believed that now this limit can be increased to Rs 5 lakh annually. That is, such an announcement can be made in the coming budget that it will be mandatory to pay tax only if the annual income is more than Rs.5 lakh.
In fact, the main reason for this is considered to be the general elections to be held in the year 2024. This will be the budget for the second term of the Modi government for the financial year 2023-24. In this, the government may try to give relief to the taxpayers so that they can consider investment options. Be aware that earlier changes in personal tax exemption were seen in the year 2014. During that time, this limit was increased from Rs 2 lakh to Rs 2.5 lakh by the then Finance Minister Arun Jaitley.
The amount of tax increases with the increase in salary-
Due to some loopholes in the new tax system, there was a trend of fewer taxpayers in this direction. In this system, no tax is being charged on annual income of Rs 2.5 lakh. On the other hand, if the annual income falls in the range of Rs 2.5 lakh-5 lakh, then 5% tax is charged from the taxpayers.
Taxpayers with an annual income between Rs 5 lakh and Rs 7.5 lakh are charged 10 per cent tax. Taxpayers with an annual income of Rs 7.5 lakh – Rs 10 lakh are charged 15 per cent tax.
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