Income tax last date: Recently the Finance Minister has made the tax payers happy because the government is now going to give extra exemption to the tax payers. Who will get exemption, let’s know
There is great news for those who pay Income Tax. If you also fill Income Tax Return (ITR), then now you will get the benefit of big discount. Information about this has been given by the Central Government. The government has told that taxpayers are getting the benefit of exemption in both the old tax regime and the new tax regime.
Finance Minister Nirmala Sitharaman had announced in the budget this time that the new tax system implemented by the government would be default from the financial year 2023-24. Under the new system, tax exemption can be given on income of Rs 7 lakh annually.
Many changes in the new tax regime
Many changes have been made regarding income tax in this budget. The special thing is that you have to decide in advance under which tax regime you want to pay tax. If you do not select any tax regime yourself, then your ITR will automatically be filed in the new tax regime. Along with this, the government has also made changes in the slabs of the new tax regime.
What to do if the income is more than 10 lakhs?
Let us tell you that in the old tax regime, those with income above 10 lakh have to pay more tax. If your income is more than 10 lakhs and you select the old tax regime, then you will have to pay tax at the rate of 30 percent. At the same time, all such individual taxpayers in the age group of 60 years to 80 years also come in the 30 per cent slab.
How much will be the benefit of choosing the new tax regime?
Apart from this, if we talk about the new tax regime, then the highest rate in it is 30 percent, but at this rate tax has to be paid by those earning above 15 lakhs. If your annual income is Rs 15 lakh or above, then you will have to pay tax at the rate of 30 per cent.
On the other hand, in the old tax regime where people above 10 lakhs have to pay tax at the rate of 30 percent. Apart from this, in the new regime, tax is levied at the rate of 10 per cent only on those earning 10 lakh to 12 lakh. Apart from this, the government imposes tax at the rate of 20 percent on income from 12 lakh to 15 lakh.
