Income Tax New Order: Important alert for taxpayers, know the new guidelines of income tax immediately

Income Tax: Important news for taxpayers. Actually this news is to alert the taxpayers. The Income Tax Department has issued a new guideline for taxpayers… Let’s know in the news below.

The date for filing income tax return is getting closer. Income tax return can be filed for the financial year 2022-23 from April 1, 2023. Along with this, it is very important to keep some things in mind while filing income tax return. Presenting Budget 2023, many changes were announced by Finance Minister Nirmala Sitharaman, which will also become effective from 1 April. In such a situation, be careful while paying tax and must know these things.

Keep these things in mind while paying tax.

• If you file income tax return from the new tax regime, then you will not have to pay any tax on an annual income of Rs 7 lakh.
• You will also get the benefit of standard deduction of Rs 50,000 on filing tax under the new tax regime.
• Tax exemption cannot be availed by showing any investment on filing ITR with the new tax regime.
• If you shift from the old tax regime to the new tax regime, then you will have to file tax as per the new tax regime.

Tax slab rates have been changed in the new tax regime.

• In the new tax regime, no tax up to Rs 3 lakh per annum, 5 per cent on Rs 3-6 lakh per annum, 10 per cent on Rs 6-9 lakh per annum, 15 per cent on Rs 9-12 lakh per annum, 15 per cent on Rs 12-15 lakh per annum Tax will be levied at the rate of 20 per cent and 30 per cent on income above Rs 15 lakh.
• If you file tax according to the old tax regime, you can save tax on an annual income of Rs 5 lakh.
• Tax exemption can also be obtained by showing investment, medical, home loan etc. according to the section mentioned in the Income Tax Act on filing tax from the old tax regime.
• Even after filing tax from the old tax regime, a rebate of up to 50 thousand rupees will be available in the form of standard deduction.
• If people below 60 years of age file tax according to the old tax regime, then no tax up to Rs 2.5 per annum, 5 per cent on Rs 2.5-5 lakh, 20 per cent on Rs 5-10 lakh and above Rs 10 lakh Tax will be charged at the rate of 30 percent on the excess earnings.

- Advertisement -DISCLAIMER
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com