Income Tax Slab: Several announcements were made by Finance Minister Nirmala Sitharaman in the budget for the financial year 2023-24. Through these announcements, changes in the income tax regime were also announced by the Finance Minister and along with this many changes have been made in the new income tax regime.
Income Tax Return: Income tax return filing has started. People whose income is taxable, it is mandatory for them to pay income tax. At present, income tax is filed according to two different tax regimes. One is the old income tax regime and the other is the new income tax regime. Whereas from this time the new income tax regime is the default regime. In such a situation, some things should be kept in mind while filing tax under the new income tax regime.
Tax regime
Several announcements were made by Finance Minister Nirmala Sitharaman in the budget for the financial year 2023-24. Through these announcements, changes in the income tax regime were also announced by the Finance Minister and along with this many changes have been made in the new income tax regime. In such a situation, if you file tax under the new income tax regime, then you may also have to pay 30% tax.
Income tax
Actually, income tax slabs have been changed under the new tax regime. Under this, no tax will have to be filed on an annual income of Rs 3 lakh. After this, 5% tax will have to be paid on the annual income of Rs 3-6 lakh. At the same time, 10 percent tax will have to be paid on the annual income of Rs 6-9 lakh. After this, 15% tax will have to be paid on the annual income of Rs 9-12 lakh.
No exemption on investment,
After this if someone’s annual income is 12-15 lakh rupees, then such people will have to pay 20 percent tax. On the other hand, if someone’s annual income is more than Rs 15 lakh, then such people will have to pay 30 percent tax. At the same time, while filing tax from the new tax regime, taxpayers should keep in mind that no investment will be exempted in this regime.
Will get exemption in this
If a taxpayer wants to get exemption on his investment, then he will have to file income tax return according to the old tax regime, only then he will be able to get exemption while paying tax on his investment.
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