Income Tax News: There is good news for crores of taxpayers on the new year. If you also pay income tax, then from now on you will have to pay only 5% tax. Finance Minister Nirmala Sitharaman (FM Nirmala Sitharaman) has given a big gift to the people on the new year.
Income Tax Slab: There is good news for crores of taxpayers on the new year. If you also pay income tax, then from now on you will have to pay only 5% tax. Finance Minister Nirmala Sitharaman (FM Nirmala Sitharaman) has given a big gift to the people on the new year. Preparations are going on in full swing for the budget across the country, in such a situation, everyone from the middle class to the employed is expecting a big tax relief this time.
Use any system
Giving information, Finance Minister Nirmala Sitharaman has said that from now on many people will have to pay only 5% tax. Whether you adopt the new tax regime or the old tax system, but now you will not have to pay heavy tax.
Who will have to pay 5% tax
Let us tell you that people with income between 2.5 lakh to 5 lakh will have to pay tax only at the rate of 5 percent. These people will not have to pay more tax than this. On the other hand, if your income is less than Rs 2.5 lakh, then you will not have to pay a single rupee tax.
Tax free income slab may increase
Let us tell you that this time in the budget, the government can increase the scope of tax free income. At present, lakhs of people get the benefit of tax exemption only up to Rs 2.5 lakh. This limit can be increased from 3 to 5 lakhs. This time the government can give big benefits to crores of taxpayers.
Last change was in 2014
The last time in the year 2014, the government had increased the tax limit. Earlier this limit was Rs 2 lakh, which was increased to Rs 2.5 lakh. With this decision of the government, people get more money to invest.
