ITR: At present, income tax returns are filed in the country in two ways. Income tax return is filed under one old tax regime and the other is under the new tax regime. Presenting the Budget 2023, some changes were announced in the new tax regime by Finance Minister Nirmala Sitharaman in the Modi government.
Income Tax Return: If people’s income is taxable then they have to pay tax on income. There are different tax slabs according to different income, according to which income tax return is filed. At the same time, some changes have also been made in the income tax slab by the government, about which it is very important to know. These changes were announced in Budget 2023 by Finance Minister Nirmala Sitharaman. Let’s know about it…
Income tax return
At present, income tax return is filed in two ways in the country. Income tax return is filed under one old tax regime and the other is under the new tax regime. Presenting the Budget 2023, some changes were announced in the new tax regime by Finance Minister Nirmala Sitharaman in the Modi government. Along with this, a change in income tax slab was announced in the new tax system.
Income tax slab
Under these changes, now if a taxpayer files ITR under the new income tax slab, then he will no longer have to pay any tax on annual income of three lakh rupees. Earlier this limit was up to Rs 2.5 lakh per annum. After this, if there is an annual income of Rs 3-6 lakh, then 5% tax will have to be filed on it. At the same time, 10 percent tax will have to be filed on the annual income of Rs 6-9 lakh.
Tax slab
On the other hand, those people who have an annual income of Rs 9-12 lakh, they will have to pay 15 per cent tax. Apart from this, if someone’s income is 12-15 lakh rupees annually, then they will have to file a tax of 20 percent. At the same time, people will have to file 30 percent tax on income above Rs 15 lakh. In such a situation, 6 tax slabs have been set by the government in the new tax regime.
