ITR File: It has been increased by Rs 50,000 on behalf of the Finance Minister. This is the reason that now it will not be necessary to file ITR for those earning up to 3 lakhs. Actually the aim of the government is to make the new tax system more attractive. Let’s know the complete details about it.
Finance Minister Nirmala Sitharaman presented the budget for 2023-24 on Wednesday. Mixed reactions of experts are coming out on the general budget presented before the Lok Sabha elections.
The Finance Minister has tried his best to give a lot to the salaried middle class in this budget. When the Finance Minister started announcing the personal income tax in the budget, it took some time for people to understand it. But later she justified her statement that she understands the aspirations of the middle class.
The goal of making the new tax regime attractive
Under the new tax regime, those earning up to Rs 3 lakh will not need to file ITR. Earlier this limit was Rs 2.5 lakh. It has been increased by Rs 50,000 on behalf of the Finance Minister.
This is the reason that now it will not be necessary to file ITR for those earning up to 3 lakhs. Actually the aim of the government is to make the new tax system more attractive. Earlier, those earning up to 2.5 lakh were exempted from ITR.
Proposal to make new tax regime default
Due to the promotion of the new tax regime, it has been proposed to make the new tax regime the default. Now whenever you start filing income tax return, you will automatically be under the purview of the new tax regime. If you want to file income tax under Old Tax Regime, then you have to select Old Tax Regime for this.
Along with the country, the eyes of the world were also focused on this budget. In the budget, along with pleasing the middle class, the Finance Minister has also taken care of the farmers. The biggest change has been made by Nirmala Sitharaman regarding income tax.
For the first time, the government has made changes in the new tax regime. In this, instead of the earlier 7 tax slabs, they have been reduced to 4. Now you will not have to pay any tax on income up to 7 lakhs.
