Good news has arrived for ITR filers. If you also file an income tax return (ITR), you will now receive a significant discount. The Central Government has provided information about this. According to the government, taxpayers receive the advantage of exemptions under both the old and new tax systems. This time, the budget contained an announcement by Finance Minister Nirmala Sitharaman that the government’s newly established tax structure would be in default beginning with the fiscal year 2023–24. A tax exemption under the new system is available for yearly incomes up to Rs 7 lakh.
The new tax system has many modifications.
In this budget, there have been many modifications made to the income tax system. The unique aspect is that you have to choose in advance which tax system you want to pay taxes under. Your ITR will be automatically submitted in the new tax regime if you don’t choose one yourself. The government has also modified the new tax system’s slabs addition to this.
What should one do if their income exceeds ten lakhs?
Let me explain that under the previous tax system, anybody who earned more than Rs. 10 lakh had to pay extra tax. If you choose the previous tax system and your income is greater than 10 lakhs, you will be required to pay tax at a rate of 30%. All of these individual taxpayers between the ages of 60 and 80 are also included in the 30% bracket at the same time.
What would the advantages of choosing the new tax system be?
In addition, if we discuss the new tax system, the highest rate is 30%, yet at this rate, tax is still due to people who earn more than 15 lakhs. You would be required to pay tax at a rate of 30% if your yearly income is Rs. 15 lakh or more. On the other hand, under the previous tax system, those earning more than Rs. 10 lakh were subject to a 30% tax. In addition, under the new system, tax is only assessed at a rate of 10% on incomes between 10 and 12 lakh rupees.
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