Tuesday, November 5, 2024

As a result of the government order, these people are no longer required to pay taxes!

The good news is for income taxpayers only. If you also pay income tax, the Central Government has just given you a significant reprieve in taxes. The Modi government made a significant move this time, which will result in the income of the nation’s millions of taxpayers not being subject to tax. In the Budget 2023, Finance Minister Nirmala Sitharaman made a special declaration regarding this. Let us tell you which individuals are no longer required to pay taxes.

 taxes

Published in the budget

People who file taxes under the new tax system are now exempt from paying taxes, the Finance Minister of the Modi government declared in the budget that was presented in February. In the new tax system, the government agreed to raise the income tax exemption to Rs 7 lakhs. People who earn up to Rs 7 lakhs would no longer be required to submit taxes.

 taxes

In contrast to the previous cap of Rs 5 lakhs.

The government has announced that going forward, anyone filing their taxes through the new system will not be required to pay tax on income up to Rs. 7 lakhs. This ceiling, which had previously been set at Rs. 5 lakh, was raised to Rs. 7 lakh in February. The increase in tax exemption has benefited those with higher salaries.

 taxes

In addition,

you will benefit from the standard deduction under the new tax system. Salaried and pensioners will receive an additional benefit of Rs 50,000 if they file taxes under the new tax system. In such a case, a 50k rupee standard deduction will also be available after earning 7 lakh rupees in annual income under the new tax system.

Read More: Disha Patani once again wreaked havoc on social media while donning silver saree

🔥🔥 Join Our Group For All Information And Update, Also Follow me For the Latest Information🔥🔥
🔥 YouTube                 Click Here
🔥 Facebook Page                 Click Here
🔥 Instagram                 Click Here
🔥 Telegram Channel                  Click Here
spot_img
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Latest

DA allowance of Central Employees may increase this much before festival

Soon, lakhs of central employees will be able to receive a new present from the central government, which is led by Prime Minister Narendra...

New SIM card rule! government created this strategy to combat online fraud

Online fraud is a significant issue. This makes use of a SIM card. The number of SIM cards would be limited, according to the...

DA & salary of central employees to increase this much on July 31

For the employees of the federal government, July is a joyful month. How much dearness allowance would be supplied to the central employees will...

After an increase in DA now HRA of central employees will also increase!

Employees of the central government have received good news. The HRA for central employees will increase along with the DA Hike that the central...

Central employees will now get 42 days of leave! government changed leave policy

There is good news for central employees. You should be aware of the new leave policy that the Central Government recently released. You will...

Most Popular

Subscribe

* indicates required